Financing terrorism with digital currencies and its reduction in international laws

Abstract

Abstrac : Virtual currencies cryptographic networks designed to facilitate digital barter, a technology that has been in development for a decade. Bitcoin is the first and most common encrypted digital currency, and it paves the way for a technology different from the financial payment system that has been in place for decades. Using this money has multiple advantages, including lower transaction costs, but it is not guaranteed by any country and relies solely on the trust of its users. Although digital currencies are unlikely to replace traditional currencies, they have the potential to remove barriers associated with single national currencies and exchange rates and change the way global markets interact online. There is no doubt that terrorism represents a serious threat to all peoples and all states. It represents a direct attack on human values, and it represents a flagrant violation of the rule of law and international laws and norms. Therefore, combating the financing of terrorism through digital currencies requires adopting effective international laws and legislation to limit the exploitation of this technology in criminal activities, and enhancing international cooperation to ensure that terrorist organizations do not obtain the financial resources necessary for their operations. © 2023 TUJR, College of Law, Tikrit University