Islamic State Pushes for Sharia-Compliant Cryptocurrencies
In a startling shift, the Islamic State (IS) is now pushing for the use of cryptocurrencies in a way that adheres to Sharia law, according to a recent UN report.
The UN’s Analytical Support and Sanctions Monitoring Team reveals that IS is adapting digital currencies to meet Sharia requirements, setting up specialized Telegram channels like CryptoHalal to guide transactions.
This represents a major change, as Sharia law has traditionally opposed cryptocurrencies due to their decentralized nature and potential misuse.
IS’s move could prompt increased regulation within the cryptocurrency market. There might be stronger anti-money laundering (AML) and know-your-customer (KYC) measures for crypto exchanges and service providers.
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This could lead to higher costs and potentially restrict access for legitimate users, as authorities tighten controls to prevent misuse by terrorist groups.
This development highlights the ongoing challenge of securing the cryptocurrency space against exploitation by illegal entities. It underscores the need for robust regulatory frameworks to safeguard the industry from abuse.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
