Terrorist Financing, Virtual Currencies, And The Future Of Security

Perceived risk in terrorist use and widespread adoption of virtual currencies over the past few years has driven the notion that this innovation represents a serious threat to security. This article addresses this issue, examining the security implications associated with the rise of this technology. In this article we will first try to present an overview of this question to subsequently sketch out a theoretical framework based on a critical approach to security. The article then considers patterns and methods of terrorist financing to help situate virtual currencies in this context, arguing that some of the alleged benefits offered by this technology are limited. In consequently considering the case of ISIL, it determines that the organization’s current financing needs are best served by their established methods and not virtual currencies. The final section then returns to the question of security, showing that a number of practices have resulted in the gradual securitization of this technology, and advocating for its de-securitization, or its negotiation in the political realm and not one defined by the logic of emergency