USE OF VIRTUAL CURRENCIES FOR FINANCING TERRORISM
USE OF VIRTUAL CURRENCIES FOR FINANCING TERRORISM
Author(s): Edyta Żyła-KaniaSubject(s): Security and defense, ICT Information and Communications Technologies
Published by: Fundacja Instytut Nauki o Polityce
Keywords: virtual currencies; cryptocurrencies; new technologies; counteracting the financ- ing of terrorism; combating financing of terrorism;
Summary/Abstract: Given the dynamic development of new technologies, it is becoming necessary to improve the system of counteracting and combating the financing of terrorism. In particular, this concerns virtual currencies. The use of them by the criminal world is encouraged by decentralisation of that market, anonymity of users and broad opportunities for functioning on the darknet, which is frequently beyond control of any services. In February 2020, the value of the cryptocurrency market was estimated at US$300 billion. In Poland, the first legal regulations on counteracting the financing of terrorism with the use of virtual currencies were adopted as late as in 2018, and under the 2021 amendment the legislator introduced several other regulations relating to that area.
Journal: Polish Journal of Political Science
- Issue Year: 9/2023
- Issue No: 1
- Page Range: 32-45
- Page Count: 14
- Language: English