The cardinal feature of cryptocurrency is that it has two features including anonymity and pseudo-anonymity and by utilizing this feature criminals get benefited which is taken as a prime disadvantage. A top United Official confirmed that cryptocurrencies are creating international endeavor to fight terrorist financing, money-laundering and cyber-crime.
Cryptocurrency has a great role in secret child trafficking industry. In the past, when kids were getting abused, it must have to be paid for and now with the use of cryptocurrencies and as a result they were beyond traceble. Secrecy makes child abusers success. Due to encrypted data criminals can’t be traced which makes it difficult as well as challenging. It’s really an advantage to the criminals.
The security protocol won’t intrude upon the accounts of average users rather it will target all crypto exchange by which illicit funds are washed. Declaring who you are and that you have an interest in moving value does not incorporate risk as indeed. FATF, an intergovernmental organization developing policies to fight money laundering, will be tracking who might be moving value using cryptocurrency and thus it will maintain those efforts.
The organization, having 37 member countries under it, stabilized recommendations on regulating cryptocurrencies. Its rule include ‘’virtual asset service providers’’ or VASPs. The rules forces crypto exchanges to maintain know-your-customer on their own users, users of wallet or exchange. Policymakers and experts, who have the ability to judge what policy would be good enough in the space, have been brought together by the U.N on bringing the best policy of regulation. They need a type of alternatives to diminish online kid sexual maltreatment that getting paid for by cryptocurrencies. They need a type of alternatives. They have to know how they attempt and challenge that risk and lessen the risk for children and decrease the open doors for crooks to get included.