{"id":486451,"date":"2022-03-21T03:29:35","date_gmt":"2022-03-21T03:29:35","guid":{"rendered":"https:\/\/wncen.com\/?p=486451"},"modified":"2022-03-21T03:29:35","modified_gmt":"2022-03-21T03:29:35","slug":"fiat-still-the-top-choice","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/fiat-still-the-top-choice\/","title":{"rendered":"Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says"},"content":{"rendered":"

Fiat, a government-issued currency, is still the best choice of financial criminals.<\/p>\n

Concerns have always centered on the possibility of crypto assets being used for nefarious reasons, however the US Treasury department just released something that dispels these anxieties.<\/p>\n

Despite widespread fears that cryptocurrency could be used for criminal purposes, a newly published report by the US Treasury indicates that the bulk of financial crimes are still committed using fiat money.<\/p>\n

The US Treasury presented a three-year report on money laundering, proliferation financing, and terrorist financing early this month. And they were all based on digital assets.<\/p>\n

And crypto detractors may believe this is all about digital\u00a0assets being widely employed\u00a0in these sectors.<\/p>\n

Related Story | Shiba Inu Exodus: 32,000 Holders Lose Interest In The \u2018Dogecoin Killer\u2019<\/a><\/em><\/strong><\/p>\n

It’s Fiat, Not Crypto<\/h2>\n

Nevertheless, fiat currencies and traditional money are still more often utilized in this circumstance, thus they are more likely to come into play.<\/p>\n

The Treasury’s findings include a detailed discussion of virtual currencies, stating that both their user base and market capitalization have expanded dramatically since the previous risk assessment in 2020.<\/p>\n

However, these reports found that criminal flows via fiat currency and established networks continue to outnumber those involving cryptocurrency.<\/p>\n

