‘Rise of crypto use for terror finance a big concern’ | India News

NEW DELHI: At the ‘No Money For Terror’ ministerial conference on counter-terror financing which concluded here on Saturday, Canada highlighted the huge increase — to the extent of nearly 2,000% over the past few years — in the use of virtual assets for terror.
The growing use of virtual assets or crypto currencies, sources pointed out, has been the most prominent change in the pattern of terror financing, amid continued use of methods like illegal trade, extortion, kidnapping for ransom, drugs, counterfeit currency, artefacts and cultural property, illicit trade in natural resources and wildlife, state-sponsored financing, profits from businesses and through charitable organisations.
“Use of virtual assets remains a significant new mode of storing and transferring funds for terror, with highly speculative pricing in the pandemic period having vastly raised valuations of…

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