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Funding Terrorism with Cryptocurrencies Is on the Rise: Report

  • Alex Dovbnya
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    The new report exposes the ugly side of cryptocurrencies, which are becoming increasingly popular with Islamic extremists

Funding Terrorism with Cryptocurrencies Is on the Rise: Report
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Contents

The Middle East Media Research Institute (MEMRI) has recently released a 200-page report entitled The Coming Storm: Terrorists Using Cryptocurrency offers an in-depth look at the connection between cryptocurrencies and terrorism. It reveals that jihad organizations are actively promoting the use of the newfangled asset for funding purposes.

Jihadists eyeing cryptocurrencies

al-Qassam Brigades, the armed wing of the Palestinian Hamas movement, is particularly keen on Bitcoin, and it asks for donations on privacy-focused messager Telegram as well as different social media platforms. Earlier this year, Israeli Blockchain research firm Whitestream determined that some of its contributions were made with the help of the Coinbase cryptocurrency exchange.

The study, which was spearheaded by MEMRI Executive Director Steven Stalinsky, it supposed to serve as a wake-up call for politicians around the globe.

This is the beginning of an enormous challenge for counterterrorism officials," he warns.

In the preface, Stalinsky also said mentioned that cryptocurrencies represent the future of terrorism funding, and the potential threat shouldn’t be downplayed.

An ugly side of crypto

It’s a painful thing to know that the advantages of cryptocurrencies are exploited by terrorists for nefarious purposes, but one cannot ignore their dark side.

Treasury Secretary Steven Mnuchin brought the issue to the table, calling for closer monitoring of crypto-related businesses. His comments came shortly after President Donald Trump’s critique of digital assets.

Meanwhile, US lawmaker Brad Sherman, who’s known as the biggest Bitcoin hater within the walls of Congress, recently made an outlandish statement that Facebook’s Libra could do more harm than 9/11.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Nationwide Blockchain of China Finally Preparing for Launch

  •  Denis Sinyavskiy
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    China launching nationwide blockchain service in beta mode until March 2020. It must push forward digital economy and smart cities

Nationwide Blockchain of China Finally Preparing for Launch
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China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.

Blockchain service network expectations

UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.

BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.

What about CBDC?

Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.

But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.

So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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