Opinion: cryptocurrencies are used for money laundering and criminal behavior, posing great challenges for regulators

According to a report by coindesk on August 19, online currency has been used by dark-traffickers, terrorist organizations and hackers to pay. But cryptocurrencies may move to more mainstream. If this happens, it may make it harder for Western democracies to resist transnational crime, corruption and terrorist financing. Elise Thomas, a researcher at the Australian Institute for Strategic Policy, said that organized crime has mature money laundering methods, but they are experimenting with cryptocurrencies like other companies. I think we will see new ways of laundering, combined with traditional finance and cryptocurrencies, which will pose a huge challenge to regulators because they need a team of experts who understand both situations. According to a study by the University of Cambridge, there are approximately 140 million cryptocurrency user accounts registered worldwide. Verification users quadrupled in 2017 and doubled in the first three quarters of 2018 to reach 35 million.