I hear cryptocurrencies are used for illicit/illegal activities; is this true? 

Myth #1: The majority of cryptocurrency transactions are for illegal activities.

• Research shows that illicit activity accounts for less than 1 percent of transactions.
• Of that small portion, scams make up the overwhelming majority of cryptocurrency related crime — not money laundering, terrorism, trafficking, or other unlawful activities.
• From 2017 to 2020, criminal economic activity was overwhelmingly conducted through traditional financial institutions.

Myth #2: More illegal activity takes place using cryptocurrency than with cash.

• Good old-fashioned cash continues to be the funding of choice for criminals.
• The UN estimates that ~$1.6 trillion in cash is laundered each year
• Meanwhile, criminal activity in cryptocurrency actually fell quite dramatically, from 2.1% in 2019 to less than half a percent in 2020.
• Despite the perceived appeal of cryptocurrency for money laundering, an estimated 99 percent of cryptocurrency transactions are performed through centralized exchanges subject to the same AML/CFT regulations as traditional banks.

Myth #3: Cryptocurrency makes it harder for law enforcement to investigate malfeasance.

• Crypto is easier to track because searchable public databases (blockchains) already exist for the majority of transactions. Even the Department of Justice says so.
• This gives law enforcement access to substantially more information than a case involving cash, including the date, time, and amount of the transaction, as well as the type of crypto used, the wallet address involved, and the unique transaction identifier (hash value).
• Once that data is recorded in the blockchain, it cannot be altered retroactively, there is little risk of data loss, and confidentiality is maintained.
• Immediately accessible with crypto, this kind of information can take law enforcement months or even years to obtain regarding cash transactions.

We made eduladder by keeping the ideology of building a supermarket of all the educational material available under one roof. We are doing it with the help of individual contributors like you, interns and employees. So the resources you are looking for can be easily available and accessible also with the freedom of remix reuse and reshare our content under the terms of creative commons license with attribution required close.