HARMONIZING INTERNATIONAL LAW FOR DECENTRALIZED AGE: ADDRESSING THE BITCOIN MONEY LAUNDERING THREAT

Abstract

In an abbreviated time, bitcoin and other cryptocurrencies began soaring into a meteoric rise in the world financial market. There is opportunity and, like any growth, some new grave challenges, in the transnational money laundering. The centralization of all this has made it possible for a variety that of money laundering over Bitcoin, especially over Bitcoin, which has operated on the global financial system because it has been decentralized and anonymous. This research proposes the idea of international Bitcoin-enabled harmonized legal framework to combat context of international money laundering. To succeed, however, this framework needs both the private and public sectors working together to resolve tradeoff between privacy and security on the one hand and technological feasibility on the other hand. Both this international approach and collaborative approach will be essential, leading to development of this new industry, including the use of international organizations, national governments as well as the cryptocurrency industry itself. In this linking, the main purpose consists of constructing the rock‒solid decentralized infrastructure for the industry, which will rest upon a more reliable and resistant decentralized global financial system.