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We have all heard the scariest excuses: cryptocurrency is only useful for criminal activity, cryptocurrency is only useful for money laundering, cryptocurrency has no real purpose – in an attempt to derail the crypt as an alternative legitimate to the fiat. Of course, the statements must always be taken with a pinch of salt and the speaker must be identified. In any case, the person who pronounced the words was a late patefatto who did not understand the crypto or who was too confused with the fiat to be able to see the bigger picture. Truth has begun to emerge, however, and none of these arguments opposes the examination. Japan has just given us another good indication of the error behind the arguments.
The Japan Times reports that, according to an "official police document", the country has seen a total of 340,000 suspected cases of money laundering activities or abuse this year in all types of financial transactions. Of this amount, only 6,000 transactions were related to the cryptocurrency. Quick numbers, which means that only about 2% of all money laundering activities have been found in the crypt.
Surely 6,000 is still a large number. However, since 334,000 cases of money laundering were recorded via fiat, it is simply a drop in the bucket. Measures are already under way to help reduce the number even further, but the fact that money laundering can still prevail in fiat after centuries of existence shows how difficult it is to control activity.
Japan is working diligently to provide better oversight of the cryptocurrency entities and exchanges. It is introducing a series of measures that will help prevent tax evasion and control initial coin offerings (ICO) and Japan Virtual Currency Exchange Association (JVCEA), self-regulating entities that oversee cryptographic exchanges, have authority to patrol the industry,.
Any system anywhere in the world can be used positively or negatively – nothing can escape this, not even cryptocurrency. However, it has already proven to be a valid option and one that allows users to regain control of their money. It is not "the thing that criminals use" or "an environmental disaster". It is a legitimate type of currency that continues to be accepted by more and more traders every day.
