The quantity of Bitcoin transactions found in facilitating or making illegal activities has become on the low. In line with the new data by Chainlink, a blockchain analysis company, the amount of criminal cryptocurrency transactions has become less than 1%.
Many governments have been repetitive in acknowledging cryptocurrencies in their payment industry, mentioning their offender features, which are difficult to manage or option with.
Nations that have tried to ban cryptocurrency
Regulators, including the police force, financial watchdogs, and the key banks, applied to convey that Bitcoin and other digital currencies are very chosen to be utilized by flawed personalities to transport out their illegal actions such as money laundering, expansion financing, promoting terrorism actions, buying and offering prohibited medications, and many more, then the actual report money.
To stop criminals from doing these illicit transactions, some nations, such as Pakistan, China, Morocco, India, Algeria, Vietnam, Bolivia, Nepal, etc., set (or tried to stop) a ban on any function involving cryptocurrency.
0.34% of entire cryptocurrency transactions are associated with unlawful use
Consistent with the info by Elliptic, a cryptocurrency forensics organization, about 13 percent of most illegitimate profits in BTC were transacted via solitude wallets recently, up from around 2 percent in 2019.
But in line with the new data, the total sum volume of illicit activity in all-kinds of cryptocurrencies has declined from 35% (in 2012) and 60% (worth $601 mln) in 2019, to now about 0.34% in 2021.
As of now, the total amount of Bitcoin that has been transferred since its inception is all about $10 trillion in value, and thus since 2009, only around USD, 34 billion has transacted in illicit use. Therefore the 0.34% doesn’t threaten regulators that the cryptocurrency is just a significant fuel being used by gangsters for illegal use.
However, this percentage shouldn’t be ignored; financial regulators must continue pressing hard on criminals and dark activities related to cryptocurrency to bring down the total amount of cryptocurrency transactions tied to interdicted use to 0.00%.