It is important to note that only a small percentage of cryptocurrency is used for illegal purposes, which is significantly less than what is observed in traditional financial systems. According to the United Nations, illicit activities in traditional finance can account for up to 5% of global GDP, whereas money laundering in cryptocurrency transactions is less than 0.5% of the total flow, as reported by analytics firm Chainalysis. Furthermore, the amount of money laundering in cryptocurrency has been decreasing consistently over time. In 2023, despite the rise in crypto usage, money laundering activities decreased from $31.5 billion in 2022 to $22.2 billion in 2023. While any illicit activity is concerning, it is inaccurate and outdated to solely blame cryptocurrency for such activities.
Source link
This article was complied by AI and NOT reviewed by human. More information can be found in our Terms and Conditions.
