Are cryptocurrencies creating a dark world of currency transactions globally? Every new technology comes with its pros and cons, like the dark net for the internet. Recent events around the globe are disturbing and reveal the darker side of such technologies. The very characteristics which give cryptocurrencies their strength has also been exploited rampantly to circumvent the law and conduct transactions of dubious nature.
For instance, the anonymity provided by bitcoin is the perfect cover for asocial elements like cyber criminals, terrorists, drug dealers and tax evaders. The world has witnessed a marked increase in the number of ransomware attacks where bitcoins were used as a medium to collect money. In Hyderabad, bitcoins were used by children to buy drugs. By being able to be outside the regulator’s radar cryptocurrencies pose a real challenge to lawmakers and governments as they will find it more difficult to keep a check on black money circulation in the monetary system. It will be prudent to acknowledge the darker side of cryptocurrencies and be prepared with measures to counter them.