Security Council of the Russian Federation: cryptocurrencies are actively used to finance terrorists

Deputy Secretary of the Russian Security Council Yuri Kokov noted an increase in the use ofcryptocurrencies by terrorist organizations.

Kokov expressed this point of view in an interview on the eve of an international meeting of representatives of foreign intelligence services in Sochi.

According to the Deputy Secretary of the Security Council, terroriststoday they are adopting innovative digital technologies to improve their tactics. International terrorist organizations have enough financial resources to organize illegal acts, which have long been not limited to the countries of Africa, Afghanistan and the Middle East. 

According to the latest report by UN experts,ISIS cash reserves today amount to about three hundred million dollars, and they are constantly replenished, including through crypto assets. According to the Middle East Media Research Institute (MEMRI), terrorist organizations receive funding in cryptocurrency using the Telegram messenger. Bitcoin is still the most popular cryptocurrency for cybercriminals and terrorists, according to Europol analysts.

To ensure replenishment of financial reservesterrorists actively use the services of legal companies that speculate on stock and cryptocurrency exchanges, invest in both legal sectors of the economy and illegal business in different countries.

According to Kokov, only internationalcoordination and interaction can provide effective anti-terrorism protection. And one of the key areas should be control over the activities of terrorists in the global network.