Crypto currency has increased the crime rate, main reason is crypto currency’s blockchain method which gives the user a way to pay anonymously in this internet era online payment should be secured which has been achieved by the bitcoins and various cryptos but the methods was also adapted by the criminals and for them this anonymous transaction become a huge advantage to do crimes like online ransom before the crypto currency come into existence when there is some ransom like in the kidnap the criminal has to come location to take the ransom amount so there is chance to arrest the criminal but the cryptocurrency has changed everything If a person want a ransom he/she can ask to pay in bitcoin and those transaction is very hard to trace 

The criminal can be in any location in this world. Cryptocurrency have given rise to international crimes usually criminals biggest problem is sending and receiving money now that has been made easy any money can be changed into a bitcoin and it can be sent across the world at full anonymity. There will be a information that transaction took place but by and to whom will be unanswered question 

E-crimes was made easy by the crypto-currencies as in the hacking into a bank for stealing money and collecting personal data and selling in the black-market which was so hard for criminals any countries currency can be changed into a crypto-currency and the same was in can be changed to any country’s money so asking ransom by hacking computer system with help of ransomware (ransomware is software that is used by the hackers to limit the user from using their computer like locking the screen) and asking for ransom amount, a survey says for every 10 seconds a new organization becomes a victim of online ransom

Conclusion:

We can’t deny that crypto-currency isn’t an achievement but we can’t deny the fact that crime rate has been increased from 0.34% to 0.62% in the year 2020 as stated in crypto crime report every transaction which happens from one state to another should follow the KYC of the sender and the receiver but in the case for crypto-currency by using the block-chain method it is hard to achieve, crypto currencies should be regulated in a better way to reduce crime rate and should monitor the transaction more closely so that there won’t be any illicit activity .

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We speak the language of Technology & Internet. We understand how the law interacts with Technology & Internet. Cyber Crime Chambers is a boutique firm specializing in internet laws and digital forensic evidence.

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Karthikeyan.N

B.A., B.L., (Hons) IPDP., (London)
Pgd IPR., Pgd Cyber Law., Msc., (IT)
CCI., CFA., IPCL.,
Advocate, Madras High Court

Karthikeyan, is a renowned cyber law expert, who is also the Managing Partner of Law Office of Karthikeyan, a reputed law firm based in Chennai.

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