- Australian Courts to implement hard rules on the criminal’s activities operated using crypto.
- Criminal Activities by using cryptocurrencies decreased by 0.45 to 0.50 percent.
The High Court of Australia will take hardcore action on the criminal activities operated by using cryptocurrencies like Bitcoins and others. Studies of Australian courts laws state tough rules and punishment for the criminals using cryptocurrencies to commit crimes and perform illegal activities.
The review proposal of “Crime and Cryptocurrency in an Australian court.” will be introduced in the country because of the increase in the number of criminal activities backed by cryptocurrencies.
The survey was conducted regarding monitoring criminals activities and, from 2009 to 2022, addressed 103 cases and the involvement of more than 53 criminals and their punishment system.
A detailed study of the report was performed by globally famous Aaron Lane and Lisanne Adam said that Australian Courts believed that the use of cryptocurrencies is a “Technical Sophistication” and “Intentional obfuscation.” in the country.
Aaron Lane and Lisanne Adam mentioned that the Court should learn about the difference between various sorts of transactions of crypto, widely famous because the use of digital assets is getting wider, and crypto is growing rapidly.
Use cases of Digital assets and cryptocurrencies are gaining popularity globally and have a bright future in upcoming times, and the user rate is increasing rapidly.
According to the Studies by Aaron Lane and Lisanne Adam, a few percent decreases are seen in the criminal activities operated by Cryptocurrencies. Earlier in 2020, the crime rate in Australia using cryptocurrencies was around 0.62 to 0.65 percent, and it decreased in 2021 and reached 0.10 to 0.15 percent.
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Conclusion
All over the globe, the rate of criminal activity was at the peak before the pandemic, and the rate after the pandemic got down by a few percent. The use of crypto should be done on the right path and for the betterment of Major sectors like finance, healthcare, and technology. New laws should be introduced worldwide to avoid using cryptocurrencies in illegal activities.
Source: https://www.thecoinrepublic.com/2022/07/21/australian-court-studies-states-uses-of-crypto-is-disturbing-for/