Unregulated cryptocurrency threatens global anti-corruption efforts

Friend and foe: Cryptocurrencies are growing in both popularity and value PIC: MARCA.COM
Friend and foe: Cryptocurrencies are growing in both popularity and value PIC: MARCA.COM

Cryptocurrencies and other virtual assets are emerging as the biggest threat to global efforts to fight corruption, as the largely unregulated sector provides anonymity for criminals to hide and transact in their ill-gotten gains.

Harvard law professor, Matthew Stephenson says where the criminals of yesteryear used to hide their loot in suitcases under mattresses, cryptocurrencies have removed the limits of both the suitcases and the mattresses.

“If the suitcase full of cash becomes an electronic suitcase full of cash, it could be any size, and it is the same as storing it underneath a network of computers that don’t have to go through any banks and subject to any anti money laundry rules,” he told a recent US Foreign Press Centre virtual briefing on corruption.

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