Opinions are mixed on the subject of crypto risk: Survey

2020-10-1 17:47

The biggest concern of most financial institutions regarding crypto is their use in illegal activities, a survey by ACAMS tells

The recently conducted survey shows divided opinion between financial institutions, the government and the crypto community.

Conducted by the Association of Certified Anti-Money Laundering Specialists and the Royal United Services Institute, the survey reports that an overwhelming majority of financial institutions are convinced there are a lot of risks when it comes to crypto. It further explains that this perception is a result of the unchecked use of crypto coins in illicit activities.

Government officials and members of the private sector that took part in the survey also feel the same way about the use of cryptocurrency today.

The executive director of ACAMS, Rick McDonnell, claimed that the findings reveal some of the perceptions that crypto has in the world saying:

“The results of this survey give a unique global insight into how respondents from governments, financial institutions and the crypto industry itself think about cryptocurrency: its potential and its risks. Their views are well worth noting as policy-making and regulatory enforcement continue to take shape around the world.”

More than 500 professionals from different industries participated in the survey. 96% of the survey population were aware of Bitcoin, whereas only 66% were familiar with Ethereum.

70% of the survey participants identified criminal activity as their biggest concern for crypto. The majority of them further highlighted money-laundering as the most troubling criminal use case of cryptocurrencies. Other use cases that were mentioned include the purchase of illegal goods using crypto, the use of crypto to avoid sanctions and to facilitate crimes, such as human trafficking.

These findings are a clear indication that despite the increasing adoption of crypto, government and financial institutions are yet to fully embrace it.

As you’d expect there is a chasm when it comes to how the crypto community perceives the asset class: less than 10% of participants from the crypto space view crypto as risky.

The post Opinions are mixed on the subject of crypto risk: Survey appeared first on Coin Journal.

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crypto survey opinions risk subject mixed illegal

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