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Digital Currency Financing Terrorists in Pakistan. The Way Forward

Author

Listed:
  • Dr. Munir Ahmad

    (Department of Pakistan Studies Bahauddin Zakariya University, Multan, Pakistan)

  • Muhammad Idrees

    (Department of Pakistan Studies Bahauddin Zakariya University, Multan, Pakistan)

  • Muhammad Saleem Qazi

    (Department of Pakistan Studies Bahauddin Zakariya University, Multan, Pakistan)

Abstract

Cryptocurrencies have become a preferred mode of terror financing. it is imperative to analyze the role of cryptocurrencies in empowering terrorist organizations especially in developing states. It takes on a more serious form in developing countries like Pakistan, which is fighting a battle against terrorism for the last few decades. Now digital financing has become an undeniable reality of the modern world, it is essential to devise a comprehensive strategy for breaking the nexus between terrorism and cryptocurrencies. This article intends to explore the answers to the questions that why cryptocurrencies are becoming a preferred mode for terror financing. It argues that the anonymity, decentralization and operational ease of cryptocurrencies make them a preferred medium for terrorist organizations. Therefore, enhancing institutional capacity by training human resources and making dedicated efforts at the national level will prove to be instrumental in delinking terrorism and cryptocurrencies. Moreover, close collaboration between international watchdogs and national institutions is essential in mitigating the threat of the use of cryptocurrencies for terrorism.

Suggested Citation

  • Dr. Munir Ahmad & Muhammad Idrees & Muhammad Saleem Qazi, 2024. "Digital Currency Financing Terrorists in Pakistan. The Way Forward," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(1), pages 177-181.
    • Handle: RePEc:rfh:bbejor:v:13:y:2024:i:1:p:177-181
    DOI: https://doi.org/10.61506/01.00176
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    References listed on IDEAS

    as
    1. Michel Rauchs & Garrick Hileman, 2017. "Global Cryptocurrency Benchmarking Study," Cambridge Centre for Alternative Finance Reports 201704-gcbs, Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge.
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    Keywords

    Cryptocurrencies; Terror financing;

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