EU Taking The Reins Over Bitcoin & Digital Currencies To Combat ISIL

The European Union announced plans to propose different measures to control alternative payment methods, including electronic payments (e-money), digital currency, pre-paid cards and gold, following the discovery of a bitcoin account linked to ISIL militants’ Paris attacks.

Countries and justice ministers of the European Union will pressure the European Commision, an executive body of the EU responsible for proposing legislation and implementing decision to “strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies and transfers of gold, precious metals, by pre-paid cards.”

ISIL and Bitcoin

According to the European Union Institute for Security Studies, ISIL militants have been using digital currencies including bitcoin to purchase weapons and various military equipment on the dark web through the tor browser, to ensure the anonymity of their identities. The EU will explore such illegal usages of bitcoin and possible solutions to discourage such unlawful practices associated with the digital currency.

Due to strengthened border controls and stricter regulations, traveling between Syria and Iraq has become extremely onerous for ISIL associates and devotees. The EUISS stated in its newly published report that tough policies of these countries could spur the use of bitcoin and other alternative digital currencies amongst ISIL associates and

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