The anonymity of cryptocurrency transactions has been a pain in the neck of most financial regulators. Countries are strengthening their regulation to track those wishing to use digital currencies for illegal purposes. However, the community players are constantly seeking ways to preserve their privacy.
Law enforcement agencies make their best efforts to combat criminals performing drug transactions via the darknet. On August 24, the Indian Narcotics Control Bureau arrested a young man for buying ecstasy pills using Bitcoin.
Cryptocurrency has been attracting illegal dealers since its very inception. Due to its anonymity and security, Bitcoin was widely used as a payment method on the darknet shadow markets. However, lately criminals started paying more attention to Monero as this cryptocurrency allows for an enhanced secrecy and disguise.
Cryptocurrency exchanges actively apply KYC regulations to pressure darknet entrepreneurs. Despite the reduction of cryptocurrency transactions on the darknet, criminals are still active in their shadow industry.
As the COVID-19 pandemic spreads around the world, the demand for medical supplies such as test kits, reagents, masks etc. skyrockets. In its turn, the growing deficiency has pushed a growth in counterfeit products.
Most people use bitcoin for investment rather than for payments, it is a currency, after all. And some users perform transactions with it just like with ordinary money, which it is, in fact. However, as the price of bitcoin has become highly volatile, the number of people willing to spend it has decreased sharply.