A report drafted by EU law enforcement agency Europol has found that there is no evidence to back up reports linking the Islamic State (IS) to the use of bitcoin or other digital currencies.
Released on 18th January, the report is the product of a review held by EU member states and Europol in the wake of the 13th November Paris attacks. Included was the finding that there have been no recent changes in how IS has been seeking to finance its operations.
The report reads:
"There is no evidence however of IS-financing networks in existence. Despite third party reporting suggesting the use of anonymous currencies like bitcoin by terrorists to finance their activities, this has not been confirmed by law enforcement."
Notably, bitcoin was the only payment method to be mentioned in Europol’s section on terrorist financing.
The publication follows a 17th November report that the European Commission, the executive body of the European Union, was seeking to hold a meeting to examine whether terrorists were abusing new payments technologies to fuel operations.
The resulting news, coupled with the coverage received by a group claiming to have identified an IS-controlled bitcoin wallet, brought forth a flurry of media coverage on the subject late last year.
The news stories came even as members from US regulatory agencies such as the Financial Crimes Enforcement Network (FinCEN) sought to debunk the claims.
For more information, view the full report below:
Islamic State image via Shutterstock