Use of cryptocurrency, virtual assets new ways to radicalise youth: Shah- QHN

Union Home Minister Amit Shah on Friday highlighted the use of ‘darknet’ by terrorists to spread radical content and said that there is a need to find solutions to the darknet patterns which has also witnessed an uptick in the use of cryptocurrency.

Shah said that the terrorists are discovering new ways to radicalize youth and raise financial resources in spite of significant progress being made in fortifying the security architecture and financial systems.

His remarks came while addressing the 3rd ‘No Money for Terror’ Ministerial Conference here.

“We also recognize that the threat of terrorism cannot and should not be linked to any religion, nationality, or group. To confront terrorism, we have made significant progress in fortifying the security architecture and the legal and financial systems. In spite of this, terrorists are constantly finding new ways to carry out violence, radicalize youth and raise financial resources. Terrorists are using the Darknet to spread radical content and conceal their identities. Additionally, there is an increase in the use of virtual assets like cryptocurrency. We need to understand the patterns of these Darknet activities and find their solutions,” the Home Minister said.

Shah said that there is a need to work towards developing an efficient operational system against the virtual assets channels.

“We have a new challenge in the form of Virtual Assets before us. New methods of virtual assets are being used by terrorists for financial transactions. To crack down on the use of virtual asset channels, funding infrastructure and darknet, we need to work coherently towards developing a ‘robust and efficient operational system’,” he added.

Shah called out the countries, without naming them, that seek to “hinder” the collective resolve to fight terrorism.

“Unfortunately, there are countries that seek to undermine, or even hinder, our collective resolve to fight terrorism. We have seen that some countries protect and shelter terrorists, protecting a terrorist is equivalent to promoting terrorism. It will be our collective responsibility that such elements never succeed in their intentions,” he said.

In this regard, the Home Minister said that the terrorists and terrorist groups understand the nuances of modern weapons and information technology, and the dynamics of the cyber and financial space very well, and use them.

“This transformation of terrorism from “Dynamite to Metaverse” and “AK-47 to Virtual Assets” is definitely a matter of concern for the countries of the world. And we all have to work together to formulate a common strategy against it,” he said.

The Home Minister called for exposing the double-speak of such elements who “sponsor and support terrorists”.

“We should never ignore terrorists’ safe havens or their resources. We also have to expose the double-speak of such elements who sponsor and support them. Therefore, it is important that this Conference, the participating countries, and the organizations, should not take a selective, or complacent perspective of the challenges of this region,” he said.