Crypto Rarely used To Launder Money – Fiat Preferred

Fiat is the preferred method of laundering money, not cryptocurrency, opposed to what crypto naysayers would tell you

Cryptocurrencies Rarely Used to Launder Money, Fiat Preferred

“According to a report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the role of cryptocurrencies in money laundering is overstated and unfounded, with fiat money still the most used method for such illicit purposes.

Money laundering remains a grave concern globally. Research from the intergovernmental organization United Nations suggests anything from $800 billion to $2 trillion is laundered via fiat channels each year. But cryptocurrencies are only a small part of the picture.

“‘dentified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods,’ said SWIFT last week. The firm provides a communication tool for banks to relay transactional information to each other and is used to conduct billions of dollars in transfers daily.”

Master Asked on September 8, 2020 in Cryptocurrency.
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