NEW CRYPTOCURRENCIES AGAINST MONEY LAUNDERING: PERSPECTIVES FROM COMPLEXITY

Abstract

This paper analyzes the weaknesses of virtual currency use against money laundering and terrorist financing, as well as the potential for regulating online transactions and enforcing asset forfeiture laws. These currencies have gained popularity, especially among young people who distrust governments and traditional banking, marking a change in the era and in the way contracts are made that generates uncertainty and, consequently, favors transnational crime. Changes in finance impact society as a whole and monetary exchange. Although multiple cryptocurrencies exist, Bitcoin is the most widespread and used. The method followed is inductive, analyzing their different uses in the market and institutional responses such as those of the European Central Bank and the Federal Reserve. It is observed that these currencies allow for the rapid movement of assets on a global scale, but their anonymity encourages tax evasion, a lack of consumer protection, and the opacity of transactions. Based on comparative doctrines, the phases of money laundering and the need to adapt control methodologies are shown. In conclusion, the law must face this phenomenon by integrating categories of complexity to understand its emerging, adaptive and global dynamics.