Criminals still favor cash over crypto in 2024

A new report reveals that cash remains the preferred method for conducting illegal transactions, even as digital currencies grow in popularity.

According to the findings, criminals still favor cash over cryptocurrencies due to its anonymity and the difficulty in tracing it back to its origins.

The report highlights that while blockchain technology is often associated with digital currencies, its transparency and traceability make it an effective tool for law enforcement.

Blockchain allows authorities to track financial transactions with unprecedented accuracy, helping to combat crime.

This transparency, which is inherent in blockchain systems, provides a way for investigators to follow the flow of funds, something that is far more difficult with cash transactions.

"Criminals still prefer cash because it leaves no digital footprint," the report states, emphasising how traditional cash continues to offer a level of secrecy that digital currencies cannot.

Despite the rising adoption of cryptocurrencies, the report suggests that blockchain technology is more of a hindrance than a help for criminals.

By providing detailed transaction records, blockchain creates a digital trail that can be tracked, making it more challenging to use for illicit purposes.

The report concludes that while blockchain technology poses challenges for illegal activities, it also empowers law enforcement agencies to track financial movements, making it an important tool in the fight against crime.