Money Laundering Through Cryptocurrencies

Abstract

The article's goal is to investigate the role cryptocurrencies play in the money laundering process. The article's focus is on examining the potential applications of cryptocurrencies for money laundering, as well as their limitations. issue's context. Although cryptocurrencies are widely used for a variety of purchases and transactions worldwide, the authors of the article have stressed that there is no agreement on what constitutes a cryptocurrency and its legal standing. This study aims to show that economic fraud and organized crime rely on cryptocurrency in addition to cash or other traditional currencies.

We will examine the money laundering procedure, the incorporation of cryptocurrencies into this procedure, and the responses of government and law enforcement organizations to this novel form of payment. By enabling peer-to-peer financial transactions, cryptocurrencies gradually eliminate the need for middlemen. Cryptocurrencies have been popular among the darknet and other organized crime groups because of the transparency that blockchain technology offers.  With the invention of Bitcoin in 2009, cryptocurrencies have emerged as a new kind of money. The central banking system's government-backed fiat currency was supposed to face serious competition from this kind of entirely digital money. By proposing new laws to forbid the use of cryptocurrencies in money laundering, the paper adds to the ongoing conversations and arguments surrounding them. This is a study paper that discusses cryptocurrency and how they help with money laundering. We will talk about in this essay. The use of cryptocurrencies for money laundering.