The government is increasingly alarmed by the growing trend of cryptocurrency adoption among young Kenyans who are utilizing digital platforms for income generation.
Recent reports indicate that these same platforms are being exploited by terrorists to finance their operations.
This concerning development was underscored during the third Nairobi Caucus focused on countering terrorism, which was organized by the National Counter Terrorism Centre (NCTC).
The event revealed that terrorist networks, both within Africa and globally, are taking advantage of technological innovations such as cryptocurrency and crowdfunding to support their activities.
Amb. Dr. Monica Juma, the National Security Adviser to the president, voiced her apprehension regarding the waning emphasis on combating terrorism financing across the continent.
She urged the NCTC to maintain vigilance in tackling this pressing security challenge, stressing that sustained attention in this area is vital for preventing terrorist actions.
Juma commended the timely nature of the caucus meeting, recognizing its significant role in assisting the East African region and the broader continent in mitigating terror threats by disrupting the strategies of terrorist organizations.
She emphasized the necessity of swiftly comprehending the intricacies of emerging technologies and their exploitation by terrorists.
According to Juma, understanding the evolving methods employed by terror groups, particularly their utilization of technological advancements for funding, is essential for effective counterterrorism initiatives.
“This caucus has played a pivotal role in understanding and mitigating terrorism threats in our region, while also offering perspectives that resonate globally, inspired by African experiences and having international impact,” Juma remarked.
Worldcoin increases access to Global Economy in Kenya through P2P exchange and Crypto education
In order to restrict the financial resources available to terrorists and diminish their operational effectiveness, Juma put forth five essential recommendations.
These recommendations emphasized the importance of improving financial research and fostering collaboration, alongside the establishment of strong and unified security and regulatory frameworks aimed at addressing current deficiencies in counterterrorism financing.
Additionally, she advised young individuals to exercise caution regarding specific digital income avenues, especially those related to cryptocurrency.
“Our youths must be careful with new technology-based income sources like cryptocurrency, as terrorists use such platforms to raise funds for their acts of terror,” Juma warned.
Nancy Muchiri of the Financial Reporting Centre underscored the necessity of financing for successful terrorist operations, citing past attacks in Kenya such as the Dusit 2, Westgate, and Garissa University incidents.
Muchiri emphasized that understanding the manifestation of terrorism financing is crucial for countering these threats.
