A U.S. Treasury official has acknowledged that cryptocurrency constitutes solely a small fraction of the funds raised by Hamas, the Palestinian militant group.
The Treasury’s Undersecretary for Terrorism and Monetary Intelligence Brian Nelson’s assertion contradicts earlier narratives which have overstated the function of crypto in such actions.
Talking to the Home Monetary Companies Committee on Wednesday, Nelson added that “terrorists” nonetheless favor conventional services.
This assertion comes amid heightened scrutiny over using digital currencies in financing terrorism.
Final month, the USA, United Kingdom, and Australia imposed sanctions on people and entities allegedly facilitating cryptocurrency transactions for Hamas, a Palestinian militant group that the U.S. and European Union contemplate a terrorist group.
“Hamas has sought to leverage a wide range of monetary switch mechanisms, together with the exploitation of cryptocurrency, to channel funds to assist the group’s terrorist actions,” stated Nelson in a January assertion.
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