The law is established to convict offenders and accord them the rightful punishment for the punishment accorded. The traditional law is being bypassed by modern technology. Crimes conducted in the current technology go unpunished because the law does not contain regulations to acknowledge such activities as crime and therefore it cannot apportion the correct punishment for each case. Crime is having a major rebirth due to the use of cryptocurrency which masks criminal activities (Webb, 2018). The crime has expanded the list of cyber crimes, but many nations do not have specific laws concerning the way they should be punished. The recent attempt by the USA government in abolishing the use of cryptocurrency under the title of BTC-e and other platforms such as decentralized exchange, Bitcoin, Silk Road, Shapeshift among others continue to decorate the list as efforts. Transactions are carried out to order for crimes, pay criminals and transfer money earned by unjust means undetected. This platform enables crime to thrive in immeasurable levels (Webb, 2018). With the growing love for these platforms, many nations sanctioned for illegal involvements, are opting for these undetectable channels, channels that do not require personal identification, to accomplish transactions (Webb, 2018).
The law breadth in cybercrime should be adjusted. The area of cryptocurrency needs to be controlled, or the legal system will soon be rendered powerless to handle cases of criminal offenses involving the use of cryptocurrency. There is general confusion among the users of cryptocurrency on matters such as international transactions, investment practices, trading, capital gains tax, commodities laws, and security (Fanelli, 2018). These subjects make the use of cryptocurrency very insecure, especially to the layperson. Therefore, there is a need to establish laws to regulate the use of this medium. Arizona state has pushed for "Bitcoin bill,” New York, on the other hand, has recommended, "BitLicenses bill" (Fanelli, 2018). More of these bills should be passed in the states and internationally to curb crime conducted through cryptocurrency owing to its leniency.
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References
Fanelli, R. (2018). Four Things to Watch For In Cryptocurrency Regulation. Forbes. Retrieved from https://www.forbes.com/sites/rosemaryfanelli/2018/05/29/four-things-to-watch-for-in-cryptocurrency-regulation/#4231ee3a7012
Webb, S. (2018). Drug gangs and terrorists using cryptocurrency traders to move illegal cash: ex-CIA analyst. Fox News. Retrieved from https://www.foxnews.com/tech/drug-gangs-and-terrorists-using-cryptocurrency-traders-to-move-illegal-cash-ex-cia-analyst
