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?
What do you think can be done to mitigate the risk of cryptocurrencies being used for criminal purposes? What measures should be taken?
Thinking about a strategy to prevent bitcoin from being used for illicit purposes is akin to looking for a needle in a sea of water. I'm not saying it's not possible; it's quite doable; I just don't see how it can be done without invading people's privacy, which is the fundamental idea of owning or saving in bitcoin.
Fiat currency, like bitcoin, has long been used for unlawful operations and is still uncontrollable by the government despite having entire control of the money in their possession and knowing every data of the accounts these funds are used for transactions.
Using it for illegal activity will continue, but claiming that it is because it lacks a central authority that it is being used for illicit activity is a false statement that should not be disseminated to the public as such so that they do not have or feel a different opinion about what bitcoin truly is.