Cryptocurrency and Money Laundering
Cryptocurrencies, while enabling innovation in digital finance, have introduced new vectors for money laundering and terror financing due to their pseudo-anonymous, borderless nature. Indian agencies increasingly flag crypto misuse in fraud, ransomware, and illicit cross-border transfers.
Emerging Technological Challenges
- Pseudonymity and Layering: Wallet addresses obscure identities; use of mixers/tumblers enables complex layering of funds, hindering traceability.
- Privacy Coins and Decentralised Finance (DeFi): Assets like Monero/Zcash and decentralised exchanges (DEXs) reduce KYC controls, complicating enforcement.
- Ransomware and Crypto Payments: Incidents (e.g., healthcare sector disruptions) involve ransom demands in cryptocurrency, facilitating quick cross-border transfers.
Security Implications
- Terror Financing Risk: Small-value, distributed ....
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