Director of Europol: $5 Billion Laundered Through Cryptocurrencies

The European Union Agency for Law Enforcement claims that over 5 billion US dollars were launderer through cryptocurrencies. Due to the uncontrolled nature of these currencies, tracing the origins and their current spenders is much harder than with paper money.

Rob Wainwright, the director of Europol, talked to BBC about the rise of money laundering through cryptocurrencies. He’s quoted as saying “It's growing quite quickly and we're quite concerned.” Wainwright explains that Bitcoin and other cryptocurrencies are different than the normal currencies due to the fact they aren’t controlled by entities that can cooperate with the government.

If a criminal puts money in the bank, that money can be potentially frozen from it. If that money is put in Bitcoin, then there’s nobody who’ll be able to freeze it, as the system is decentralized.

Of course, that’s also the main point and appeal Bitcoin has. The monetary boards and governments that control our money often have a lot more power for financial abuse than the creators of cryptocurrencies have.

Alex Dimchev

Alex Dimchev is a writer, editor, and weapons master for EUscoop.com

Comments (0)

Like Our Page on Facebook

Like our page to make sure you see all of our NEW articles!

Click to

Sign Up For Our Newsletter

Subscribe and stay informed about all important events!



x