<\/p>\n

Crypto total market cap at $1.805 trillion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
The US Treasury disclosed the following:<\/p>\n
“The use of crypto assets for money laundering continues to be significantly less prevalent than the use of fiat cash and other more traditional means.”<\/p><\/blockquote>\n
Crypto Still A Good Choice For Crime<\/h2>\n
According to the National Money Laundering Risk Assessment, “virtual assets” are an ever-evolving domain within money launderers’ expanding armory for concealing their finances.<\/p>\n
It singled out DeFi and “anonymity augmenting technology” as possible perpetrators.<\/p>\n
Throughout the pandemic, virtual assets have apparently been used extensively in phishing assaults and ransomware scams.<\/p>\n
Related Article | Bitcoin Breaks Past The $40,000 Barrier Again \u2013 Can It Sustain The Momentum?<\/a><\/em><\/strong><\/p>\n
Shady operators may use pledges of profit from the unpredictable cryptocurrency market to entice victims into disclosing personal information or infecting their devices with viruses.<\/p>\n
The attackers may then demand payment in crypto following the attack, which is both pseudonymous and irreversible.<\/p>\n
In a recent Chainalysis Crypto Crime Report, many criminals use over-the-counter brokers to launder their cryptocurrencies.<\/p>\n
OTC brokers are individuals or businesses that assist transactions between buyers and sellers who do not wish to (or are unable to) conduct business on a cryptocurrency exchange.<\/p>\n
A Staggering Amount<\/h3>\n
Meanwhile, a United Nations report says that money laundering costs the global economy between $800 billion and $2 trillion per year.<\/p>\n
This equates to between 2% and 5% of gross domestic output. Today, almost 90% of money laundering remains undetected.<\/p>\n
However, technological advancements have led in the development of more effective tools. Criminals continue to use these advancements to move dirty money.<\/p>\n
Simultaneously, government agencies and fintech firms utilize technology to identify transaction characteristics and assist in exposing fraud.<\/p>\n
Featured image from India Today, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Fiat, a government-issued currency, is still the best choice of financial criminals. Concerns have always centered on the possibility of crypto assets being used for nefarious reasons, however the US Treasury department just released something that dispels these anxieties. Despite widespread fears that cryptocurrency could be used for criminal purposes, a newly published report by the US Treasury indicates that the bulk of financial crimes are still committed using fiat money. The US Treasury presented a three-year report on money laundering, proliferation financing, and terrorist financing early this month. And they were all based on digital assets. And crypto detractors may believe this is all about digital\u00a0assets being widely employed\u00a0in these sectors. Related Story | Shiba Inu Exodus: 32,000 Holders Lose Interest In The \u2018Dogecoin Killer\u2019 It’s Fiat, Not Crypto Nevertheless, fiat currencies and traditional money are still more often utilized in this circumstance, thus they are more likely to come into play. The Treasury’s findings include a detailed discussion of virtual currencies, stating that both their user base and market capitalization have expanded dramatically since the previous risk assessment in 2020. However, these reports found that criminal flows via fiat currency and established networks continue to outnumber those involving cryptocurrency. Crypto total market cap at $1.805 trillion on the daily chart | Source: TradingView.com The US Treasury disclosed the following: “The use of crypto assets for money laundering continues to be significantly less prevalent than the use of fiat cash and other more traditional means.” Crypto Still A Good Choice For Crime According to the National Money Laundering Risk Assessment, “virtual assets” are an ever-evolving domain within money launderers’ expanding armory for concealing their finances. It singled out DeFi and “anonymity augmenting technology” as possible perpetrators. Throughout the pandemic, virtual assets have apparently been used extensively in phishing assaults and ransomware scams. Related Article | Bitcoin Breaks Past The $40,000 Barrier Again \u2013 Can It Sustain The Momentum? Shady operators may use pledges of profit from the unpredictable cryptocurrency market to entice victims into disclosing personal information or infecting their devices with viruses. The attackers may then demand payment in crypto following the attack, which is both pseudonymous and irreversible. In a recent Chainalysis Crypto Crime Report, many criminals use over-the-counter brokers to launder their cryptocurrencies. OTC brokers are individuals or businesses that assist transactions between buyers and sellers who do not wish to (or are unable to) conduct business on a cryptocurrency exchange. A Staggering Amount Meanwhile, a United Nations report says that money laundering costs the global economy between $800 billion and $2 trillion per year. This equates to between 2% and 5% of gross domestic output. Today, almost 90% of money laundering remains undetected. However, technological advancements have led in the development of more effective tools. Criminals continue to use these advancements to move dirty money. Simultaneously, government agencies and fintech firms utilize technology to identify transaction characteristics and assist in exposing fraud. Featured image from India Today, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":486452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12436,3],"tags":[428,85700,7335,3032,5316,57751],"class_list":["post-486451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-and-tech","category-news","tag-bitcoin","tag-cyrpto","tag-fiat","tag-money","tag-money-laundering","tag-us-treasury"],"acf":[],"yoast_head":"\nFiat - Not Crypto - Still The Top Choice For Financial Crimes, US Treasury Says<\/title>\n<meta name=\"description\" content=\"Fiat, a government-issued currency, is still the best choice of financial criminals. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says","url":"http:\/\/wncen.com\/news\/fiat-still-the-top-choice\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/fiat-still-the-top-choice\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/Fiat.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/Fiat.jpeg?fit=1200%2C675"},"articleSection":"AI and Tech","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","cyrpto","fiat","money","money laundering","us treasury"],"dateCreated":"2022-03-21T03:29:35Z","datePublished":"2022-03-21T03:29:35Z","dateModified":"2022-03-21T03:29:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/fiat-still-the-top-choice\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/fiat-still-the-top-choice\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/Fiat.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/Fiat.jpeg?fit=1200%2C675\"},\"articleSection\":\"AI and Tech\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"cyrpto\",\"fiat\",\"money\",\"money laundering\",\"us treasury\"],\"dateCreated\":\"2022-03-21T03:29:35Z\",\"datePublished\":\"2022-03-21T03:29:35Z\",\"dateModified\":\"2022-03-21T03:29:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/Fiat.jpeg?fit=1200%2C675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/486451"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=486451"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/486451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/486452"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=486451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=486451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=486451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}