One of the biggest arguments towards a digital currency that we have heard was that they had given some good points to some. Now, we hear another one that states that they have gone to the extent of giving to many people, including even the criminals. Bitcoin was launched in 2009, and many got attracted, including the crooks. However, the land law in different places did try to stop them, yet the way bitcoin works become a challenge. However, soon one can find some restrictions from the makers and developers who could track the illegal money and even stop issues like cash laundering issues. One of the papers presented by Sean Forley and his team, who happens to be a researcher, claimed that around 46 percent of bitcoin transactions from 2009 to 2017 went to criminal activities.
As the number of transactions has increased in the recent past, there seems to be a rise in different transactions. However, a spate of ransomware assaults can be seen in this regard that has put the cybercrooks empowered with digital money, particularly via bitcoin. This somewhere has brought the debate about bitcoin being classified as something that has allowed the criminals to use it like a freehand. However, certain regulations are being put to clamp down on the criminal activities being carried out using digital currency. Explore more about this currency using the sites like cfds-trader.com . While coming across these criminals, people who have faced losses are now preparing some secured methods to stay away from these cyber crooks who are somewhere trying to use bitcoin and other digital currencies for their survival. It gives them more liberty and freehand claims the FBI director while talking to the group called WAJ or The Wall Avenue Journal.
While talking about the same, he said one of the key issues he feels about the bitcoin being an alluring option is the lack of legislation enforcement as it becomes easy for the law to nab the negative elements without any hassle or worry as they are seen carrying out the crime in broad daylight with all the proofs surrounding them. Even during transactions made digitally, they can be traced, but with bitcoin, it becomes difficult as it remains decentralized. In a sense, it becomes a blessing in disguise for the criminals to escape from the law. However, he feels that nabbing them is still not an issue as they have systems in place that can help curb the negative people in using bitcoin or any other digital currencies. However, he feels that the law of the land has no control over these transactions; hence, despite knowing the culprits at times or capable of tracing them, they have to remain mute spectators.
Citing about the example of the Colonial Pipeline issue that paid the ransom in terms of the digital coin, the FBI was in a position to track the transaction and even curb a certain amount of money reaching to the gang DarkSide; however, with the group being operating from Russia, they had no option but to be fence-sitters. He claimed that the hackers and other people are now able to play around with these coins and even can shield them away as geographical boundaries come as their hurdle. So, he feels the onus has to fall upon the system rather than the developers of bitcoin or any other digital currencies.
The other way in which one can stem this problem is to ban the cost involved in selling and buying digital currencies, like how one can see things happening in China. So, it’s not the digital currency at the receiving end or the makers of the same but the people involved in it who are trying to take things for a ride for their interest. All they need is to try some concerted efforts and ideas that are to be clubbed so that the criminals do not just think of taking people for a ride using bitcoin. So, it is not fair to say that that crime will kill cryptocurrency but sooner or later, the criminals are going to face the music for sure.