Federal Authorities are Targeting Cryptocurrency Schemes

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 When news of Bitcoin’s creation first started circulating in 2009, federal authorities had immediate concerns. Not only did this new decentralized and unregulated market present significant potential for tax evasion, but it also presented significant risk for other types of criminal activity to fly under the radar. By using Bitcoin instead of fiat currencies to conduct illicit transactions, criminals could – and did – escape the scrutiny of federal authorities in many cases.


For federal authorities, these concerns still exist today. Although agencies such as the Internal Revenue Service (IRS) and the U.S. Department of Justice (DOJ) have found ways to identify parties to cryptocurrency transactions, the extraordinary volume of these transactions and the near-constant introduction of new digital currencies means that federal agents and prosecutors are having trouble keeping pace. With that said, they are still doing everything they can, and they are using the substantial resources they have at their disposal to target illicit cryptocurrency transactions by all means available.


For more information visit here https://federal-lawyer.com/federal-authorities-are-targeting-cryptocurrency-schemes/

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