Crypto: A curse worse than cashRansomware -- a type of malicious software that restricts access to a computer system until a ransom is paid -- is not a good look for cryptocurrencies. But for anyone trying to avoid stringent capital controls, launder illicit gains, or evade US financial sanctions, crypto can still be an ideal option. Although Bitcoin and its crypto variants have by no means surpassed the dollar in facilitating the global underground economy, they are certainly on the rise. If governments will ultimately have to increase dramatically their regulation of crypto transactions, why have cryptocurrency prices in general, and the price of Bitcoin in particular, soared? But, ultimately, reducing the potential liquidity of hard-to-trace crypto will require a high level of international coordination, at least in advanced economies.

Source: Bangkok Post June 08, 2021 00:33 UTC