The Banking Executive Magazine - June 2022 Issue

Digital Currency INTRODUCTION There are some evidence that digital currency is used in terrorism. More- over, digital currency was used in Russia-Ukraine war in useful and harmful ways to help both sides in Russia and Ukraine. This article ex- plores the relationship between digi- tal currency and terrorism and war support. The article refers to world research and news from RAND Re- search for United States Defence and Intelligence, Oxford press, New York Times, and European Commission. The article starts with a background overview covering widespread use and growth of digital currency and the various uses of money in terror- ism finance. Case studies of the use of digital currencies are considered. The article also sheds light on the use of digital currency in Russia-Ukraine war. Following this background overview, the article examines the potential of digital currency in fi- nancing terrorism and regulations to prevent the use of digital currency in terrorism and wars. The article con- cludes with recommendations for Arab banks and government author- ities to be aware of misuse of digital currencies in terrorism and war and urges them to establish and adopt a regulatory framework that supports the BANKING EXECUTIVE 8 ISSUE 162 JUNE 2022 USE OF DIGITAL CURRENCY IN TERRORISM AND WAR BY DR SOHA MAAD