FX.co ★ Criminals favor cash over cryptocurrencies

Many people believe that digital currencies suit perfectly for various criminal needs. Almost complete anonymity and no centralized authority should attract criminals. However, the data revealed by the European Commission points to a complete different situation.

Experts found out that existing technical barriers prevent criminal minds from using cryptocurrencies on a large scale. The only exception is hackers who can overcome these hurdles easily. Laundering virtual money turned out to be complicated due to its high volatility. Besides, any operations with a digital currency require special knowledge. According to statistics, criminals prefer good old cash to electronic money.

The report by the European Commission showed that people selling illegal goods still use cash. The more successful criminals are and the more goods they manage to sell, the more money they receive. That is why supply of cash still outpaces inflation rates despite available digital payment methods.