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Wednesday, January 19, 2022

Crime related to cryptocurrency is expected to decrease in 2022, know what this research firm said

The year 2021 saw a tremendous expansion of cryptocurrencies around the world, but also many cases of crimes related to cryptocurrencies, which have invited criticism of the market. Now, a new report claims that criminal use of cryptocurrencies will now gradually decrease, as it is being adopted in many countries over time and governments try to strengthen blockchain technology. Blockchain is the technology on which cryptocurrency is based. Chainalysis found in its study that the increase in the legal use of cryptocurrencies far exceeds its criminal use.

The highest number of crimes related to cryptocurrencies occurred in 2021, with $14 billion (about Rs 103,768 crore) received through illegal addresses in a single year. This figure is much higher than $7.8 billion (about Rs 57,813 crore) in 2020.

The report says that “the total transaction volume across all cryptocurrencies tracked by Chainalysis increased to $15.8 trillion (approximately Rs 11,71,09,600 crore) in 2021, a 567 percent increase from the total transactions in 2020. It is no surprise that cybercriminals are now using cryptocurrencies. But also the fact that it is being adopted in a higher percentage than the increase.”

The volume of transactions with illegal addresses accounted for just 0.15 percent of the total cryptocurrency transaction volume in 2021. Because crypto transactions are decentralized and not traceable, many government departments around the world have raised concerns about the illegal use of crypto assets. From money laundering to terror financing, the potential abuse of the crypto sector has stood in the way of its legitimacy.

The report further noted that law enforcement agencies have stepped up efforts to prevent the exploitation of cryptocurrencies by criminals.<!–

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Damini Sharma
Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.
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