“I think that’s the nature of cryptocurrency. So this is potentially a reason for money laundering because technically there’s no way to trace where the money comes from and where the money goes to.”
On April 15, Turkey’s central bank banned cryptocurrencies for payments purposes, citing unacceptable risks around the potential for losses and a lack of supervision mechanisms.
Legislators in India, meanwhile, have tabled legislation proposing a cryptocurrency ban even as the Indian government investigates launching its own digital currency.
In February, Sydney man Yi Zhong was arrested by NSW police after allegedly trying to use a criminal syndicate to convert nearly $5.5 million in cash into bitcoin.
Professor Xiang said blockchain technology could be excellent in improving the traceability of products in supply chains such as beef, and that future blockchain-based currencies or commodities could include regulators as part of the networks to ensure information is transparently shared among the parties.
The size of crypto’s carbon footprint also remains a hot topic after academic research published in April by Beijing’s Tsinghua University and Cornell University in the US suggested energy consumption from Chinese bitcoin mining will peak in 2024 at 297 terrawatt-hours, which is higher than the 293 terrawatt-hours Italy consumed in 2016.
The estimated 130 million metric tonnes of carbon emissions from Chinese bitcoin mining also threaten China’s commitment under the Paris climate agreement to cut 60 per cent of its carbon emissions per adjusted GDP by 2030, according to the researchers, who also estimated 75 per cent of all bitcoin is mined in China today.
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