Cash Dominates Illegal Activity, Not Cryptocurrency, Says New Report

A new report from the Crypto Information Sharing and Analysis Center (ISAC) reveals that cash is far more prevalent than cryptocurrency in illegal activities worldwide.

Despite cryptocurrencies gaining a reputation for facilitating crime—particularly during the Silk Road era—crime rates involving crypto have sharply declined in 2024.

The report’s co-author, Robert Whitaker, argues that cryptocurrencies are actually beneficial for law enforcement due to their public and traceable nature, which contrasts with cash’s anonymity. The intention behind the report is to educate policymakers and stakeholders on the value of blockchain technology as a tool for lawful activities.

While the infamous Silk Road accounted for a significant portion of Bitcoin transactions before its shutdown in 2013, cash is now more frequently used in sophisticated money laundering and other illegal operations.

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The report emphasizes that recent regulations have made crypto less appealing for illicit transactions, as robust tracking mechanisms have been implemented.

To combat remaining criminal activity in the crypto space, ISAC calls for international collaboration among regulators and industry players. This collective effort aims to create better compliance standards and develop effective strategies to minimize illicit uses of cryptocurrency.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.