Law will lag international cryptocurrency crime

Wednesday, July 12, 2017

Subject

Cryptocurrencies and crime.

Significance

Initial hearings started in Tokyo yesterday in the embezzlement trial of the former chief executive of Mt. Gox, the bankrupt Japan-based bitcoin exchange that imploded in 2014 after losing hundreds of millions of dollars’ worth of the cryptocurrency. Cryptocurrencies have increased greatly in popularity in recent years, reaching a peak value of 115 billion dollars in June, according to Coinmarketcap.com, which tracks more than 900 of them, as interest in the potential of cryptocurrencies' enabling blockchain technology has soared. Yet it is not just legitimate sectors that look to cryptocurrencies: both cybercriminals and traditional criminals are turning to them.

Impacts

  • Governments will seek to regulate cryptocurrencies.
  • Cyber criminals will inevitably choose cryptocurrencies that provide robust privacy and anonymity assurances.
  • Law enforcement could still disrupt criminal activities by injecting mistrust into criminal platforms.
Expert Briefings Powered by Oxford Analytica
Stay up to date
Sign up to the Expert Daily Briefings email alert and receive up-to-the-minute analysis of global events as they happen.
*If your university does not have access to Expert Briefings, visit our information page to find out more.
To read the full version of this content please select one of the options below
You may be able to access this content by logging in via Shibboleth, Open Athens or with your Emerald account.
Would you like to purchase this content for your university? Click the button to visit our Expert Briefing product page for purchasing information.
If you think you should have access to this content, click the button to contact our support team.