Advances in the Standards & Applied Sciences

Advances in the Standards & Applied Sciences

Criminal Activity and Environmental Impact as Cryptocurrency Concerns

Document Type : Letter to Editor

Author
Sara Tavakoligolpaygani
School of Computer Science and Engineering,UNSW,Sydney,Australia
10.22034/asas.2023.429605.1048
Abstract
The surge of cryptocurrencies, such as Bitcoin, has raised concerns regarding their widespread adoption without
adhering to standard. Unlike traditional currencies, they operate on a decentralized system called blockchain, al
lowing trustless transactions. Trustless transaction could facilitate their use in social and economic crimes. This letter
examines methods to regulate and control the use of cryptocurrencies in social and economic crimes. Additionally, it
investigates the environmental impact resulting from the mining process associated with these digital assets. Some
strategies are proposed to substitute the current mining process with more environmentally sustainable alternatives.
Keywords
Cryptocurrency Concerns
Criminal Activity
Environmental Impact
Subjects
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[3]. Kethineni, S. and Cao, Y. “The Rise in Popularity of Cryptocurrency and Associated Criminal Activity”, International Criminal Justice Review, Vol. 30(3), 2019.
[4]. Leuprecht, C., Jenkins, C. and Hamilton, R. “Virtual money laundering: policy implications of the proliferation in the illicit use of cryptocurrency”, Journal of Financial Crime, Vol. 30(4), 2020.
[5]. Maximilian, F. “Money laundering via cryptocurrencies – potential solutions from Liechtenstein”, Journal of Money Laundering Control, Vol. 24(1), 2020.
[6]. Miraz, M.H., Excell, P.S. and Rafiq, M.K.S.B. “Evaluation of Green Alternatives for Blockchain Proof-of-Work (POW) Approach”. Social Science Research Network, 2021.
[7]. Wendl, M., Doan, M.H. and Sassen, R. “The environmental impact of cryptocurrencies using proof of work and proof of stake consensus algorithms: A systematic review” Journal of Environmental Management, Vol. 326, 2023.
[8]. Chen, H., Pendleton, M., Njilla, L. and Xu, S. “A Survey on Ethereum Systems Security”, ACM Computing Surveys, Vol. 53(3), 2020.
Advances in the Standards & Applied Sciences
Volume 2, Issue 1
Autumn 2023
Pages 1-3