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Are Terrorists Using Cryptocurrencies?

New Technologies Could Lead to Their Widespread Adoption

 A man types on a computer keyboard in front of the displayed cyber code in this illustration picture taken in March 2017. Kacper Pempel / REUTERS

Over the past few years, several experts have voiced concerns that the Islamic State (also known as ISIS) and other terrorist groups could use cryptocurrencies such as Bitcoin as a new funding stream to further their operations. But in spite of these fears, the use of digital currencies among terrorists is not widespread—yet. Neither terrorist financing methods nor cryptocurrency technology is static, however, and the world could soon see the worst-case scenario unfolding. Greater pressure on existing terrorist finance methods coupled with easier-to-use cryptocurrencies that give users greater anonymity may well lead to a large-scale adoption of the technology by extremists.

At present, cryptocurrencies are hardly a go-to solution for terrorist financiers. Most types afford only limited anonymity, and it is difficult to quickly transfer large amounts of money through these systems. Moreover, there is limited acceptance of digital cash in regions such as the Middle East and North

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