Crypto currency is falling looking more than 20 percent of value over the last week as the new Treasury Secretary former federal reserve chair Janet Yellen takes aim at the asset.
She said she wanted to "examine ways in which we can curtail their use and make sure that [money laundering] doesn't occur through those channels."
Blockchain-based financial networks are attractive to criminals because they do not require users to identify themselves—as the law requires most conventional financial networks to do. Because no individual or organization controls these networks, there's no easy way for governments to force them to comply with money-laundering laws.
So instead of trying to force the networks themselves to comply, regulators in the US—and many other jurisdictions—have focused on regulating bitcoin exchanges that help users trade between dollars and cryptocurrencies. Once a bitcoin exchange identifies who initially received a particular bitcoin payment, law enforcement can often trace subsequent payments through a blockchain network's open payment ledger.
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Crypto currency is falling looking more than 20 percent of value over the last week as the new Treasury Secretary former federal reserve chair Janet Yellen takes aim at the asset.
She said she wanted to "examine ways in which we can curtail their use and make sure that [money laundering] doesn't occur through those channels."
Blockchain-based financial networks are attractive to criminals because they do not require users to identify themselves—as the law requires most conventional financial networks to do. Because no individual or organization controls these networks, there's no easy way for governments to force them to comply with money-laundering laws.
So instead of trying to force the networks themselves to comply, regulators in the US—and many other jurisdictions—have focused on regulating bitcoin exchanges that help users trade between dollars and cryptocurrencies. Once a bitcoin exchange identifies who initially received a particular bitcoin payment, law enforcement can often trace subsequent payments through a blockchain network's open payment ledger.
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