Dynamite to Metaverse: Amit Shah says use of crypto in terror funding is on the rise

Amit Shah, the Home Minister of India, noted that the use of cryptocurrencies for terror funding has gone up in the recent past.

While speaking at the third ‘No Money for Terror’ Ministerial Conference on Friday, the Home Minister said, “We have a new challenge in the form of Virtual Assets before us. New methods of virtual assets are being used by terrorists for financial transactions. To crack down on the use of virtual asset channels, funding infrastructure, and darknet, we need to work coherently towards developing a ‘robust and efficient operational system.”

Shah noted that the use of the darknet to spread radicalising content is on the rise. “Terrorists are using the darknet to spread radical content and conceal their identities. Additionally, there is an increase in the use of virtual assets like cryptocurrency. We need to understand the patterns of these darknet activities and find their solutions,” he said.

He highlighted further that it is high time to understand how terror funding via these means works to curb the menace. He added, “ We need to understand the patterns of these darknet activities and find their solution”

The Union Minister stressed that terrorists and terrorist groups have acquainted themselves with this technology and the government needs to pace up and understand the tech for themselves as well.

He said, “This transformation of terrorism from “Dynamite to Metaverse” and “AK-47 to Virtual Assets” is definitely a matter of concern for the countries of the world. And we all have to work together to formulate a common strategy against it.”

Shah further said, “We should never ignore terrorists’ safe havens or their resources. We also have to expose the double-speak of such elements who sponsor and support them. Therefore, it is important that this Conference, the participating countries, and the organizations, should not take a selective, or complacent perspective of the challenges of this region.”

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