Report: Crypto Not Effective for Financing Terrorist Groups

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The crypto and blockchain industry is “not innately illicit and should not be feared,” the director of analysis for the Foundation for Defense of Democracies (FDD) Center stated in an official press release from the U.S. House of Representatives Financial Services Committee September 7.

As previously reported by Cointelegraph, during a Sept. 7 U.S. Congressional hearing of the Subcommittee on Terrorism and Illicit Finance, FDD CSIF director of analysis Yaya Fanusie claimed that crypto is a “poor form of money for jihadists” and “cold hard cash is still king.” According to Fanusie’s conclusions in the report, terrorist groups such as al-Qaeda, the Islamic State, and others have not had great success in raising funds through cryptocurrency.

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