Crypto Currency News

Crime with bitcoin in Latin America is higher in Colombia, Mexico and Argentina

Latin America is one of the regions where bitcoin (BTC) has found fertile ground to expand through exchanges, startups, and developer training. Despite that push and adoption for good, crime related to the use of the first cryptocurrency has also increased.

During the last year, and due to the widespread quarantines by COVID-19, cybercrime has exploded around the world. Latin American countries have not escaped this reality, Pamela Clegg, director of research and training at CipherTrace, one of the largest blockchain intelligence firms today.

During the last year, and due to the widespread quarantines by COVID-19, cybercrime has exploded around the world. Latin American countries have not escaped this reality, Pamela Clegg, director of research and training at CipherTrace, one of the largest blockchain intelligence firms today.

“In Colombia and Argentina we see many cases of scams and extortion. In Mexico the cartels use crypto currencies to launder money. With the transparency we have and the regulation that exists in Mexico, we knew which cartel it was and how much (money) they were laundering, ”said the director.

Regarding Venezuela, another of the countries in the region where bitcoin has gained adoption, Clegg mentioned that what Cipher Trace has detected is commerce between people (P2P) and not so much crime. In addition, she also reported that BTC ATMs on the border between Colombia and Venezuela have increased, which has helped some Venezuelans to do their operations and then return to their country.

 

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