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1% of Bitcoins is used to buy drugs and weapons

17 April 2018 00:00, UTC   |    310
1% of Bitcoins is used to buy drugs and weapons

Only 1% of Bitcoins is used for criminal purposes, such conclusions were reached by the Foundation of Democratic Principles Protection. The largest part of illegal operations is committed in the Darkweb, not on public platforms. Bitcoin’s anonymity and the inability to track transactions on the Web are lucrative criminals. But still, one can easily track the most of the reverse operations on crypto-exchangers.

At the same time, skeptics who criticize crypto currencies, have noticed the growing use of Bitcoin brokers, who can transfer millions of dollars in cryptos across the international borders as a scheme of capital withdrawal. According to them, this process will expand money laundering network.

However, many countries are adapting their legislation to combat money laundering with the help of cryptocurrency. In August 2017, Australian Department of Justice implemented new rules for currency-exchangers, which will be subordinated to the Australian Center for Accountability and Analysis of Operations (AUSTRAC), the main counterpart of the country's financial police.

Image courtesy of coinsalereport.com



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