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Bitcoin & Crime

  • by Ellis Odynn
  • 21 April 2019

According to research done by the Center for a New American Security, while the growth of FinTech in the US has been unprecedented some experts are calling for caution over Bitcoin transactions. 

KPMG estimates that over US$ 111 billion dollars was invested globally in FinTech in 2018, making it more mainstream, but there are concerns that regulation hasn’t kept pace with technology development. Researchers at the Center point to the risks of criminal organizations using Bitcoin for terrorist financing or money laundering. A recent Wall Street Journal investigation, found that nearly US$ 90 million dollars was laundered through digital currency exchanges by cyber attackers.

Other experts have raised concern with Russia, Iran and Venezuela developing cryptocurrency capabilities. The Center recommends that Governments create inter-agency groups to lead the charge for responsible innovation.