Money Laundering: Bitcoin vs USD
Data from Chainalysis and the United Nations Office on Drugs and Crime revealed that traditional fiat money is used 800 times more than bitcoin to launder money on the darknet. Moreover, these results don’t take into account estimates of money laundering through conventional markets. The Senate committee states that cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, drugs, and human trafficking. Many players in the past have attempted to use cryptocurrencies to fund their malignant behavior which is a national security issue. However, Europol’s report, “Why…
