Terrorist Groups Are Turning To Cryptocurrencies: FSB Director

Terrorist groups are finding support with the help of cryptocurrencies and according to Russia’s FSB director Alexander Bortnikov, it represents a huge problem. In today’s altcoin news we read more about his statements.

As per the local news outlet RBC, the chief of Russia’s Federal Security Service noted that the international terrorist networks are turning to cryptocurrencies because of their anonymity and quickly increasing value. He pointed out:

 “Electronic payment systems and cryptocurrencies are increasingly being used by terrorists to move money received from some states and organizations that support the global terrorist network.’’

He says that the terrorist groups are getting their finances on direct proceeds from illegally selling oil or other criminal activities. The FSB chief claimed that the main source for the groups is the value transfer system referred to as ‘’hawala.
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’’ The system enables the parties to conduct the transfers without using financial documents.

Bortnikov also told the media that the international terrorist groups are improving the systems that they use for electronic banking and encrypted communication. He stated that there are about 5,000 terrorist groups that are close to the borders in the north region of Afghanistan. Also, ISIS has used bitcoin previously in order to get the funds to conduct the suicide bombing in Sri Lanka which resulted in the death of 253 Christians according to the data intelligence firm Whitestream.

Russia is now preparing to fight terrorist funding by targeting retail banking clients. For example, the Sberbank bank which is the largest bank in Russia asked its customers to provide information on all of the earnings made with crypto within five days. The bank is also interested whether some of its clients have any mining equipment in order to obtain further documentation of ownership or lease.

According to the headlines in the best cryptocurrency news sites, the co-founder of the trading platform provider Tokenbox.io Vladimir Smerkis posted on Facebook a letter that was sent to the bank. According to the letter, the client transferred to the Sberbank account an amount that he received from cryptocurrencies informing the bank. However, the bank wanted further details on the crypto-related income and the crypto community was shocked that the bank should not go this far.