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Cryptocurrencies have been developing very rapidly in recent years, and their use is becoming more and more widespread in different areas. The use of digital currencies for legal uses is advancing along with technological development, but, at the same time, criminal activities are also emerging to take advantage of this boom. The aim of this paper has been, first, to analyze the various ways in which individuals and criminal organizations have taken advantage of the phenomenon of cryptocurrencies to carry out fraudulent activities such as laundering money of illicit origin and, second, to provide an overview of the legal tools that have been developed in this regard in Europe and, more specifically, in Spain to combat these activities. Undoubtedly, cryptocurrencies bring great benefits to the economy, but it is also necessary to know the risks and abuses that have been developed to prevent them.
David Sanz-Bas; Carlos del Rosal; Sergio Náñez Alonso; Miguel Echarte Fernández. Cryptocurrencies and Fraudulent Transactions: Risks, Practices, and Legislation for Their Prevention in Europe and Spain. Laws 2021, 10, 57 .
AMA StyleDavid Sanz-Bas, Carlos del Rosal, Sergio Náñez Alonso, Miguel Echarte Fernández. Cryptocurrencies and Fraudulent Transactions: Risks, Practices, and Legislation for Their Prevention in Europe and Spain. Laws. 2021; 10 (3):57.
Chicago/Turabian StyleDavid Sanz-Bas; Carlos del Rosal; Sergio Náñez Alonso; Miguel Echarte Fernández. 2021. "Cryptocurrencies and Fraudulent Transactions: Risks, Practices, and Legislation for Their Prevention in Europe and Spain." Laws 10, no. 3: 57.
This study analyses the current debate around central bank-backed digital currency (CBDC). A comparative study was carried out considering countries for and against implementing a CBDC and their reasons, looking for common causes, differences, etc. The conclusion was that there are opposite tendencies between defenders and detractors of establishing a CBDC. However, today—and taking into account the positions of three large banking institutions (the Federal Reserve of the United States of America, the Bank of Japan and the Bank of England) on establishing (at least in the short term) a CBDC)—it seems that large-scale implementation is still far off. On the contrary, the Chinese Central Bank and banking systems of other countries that have less weight in the world, such as Uruguay, Lithuania and the Bahamas, seem to go against the trend of rejection and are seriously considering its implementation. Although this matter has been dealt with in the theoretical field, more pilot tests such as the one carried out by Uruguay are necessary in order to understand specific effects on the economy, on one hand, and on acceptance of its use by the population, on the other.
Sergio Luis Náñez Alonso; Miguel Ángel Echarte Fernández; David Sanz Bas; Jarosław Kaczmarek. Reasons Fostering or Discouraging the Implementation of Central Bank-Backed Digital Currency: A Review. Economies 2020, 8, 41 .
AMA StyleSergio Luis Náñez Alonso, Miguel Ángel Echarte Fernández, David Sanz Bas, Jarosław Kaczmarek. Reasons Fostering or Discouraging the Implementation of Central Bank-Backed Digital Currency: A Review. Economies. 2020; 8 (2):41.
Chicago/Turabian StyleSergio Luis Náñez Alonso; Miguel Ángel Echarte Fernández; David Sanz Bas; Jarosław Kaczmarek. 2020. "Reasons Fostering or Discouraging the Implementation of Central Bank-Backed Digital Currency: A Review." Economies 8, no. 2: 41.