The Financial Action Task Force (FATF) was set up in 1989 to cover challenges like how to promote and recommend standards to maintain confidence in the global financial system including procedures to fight money laundering, and terrorist financing.While these intentions are laudable the reality is why would someone carrying out nefarious activities using a Cryptocurrency that leaves a digital footprint, as opposed to cash that is widely accepted and not traceable. Is it fear of the unknow driving FATF?
Interestingly, according to the IMF there are 15 countries currently looking at launching their own Digital Currencies. A number of these countries say a reason to do this is to help governments curb their domestic “black economies” as a Digital currency offers greater transparency and traceability of money flows.
