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01/18/2022

Digital currency ATMs being used for drugs and human trafficking: GAO

Coingeek

A new report has recommended that the U.S. government should step up its oversight over digital currency ATMs to curb their alleged rising usage in drug and human trafficking activities. The report by a U.S Congress-linked agency blamed the lax regulations for ATM operators, stating they make it convenient for criminals to convert illicit cash to digital currencies and then send them globally.

Digital currencies are being increasingly used for drug and human trafficking, both within the U.S. and on a global scale, the report by the U.S. Government Accountability Office (GAO) said. And while there have been several measures to counter this vice, ATMs have largely been left to operate with minimal supervision, GAO believes.

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