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?
The fact of the matter is that Bitcoin and crypto is not protecting of these criminals and their activities, With enough effort and research some crime investigators who worked closely against finding culprits across the internet were able to track some of these criminals who committed crimes in or outside the crypto space, and used the industry under the impression that it would help them keep the police at bay, only to then be caught because the moment that your information is revealed publicly, along with your address, no amount of mixing will steer the authority away from you. What do you think can be done to mitigate the risk of cryptocurrencies being used for criminal purposes? What measures should be taken?
I would argue that it's even harder to commit financial crimes in the crypto space, cause every transaction is recorded, with fiat you could literally go off the grid if you so desire.