Locating the Crypto Flow

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As we know, a human life thrives across multiple dimensions. While this allows the privilege to diversify our experiences over time, it also brings some fair share of limitations. You see, having to deal with different facets at once makes it challenging for us to function on an optimal level. Now, there are certain ways through which we can counter such situations, but some people just find it relatively easier to achieve that through the unethical route. By doing so, they end up posing unwarranted harm on others. Furthermore, any actions of the said sort also create an environment where the world’s equilibrium, as whole, is massively disturbed, therefore roping in some long-term damage. In a bid to curb these situations, we would go on to introduce dedicated regulatory bodies throughout the spectrum. The decision instantly made all the players more accountable, except that’s not to rule out its failings. For instance, even though regulation was supposed to tighten up the boundary lines, it did get beaten by the rule-breakers on several occasions. If we looking into such occasions, it won’t take us long to notice how technology is involved in most of them. With digital realm offering rule-breakers all the protection they need, the challenge for regulators was enormous. Fortunately, though, they are seemingly doing a decent job to set the record straight. In fact, they are now getting ready to take on one of technology’s most controversial by-products, as GAO proposes a new regulation.

Government Accountability Office (GAO) has officially proposed an idea, which if approved, will see Internal Revenue Service (IRS) and Financial Crimes Enforcement Network (FinCEN) receive more information regarding the crypto kiosks’ location. According to some reports, the decision is intended towards nullifying crypto potential in terms of sex trafficking and drug dealings. By having an improved knowledge about these kiosks, the government hopes to gain a relatively better insight into the ways people obtain crypto outside of the tightly regulated exchanges. At present, the kiosks operators already have to deal with numerous regulations concerning areas like registration, transaction recording, and information collection etc. Nevertheless, GAO’s justification behind the proposal claims that a lack of details regarding location makes it significantly harder to initiate meaningful investigations across places bearing higher-risk of human and drug trafficking.

“Drug cartels and transnational criminal organizations are increasingly using virtual currency because of its perceived anonymity and as a more efficient method to move money across international borders,” GAO report stated.

GAO’s recommendations are also actually backed up by concrete findings. For example, a recent study revealed that over half of large online commercial sex trafficking markets now accept cryptocurrency as a viable payment option. Apart from that, the study further made a discovery, which talked to how 36% of all US Immigration and Customs Enforcement investigations that involved crypto were linked to drug trafficking.

 

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