Money Laundering Using Cryptocurrencies: Legal Response In India And In The USA
- IJLLR Journal
- 3 days ago
- 1 min read
Rahee Chaudhari, Symbiosis Law School, Pune
1. Introduction
The dynamic cat and mouse game between the thieves and the investigating agencies has been brought to the forefront during the 21st century. Technology such as and cryptocurrency has supercharged the age-old concept of simple fraud.
The magnitude of this new threat is enormous. Cryptocurrency crime is estimated to be around 40.9 billion USD in 2024 and with the increasing financial crimes, losses in the United States alone may be as high as 40 billion USD by 20271. To this end, in Europe, the case of DIN SISTERS who built a gigantic drug business with crypto and technological sophistication should be mentioned. In this instance, it was encrypted devices that were used to move drugs and payments made through anonymous crypto accounts.
By contrast, the USA has enacted a GENIUS act which is the first crypto-specific act enacted and signed into law. The USA has already launched a battle against the adverse use of these great technologies in the first step by recognizing them and then trying to track and control them. Evidently, the country has already brought in multiple acts on artificial intelligence but have not passed a federal comprehensive artificial intelligence act.
