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http://dx.doi.org/10.36623/KSSR.2020.62.1

A Study on the Analysis of the Potential FT(Financing of Terrorism) Threat Using Virtual Currencies and Its Response  

Kang, Taeho (경찰청 장비담당관실)
Cha, Jang-Hyeon (경찰청 경비국 대테러과)
Kim, Gunin (고려대학교 정보보호대학원)
Publication Information
Korean Security Journal / v., no.62, 2020 , pp. 9-33 More about this Journal
Abstract
This study presents aspects of the financing of terrorism using virtual-currencies. Fisrt of all, this introduces the conventional threat of the financing of terrorism and the analysis of current legal system regarding virtual-currency in South Korea. Next, the financing of terrorism cases are analyzed. With given analysis, the paper deals with its response and future extensions by technical and institutional aspects. The threats of the financing of terrorism are going higher after the appearance of virtual-currencies such as Bitcoin. There are two typical ways to use virtual-currencies by terrorist groups. One is to conduct public fund-raising in the social network system and the dark web. The other is to hack into virtual-currency exchange network in order to steal virtual currencies for developing the weapon of mass destruction. Specifically South Korea is top three country of trading virtual currencies and has been subject to virtual-currency hacking more than 10 cases. However, many countries including South Korea deal with virtual currencies as only innovative technology and means of investment, not the threats of the financing of terrorism. Under these circumstances, there a the legal contradiction. This article points this limit and absurdity. Also, it shows reasonable alternatives. All in all, given these aspects, the article proposes detailed policy directions.
Keywords
Crypto-currency; CFT(Countering the Financing of Terrorism); Financing of Terrorism; Terrorism;
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