Islamic State Seeks Sharia Law Concession for Crypto: UN Report
Highlights
- Islamic State Group wants amnesty with crypto on Sharia
- These group have been using digital assets for sanctions evasion
- It remains unclear how the terrorist groups hope to achieve their aim
The Islamic State (IS) group just took its crypto game more seriously by requesting compliance with its Sharia Law. Precisely, the bloc is asking that the crypto that supports its terrorist activities must comply with the popular Islamic law that guides its daily operations.
UN Members Concerned Over Islamic State Crypto Use
Under this Sharia law, those who practice the Islamic religion are prohibited from taking part in several activities. This includes profiting from interest, sales of pork, or so-called sin stocks linked to gambling, alcohol, and pornography. Before this time, no part of the law is dedicated to the use of cryptocurrencies or how to regulate their usage. Hence, it is not yet clear how the IS group plans to ensure compliance.
According to a United Nations report, these terrorist groups have started providing their associates with detailed instructions on how to send digital assets to them. Also, they even have specialized channels and platforms through which they receive such transfers. Some of them are CryptoHalal and Umma Crypto on the fast-rising social media app Telegram.
The Analytical Support and Sanctions Monitoring Team of the United Nation’s Security Council Committees is charged with tracking Islamic State and al-Qaeda. Such actions became necessary amidst an increased use of digital platforms like cryptocurrency exchanges, e-wallets and stablecoin amongst terrorist group. Members of the UN are very concerned about the activities of these groups and their strategy of using crypto to finance their war attacks.
Specifically, UN members highlighted that these groups can conveniently leverage crypto to obfuscate their financial footprint. This makes it difficult for the authorities to discover or investigate their illicit activities. Much more, many of these terrorist groups are now able to evade sanctions like the ones imposed by the United States Treasury Department Office of Foreign Assets Control (OFAC).
Bitcoin And Crypto in US Politics
On the brighter side, this latest move from the Islamic State underscores the growing widespread adoption of crypto like Bitcoin. In recent times, the innovative blockchain industry has become the subject on the lips of many. American politicians are trying to establish their dominance in the upcoming elections using crypto as a took.
Notably, Vice President Kamala Harris for the Democrats party, is currently trying to reset her relationship with the crypto industry. As a result, her team plans to attend pivotal roundtable crypto meeting in Washington. Meanwhile, Republican Party member Donald Trump has brushed off talks of a debate with Vice President Kamala Harris.
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