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?
If the problem is only in crypto, let them come and solve it. But even before crypto, there were reports of money laundering. The problem has never been in crypto.
They usually get mandatory KYC verification from users. Other than that, I don't think there is a way to completely avoid these crypto-related situations. It is also wrong for states to make these regulations against people and exchanges that are only interested in crypto. Some officials think that the money laundering business was born with crypto. This shows that they are not really sincere in their struggle with this situation.
As I said, we are in the age of technology and there is nothing that cannot be followed. There are many precautions they can take if they really don't want such bad things to happen.