The biggest difference between fiat and cryptocurrency-based money laundering is that, due to the inherent transparency of blockchains, it is much easier to trace how criminals move cryptocurrency between wallets and services in their efforts to convert their funds into cash.
The Race to Put Blockchain in National Banking: Leaders Followers
On October 1, 2021, the Central Bank of Uruguay issued a statement about virtual assets and outlined a process for regulating cryptos. Peru has actively embraced the industry with a view of achieving a regulatory approach that is in line with international organizations.
The Bangladesh Central Bank issued warnings in 2014 and 2017 related to transactions in cryptocurrencies and warned violations could be punishable by up to 12 years in jail under existing money laundering and terrorist financing regulations. Despite prohibitions on the use of cryptocurrencies, Bangladesh has proposed a national blockchain strategy,[117] perhaps signaling a change in the future. Concerns about a foreign flight of local capital are a major concern hindering cryptos, however.
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Banks and other financial institutions have been drawn to the efficiency of digital cash because physical tender is expensive to move, store, and dispense. Businesses and governments are also excited about the potential for digital currencies to increase economic inclusion and reduce financial crimes. The World Bank estimated in 2018 that 1.7 billion adults remained unbanked, an issue exacerbated by the limited reach of physical banking infrastructure around the world. Digital ledger technologies could help bring people into the financial system. Although regulatory standards would need to be updated to include this capability, blockchain could allow client onboarding and know-your-customer documentation to be completed on a peer-to-peer basis, without need of a formal banking arrangement. Countries could use digital currencies based on distributed ledger technologies to improve tax collection and traceability. These are among the reasons why emerging markets countries have been some of the most active proponents of central bank digital currencies (CBDCs). (See Exhibit 2.)
Consortium Stablecoins. Similar to asset-backed stablecoins, consortium stablecoins are issued by groups rather than by individual organizations. Libra is a good example of this. As with other stablecoins, consortium stablecoins enable instant cross-border payments and can be especially appealing for individuals who fall outside the traditional financial system. With Libra, for instance, Facebook and its partners sought originally to create a blockchain-based currency that would be backed by a basket of international currencies such as the US dollar, the euro, and the Japanese yen, in effect creating a supranational currency that would be independent of existing national and international regulatory authorities. Concentrating power in a small number of hands has provoked concern, however. Libra has encountered strong opposition from financial regulators who fear it could threaten national monetary sovereignty.
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Despite these vexing problems, the world economy also shows great promise. Technology has made possible further advances in a wide range of fields, from agriculture, to medicine, alternative energy, metallurgy, and transportation. Improved global communications have greatly reduced the costs of international trade, helping the world gain from the international division of labor, raise living standards, and reduce income disparities among nations. Much of the resilience of the world economy in the aftermath of the financial crisis resulted from government and central bank leaders around the globe working in concert to stem the financial onslaught, knowing well the lessons of past economic failures.
stretching over some 280,000 km, the world's 325 international land boundaries separate 195 independent states and 70 dependencies, areas of special sovereignty, and other miscellaneous entities; ethnicity, culture, race, religion, and language have divided states into separate political entities as much as history, physical terrain, political fiat, or conquest, resulting in sometimes arbitrary and imposed boundaries; most maritime states have claimed limits that include territorial seas and exclusive economic zones; overlapping limits due to adjacent or opposite coasts create the potential for 430 bilateral maritime boundaries of which 209 have agreements that include contiguous and non-contiguous segments; boundary, borderland/resource, and territorial disputes vary in intensity from managed or dormant to violent or militarized; undemarcated, indefinite, porous, and unmanaged boundaries tend to encourage illegal cross-border activities, uncontrolled migration, and confrontation; territorial disputes may evolve from historical and/or cultural claims, or they may be brought on by resource competition; ethnic and cultural clashes continue to be responsible for much of the territorial fragmentation and internal displacement of the estimated 45.7 million people and cross-border displacements of approximately 31.7 million refugees and asylum seekers around the world as of yearend 2021; approximately 429,300 refugees were repatriated during 2021; other sources of contention include access to water and mineral (especially hydrocarbon) resources, fisheries, and arable land; armed conflict prevails not so much between the uniformed armed forces of independent states as between stateless armed entities that detract from the sustenance and welfare of local populations, leaving the community of nations to cope with resultant refugees, hunger, disease, impoverishment, and environmental degradation 2ff7e9595c
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