Expert Claims Cryptocurrency Mining Requires Regulation To Stop Human Trafficking
Yesterday, an expert witness testified before a US Senate subcommittee on the link between cryptocurrency and human trafficking. He presented a series of to disrupt this abhorrent industry. One of which proposes for cryptocurrency miners to comply with legacy anti-money laundering legislation. Which, if implemented, would stifle blockchain payments.
Cryptocurrency Is A Channel That Enables Human Trafficking
In his address to the Senate subcommittee, David Murray, VP of the , a Washinton DC-based advisory firm, began by drawing attention to the enormous profits involved in human trafficking. He said:
“Developed economies are the most profitable for human traffickers, with criminal organizations earning more than $34,000 annually in profit from each victim in North America.”
Murray then went on to say that human trafficking interacts extensively with the entire financial system. Unlike other criminal industries, for example, drugs trafficking, which is mainly a cash business. Whereas human traffickers use cash, retail payment systems, online payment systems, and cryptocurrencies.