One of the greatest challenges in fighting international financial crime is
anonymity and financial secrecy in payment systems, digital platforms and
markets. An easy and costless solution is to ban cryptocurrencies and replace
cash with a central bank digital currency (CBDC).
Do you agree with this opinion? In answering the question, you should discuss
the relative significance of using cash compared to cryptocurrency in carrying
out a financial crime and/or laundering the proceeds of a financial crime.
Introduction & Thesis (Approx. 500 words)
Briefly define key terms:
Financial crime, anonymity, financial secrecy, cryptocurrency, CBDC, cash
Identify the problem: anonymity in payment systems facilitates money laundering, fraud, etc.
*Argue that banning cryptocurrencies and replacing cash with CBDCs is not costless nor entirely effective, and a nuanced regulatory approach is more appropriate.
add academic sources to proof the proposition.
