Of Strugglers and Smugglers

Cryptocurrency proponents argue that the new money offers faster, cheaper, decentralized transactions that transfer some of the power from massive, centralized banks to individuals, especially those in poorer regions without traditional banking infrastructure. And maybe some of those elements will prove to be as fruitful as the currency has been for investors. For now, crypto definitely seems to being Helping Criminals Launder Money and Evade Sanctions. “Smugglers, money launderers and people facing sanctions once relied on diamonds, gold and artwork to store illicit fortunes. The luxury goods could help hide wealth but were cumbersome to move and hard to spend. Now, criminals have a far more practical alternative: stablecoins, a cryptocurrency tied to the U.S. dollar that exists largely beyond traditional financial oversight.”