COM has chosen English as your language setting. News Bitcoin: Islamic Bitit bitcoin news’s online currency venture Between bitcoin and gold, the “Islamic State” is experimenting with currency, marking a new step in its state-crafting ambitions.
But will the latest move further embed it amid international efforts to uproot the group? The latest ploy by the “Islamic State” in its quest to carve out a state from nations in the Middle East and Africa illustrates a political project that encompasses all aspects of life, especially those which concern finance and economy. Its apparent use of the decentralized technology bitcoin has come at nearly the same time as IS minted and released its own currency, the “gold dinar. The group’s use of the two currencies, however, will likely serve different purposes.
June detailing IS’ use of digital currencies and encrypted platforms, noting that such practices makes it “particularly hard to trace” the flow of finances and black market goods. ISIL’s main sources of revenue, and its supporters around the world have allegedly used digital currencies such as bitcoin to transfer money quickly to accounts held by ISIL militants while minimizing the risk of detection,” wrote EUISS junior analyst Beatrice Berton, referring to IS by an alternate acronym. Thousands of dollars worth of bitcoin has been sent to accounts purportedly affiliated with “Islamic State,” with the one of the accounts registering its first transaction in 2012. An essay written by 17-year-old Ali Amin entitled “Bitcoin and the Charity of Violent Physical Struggle” has posited bitcoin as an alternative currency for “Islamic State” after lambasting the use of foreign money as a means of exchange. A proposed solution to this is something known as bitcoin,” wrote Amin under the alias Taqi’ul Deen al-Munthir. In August he was sentenced to 11 years in prison.