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To What Degree Cryptocurrencies are Used for Money Laundering?

3 min reading

Many people criticize cryptocurrencies arguing that they are a tool used to launder money. However, they are just a drop in the ocean of frauds being; cryptocurrencies are just a fraction of criminality.

The latest research by Messari claims that Bitcoin and other cryptocurrencies should absolutely not be considered a big threat. Data of the United Nations Office on Drugs and Crime clearly show that fiat currencies are used 800 times more often on darknet than cryptocurrencies. The survey was conducted in response to comments of Treasury Secretary, Steven Mnuchin. He was to warn BTC supporters that Donald Trump's administration would do everything to introduce extremely strong support for financial regulation to curb illegal activities. Mnuchin, therefore, exaggerated with his criticism when he began to list where cryptocurrencies are used - cybercrime, tax evasion, malicious software, or drug trafficking. He also stressed that this issue in government administration is a matter of "national security".

Traditional money rules the world

Cryptocurrencies are not as much a problem as they are commonly considered. Not so long ago, Europol published a report called "Why Is Cash Still King?". It talks about the use of various currencies all around the world by organized criminal groups. He also emphasizes that Bitcoin is not that popular:
Not every use of money is a crime, but all criminals use the money for it. The world is anxiously watching the bad usage of cryptocurrencies. This report may surprise them a bit because it does not say anything new. Money laundering schemes that are detected by law enforcement agencies are still characterized by traditional methods. First of all, it's about using traditional money.
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