Bitcoin: Risky business or Not? Containing a potential threat by mitigating the risks related to Money Laundering and /or Terrorism Financing through Bitcoin.

Natasha G. Blomont

Bitcoin and other cryptocurrencies are gaining more and more popularity lately. Be it positive or negative news, this emerging trend has been viewed and spoken of in hesitation and fear. This is a very natural reaction to a new or relatively new concept and there are different ways humans react to change and innovation. One might panic, be confused, be overjoyed, be in denial, refuse to change or feel helpless. We currently live in the digital age and our technology is evolving on a relatively rapid pace. We humans need to keep up the pace. We need to employ an out of -the box mentality to be able to survive the possible risks that come hand in hand with our ever expanding technological developments.

The objective of this paper is to provide a proper understanding of the concept of Bitcoin / Cryptocurrency and to present possible strategies to the target audience, being BSA/ AML officers, Law Enforcement Agencies, Government, Supervisory and Regulatory Entities among other.

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