THE USE OF CRYPTO COINS TO FINANCE TERRORISM
It is not a coincidence that cryptocurrencies coincide with the date of their release in 2009. As a result of the global crisis experienced in 2008 and the money printing policies of the central banks, inflation created worldwide. Although the inflation experienced did not cause the decrease in trus...
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| Format: | Article |
| Language: | English |
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Publishing house of University of Pitesti, Romania
2021-12-01
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| Series: | Buletin ştiinţific: Universitatea din Piteşti. Seria Ştiinţe Economice |
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| Online Access: | http://economic.upit.ro/RePEc/pdf/2021_3_2.pdf |
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| _version_ | 1846169457359060992 |
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| author | Eda OGUZ Nildag BASAK CEYLAN Ayhan KAPUSUZOGLU |
| author_facet | Eda OGUZ Nildag BASAK CEYLAN Ayhan KAPUSUZOGLU |
| author_sort | Eda OGUZ |
| collection | DOAJ |
| description | It is not a coincidence that cryptocurrencies coincide with the date of their release in 2009. As a result of the global crisis experienced in 2008 and the money printing policies of the central banks, inflation created worldwide. Although the inflation experienced did not cause the decrease in trust in money and banks, it was not the only reason that brought the idea of crypto money, but it was largely effective in ensuring the trust of people against cryptocurrencies. The decentralized and transparent structure of cryptocurrencies, low taxation, limited production, and the fact that exchanges are open 24 hours have attracted people to these platforms. The potential of financial markets to integrate with technology also contributes to the fact that it has become so widespread today. Although the technology used in the production and networks of cryptocurrencies is old, the working principle as an is explained in an article published in 2009. Bitcoin (BTC) is the first peer-to-peer and decentralized currency on the blockchain. Therefore, it is the most famous one. Later, many central and decentralized coins and exchanges are created where they are traded. Terrorist organizations develop various camouflage methods to bypass the firewalls created by legal institutions in order to generate income. These earned revenues are converted into other forms of monetary value (for example: digital/cryptocurrency), making it difficult to trace them. In this study, cryptocurrencies, which are frequently referred as the currency of the future and the illegal usage areas of cryptocurrencies will be discussed. |
| format | Article |
| id | doaj-art-01e2696c20b04dc98b39626f5d11635d |
| institution | Kabale University |
| issn | 1583-1809 2344-4908 |
| language | English |
| publishDate | 2021-12-01 |
| publisher | Publishing house of University of Pitesti, Romania |
| record_format | Article |
| series | Buletin ştiinţific: Universitatea din Piteşti. Seria Ştiinţe Economice |
| spelling | doaj-art-01e2696c20b04dc98b39626f5d11635d2024-11-12T22:16:55ZengPublishing house of University of Pitesti, RomaniaBuletin ştiinţific: Universitatea din Piteşti. Seria Ştiinţe Economice1583-18092344-49082021-12-01203918THE USE OF CRYPTO COINS TO FINANCE TERRORISMEda OGUZ0Nildag BASAK CEYLAN1Ayhan KAPUSUZOGLU2Directorate-General of Security, Ankara, TurkeyAnkara Yildirim Beyazit University, Ankara, TurkeyAnkara Yildirim Beyazit University, Ankara, TurkeyIt is not a coincidence that cryptocurrencies coincide with the date of their release in 2009. As a result of the global crisis experienced in 2008 and the money printing policies of the central banks, inflation created worldwide. Although the inflation experienced did not cause the decrease in trust in money and banks, it was not the only reason that brought the idea of crypto money, but it was largely effective in ensuring the trust of people against cryptocurrencies. The decentralized and transparent structure of cryptocurrencies, low taxation, limited production, and the fact that exchanges are open 24 hours have attracted people to these platforms. The potential of financial markets to integrate with technology also contributes to the fact that it has become so widespread today. Although the technology used in the production and networks of cryptocurrencies is old, the working principle as an is explained in an article published in 2009. Bitcoin (BTC) is the first peer-to-peer and decentralized currency on the blockchain. Therefore, it is the most famous one. Later, many central and decentralized coins and exchanges are created where they are traded. Terrorist organizations develop various camouflage methods to bypass the firewalls created by legal institutions in order to generate income. These earned revenues are converted into other forms of monetary value (for example: digital/cryptocurrency), making it difficult to trace them. In this study, cryptocurrencies, which are frequently referred as the currency of the future and the illegal usage areas of cryptocurrencies will be discussed.http://economic.upit.ro/RePEc/pdf/2021_3_2.pdfblockchaincrypto coinfinancing of terrorism |
| spellingShingle | Eda OGUZ Nildag BASAK CEYLAN Ayhan KAPUSUZOGLU THE USE OF CRYPTO COINS TO FINANCE TERRORISM Buletin ştiinţific: Universitatea din Piteşti. Seria Ştiinţe Economice blockchain crypto coin financing of terrorism |
| title | THE USE OF CRYPTO COINS TO FINANCE TERRORISM |
| title_full | THE USE OF CRYPTO COINS TO FINANCE TERRORISM |
| title_fullStr | THE USE OF CRYPTO COINS TO FINANCE TERRORISM |
| title_full_unstemmed | THE USE OF CRYPTO COINS TO FINANCE TERRORISM |
| title_short | THE USE OF CRYPTO COINS TO FINANCE TERRORISM |
| title_sort | use of crypto coins to finance terrorism |
| topic | blockchain crypto coin financing of terrorism |
| url | http://economic.upit.ro/RePEc/pdf/2021_3_2.pdf |
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