US Treasury Fears NFTs for Money Laundering and Financing Terrorism
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- US Department of Treasury fears over NFTs.
- Many illegal money launderings and even terrorsim financings are ought to take upon NFTs.
- MsCryptoMom fully confident in the positive abilities of both DeFi and NFT.
As the world grows, amidst technological developments entering new era’s with the passing of every year and decade, so does the dark side rises too. Ever since the crypto emerged into the world, apart from all the positive possibilities and opportunities it holds for everyone, without any discrimination on any means, so did it bring along a bag full of tons of new illegal ways of money launderings, scams and hacks and much more.
Indeed, the blockchain plays a role in every possible industry and sector in the world, everything is obviously easily under the threat of hacks and scams. Besides, all these paved new ways for financing terrorism too. With onset of the crypto, anonymously all sorts of terrorism financings, arms dealings and everything related to it are being finance only through crypto profusely.
With all such mishaps, the current values goes towards the blockchain security and service providing firms evidently. As steps are being taken by all governments around the world with certain rules and regulations being imposed upon crypto, now the Non Fungible Token (NFT) has become the latest trend for the finance trades in the dark world.
US Treasury’s Fears on NFTs
The Department of Treasury of U.S have released a complete report on a recent study upon the fastly emerging possibilities of NFTs being used as digital vale assets being transacted for various illegal money launders and even terrorism financing too. Accordingly, the US Treasury states that with the development of the NFT industry and market, digital art work are now being used as main means of all sorts of illegal money launderings and terrorism financing. Apart from this, the US Treasury terms that the NFT industry’s boost is also due to high investments and buyings majorly for illegal and illicit activities.
Moreover, the US Treasury points out that the first quarter of 2021 saw a complete trade of $1.5 billion. This corresponds to a staggering 2627% growth compared to the previous fourth quarter of 2020.
Furthermore, the US Department of Treasury terms that certain regulations have to be thought of and researched in order to control NFTs being used in the dark world.
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