Money laundering of illicit funds : less than 1 % of the transactions of Bitcoins

The Centre sanctions the illegal funding of the Foundation for the defense of democracy, in collaboration with the analysis company Elliptic, has published a study designed to track the movement of illicit funds into the economy of Bitcoin from 2013 to 2016. The research has concluded that funds of illicit origin represent less than 1 % of all transactions of bitcoins. These have decreased exponentially as the crypto-currency has been gaining popularity.

Here are the details of this research are :

The transactions of bitcoins for illicit purposes from 2013 to 2016

The report indicates that criminals have quickly realized the Bitcoin has unique properties that could potentially serve their interests. It was a solution that would allow them to escape authorities. The research asserts that the illicit use of Bitcoin is based primarily on anecdotal evidence. However, the report conceded that it is impossible to determine exactly how many bitcoins are being used in an unlawful manner.

Source : Pixabay. Money laundering related to Bitcoin

The research aimed to provide information to policy makers and to the leaders of the financial industry that want to better understand the risks illicit financial related to Bitcoin. This study aims to inform legislators about the fight against money laundering and the financing of terrorism. In general, Bitcoin users use pseudonyms, which allows them to keep their anonymity.

Money laundering affects less than 1 % of the transactions in bitcoins

The findings indicate that the rate of money laundering related to Bitcoin is low. According to this research, it has been revealed that the exchange of bitcoins have been at the origin of illicit activities. The online gaming sites are considered to be the largest share of money laundering of bitcoins. The results indicate that 97 % of incoming transfers to the platforms of games are illegal. The majority of the illegal transactions of bitcoins have been treated in Europe.

Source : NewsBitcoin