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 assets being widely employed in these sectors. Related Story | Shiba Inu Exodus: 32,000 Holders Lose Interest In The ‘Dogecoin Killer’ 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 – 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

Qatar wants to join the CBDC race and start issuing digital bank licenses, said the QCB Head of the FinTech sector.

The United Kingdom government has announced plans to establish new legislation to manage the advent of digital identities for use in modern society in a secure manner (1). While announcing the news last week, following a consultation period (2), the DCMS department for culture, media, and sports stated that digital identities might soon replace physical […]

Central banks playing catch-up The global economy is facing an incredible amount of uncertainty at the moment which is continuing to drive the volatility we’re seeing in financial markets. Whether it’s uncertainty around inflation, interest rates, commodity prices, Covid or Ukraine, the growth outlook has become extremely unclear and is constantly subject to significant revisions. […]

As more and more fintechs add their support to the people of Ukraine and create new pathways for individuals and organizations to contribute financially, the Ukrainian government has had to adapt in order to make some of these contributions not just possible, but legal. This week, Ukrainian president Volodymyr Zelenskyy, signed month-old legislation to provide Read more...

The post Ukraine Legalizes Crypto; Nordigen and Efigence Announce New Partnerships appeared first on Finovate.

Why crypto can be legal tender  Legal tender is any form of payment that a government declares legal.

It was another messy session overnight with energy, equities, precious metals and currencies trading in wide choppy ranges, diverging in price direction, with no unifying sense of theme emerging. Markets are trying to make sense of a hawkish FOMC that announced a dovish rate hike and believes it can tighten aggressively while maintaining growth. Not […]

It appears the root cause of concern is the potential for digital assets to disrupt the rise of India as a global power.

In Singapore, alternative payment methods including buy now, pay later (BNPL) arrangements and digital wallets, are surging in popularity. By 2025, fintech software provider FIS projects that these payment methods

The post BNPL Predicted to Be Singapore’s Fastest Growing Online Payment Method by 2025 appeared first on Fintech Singapore.

There is a noticeable shift in the global economy toward digital currencies. They present a great alternative to its fiat counterparts because they are transparent, decentralized and not controlled by any government. Cryptocurrencies are becoming increasingly popular due to their advantages, causing the crypto industry to grow rapidly. While some governments consider cryptocurrency a fringe […]

The post Most Prominent Crypto Regulation Cases in 2021–2022 appeared first on The Daily Hodl.

Despite feel-good assurances of a Net-Zero bid by those joining the Paris Agreement in 2015, the outlook seven years later is bleak.

The post Fintech sparking the global Net-Zero revolution appeared first on LendIt Fintech News.

The Indian banking industry plays a vital role in the country’s economic development. Over the past several decades, this industry has witnessed several changes, including technological advancements and diversification of financial products and services.  The Indian banking system has only been improving since 1991 when the government encouraged foreign investments that opened our economy, leading […]