Bitcoin and other cryptocurrencies undoubtedly offer new opportunities for financial transactions. However, they can also be used for purposes of financial crime, such as fraud and money laundering. The absence of central control and the pseudonymous nature of transactions make cryptocurrencies appealing for illicit activities.
What do you think can be done to mitigate the risk of cryptocurrencies being used for criminal purposes? What measures should be taken?
If the government have not been able to successfully bring to an end the crimes associated with fiats like money laundering, drug smuggling, sex trafficking, illegal arm purchase, kidnapping etc. Why do you expect cryptocurrency like Bitcoin that's decentralized in nature, and borderless with no censorship be able to succeed where a central authority has failed? Sadly, there's nothing that can be done to stop bad actors from using it. Transactions using cryptocurrencies are anonymous and are difficult to trace and that's why they are mostly used to perpetrate evil.What do you think can be done to mitigate the risk of cryptocurrencies being used for criminal purposes? What measures should be taken?