A survey about cryptocurrencies’ criminal risks had a surprising finding. When financial institutions were asked whether cryptocurrencies should be considered legal tender – as in stores are required to accept them as payment – 44% of respondents said yes.
The survey was conducted by YouGov on behalf of the UK defense think tank Royal United Services Institute (RUSI) and anti-money laundering education body ACAMS. It carries even more weight because ACAMS is headed by the former Executive Secretary of the Financial Action Task Force (FATF).
Asked about the prominent uses of cryptocurrencies, as a first-choice pick, financial institutions (FIs) reckoned that 50% of people use them for investment or speculation, with 35% for illicit purposes and the remaining usage as payments. In contrast, the crypto industry put investment at 81% and illicit use at 2%. Government respondents were in between with 62% thinking investment and 26% illegal purposes.
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