Blockchain : Money Laundering in an Online World

Blockchain : Money Laundering in an Online World

Okay, so read this [article]( about Malaysia’s ex-PM pleading not guilty to numerous counts of money laundering after stealing from the 1MDB fund over the past couple of years. So, I was just wondering what the chances were of acts such as money laundering happening with virtual currencies and the use of blockchain technology in the online world?

I mean, I’m sure the risk is incredibly high considering VCs are mostly unregulated by central banks or governments. But wouldn’t the risk of money laundering through the use of VCs and blockchain be super risky as well? I mean, the blockchain ledger is unalterable and cannot be erased, so these transactions would technically remain on the chain forever, right? I’m no expert, but would love to know some of your thoughts!

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What is the Blockchain?

A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.

Author: bridgetbob31

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