Governments Urged to Target Privacy Coins for Money Laundering Prevention
A study published in the Journal of Cybersecurity recommends that governments focus on cryptocurrencies, particularly privacy coins, to address money laundering.
The paper outlines methods to undermine trust in permissionless blockchains, such as 51% attacks and Sybil attacks, warning that these could erode user confidence.
While these tactics are proposed as a last resort, the study emphasizes balancing regulatory compliance, innovation, and user privacy. Its relevance has increased amid speculation about potential manipulation of Monero’s price.
READ MORE: Bitcoin’s First Exchange Rate Set 15 Years Ago: A Look Back at Its Astonishing Rise
Despite reports from UN and US Treasury officials that criminal organizations predominantly use cash for illicit activities, the US government continues to crack down on privacy tools.
Recently, a US judge allowed the case against Tornado Cash co-founder Roman Storm to proceed, raising concerns about the future of crypto mixers under stricter regulations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
