Few years back, the growth of the crypto market was associated with its negative effects on the world’s economy due to the independent nature of transactions adopted by the cryptocurrencies but the ongoing involvement of security agencies and adopting self regulations by the crypto exchanges, this bond between cryptocurrencies and criminals using cryptocurrencies for illicit activities seem to be diminishing away slowly.
An official from the U.S Enforcement Agency ‘Lilita Infante’ recently spoke stating in an interview with Bloomberg that:
“The crypto volume has grown tremendously comparatively to past years with the increase in amount of transactions including the international price of dollar but the ratio of using cryptocurrencies in illicit activities seem to have decreased. The majority of transactions are used for price speculation.Despite the shift from criminal use to investment and trading, though, the total volume of criminal bitcoin transactions has still increased over the years as dark market activity has grown. It’s just that the proportions have effectively swapped.”
Addressing further about this she said,
“The blockchain actually gives us a lot of tools to be able to trace people behind illegal trade – I actually want criminals to keep using them. There are currently several ways followed by the regulatory agencies to track down the criminals dealing cryptocurrencies in the black market. This rate has declined to just 10 Percent now but they still occur mainly on the public bitcoin blockchain. ”