Digital Currency Financing Terrorists in Pakistan. The Way Forward

Dr. Munir Ahmad, Muhammad Idrees and Muhammad Saleem Qazi
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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

Bulletin of Business and Economics (BBE), 2024, vol. 13, issue 1, 177-181

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.

Keywords: Cryptocurrencies; Terror financing (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:rfh:bbejor:v:13:y:2024:i:1:p:177-181

DOI: 10.61506/01.00176

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