Many people, private institutions or government agencies believe that everything about cryptocurrencies is wrong. Since their rise to popularity and value appreciation, cryptocurrencies have been criticized, especially in the case of bitcoin, for causing harm to the environment as a result of mining activities that consume too much power. Cryptocurrencies have also been bashed for not having any value, with many people calling these virtual currencies the “biggest scam of all time”.
A bigger issue used as a reference point for crypto-criticizers is the fact that digital currencies are breeding grounds for money laundering and other illicit financial activities. Cryptocurrencies are young, the industry is still grappling with many problems, and adoption is not yet strong. Crypto-aficionados agree, together with the its critics, that these money laundering problems are real.
Right from SilkRoad to recent money-laundering reports through different cryptocurrencies, the industry is battling with law enforcement agencies across the