Vatican criticises role of cryptocurrencies in illegal migration

Vatican criticises role of cryptocurrencies in illegal migration

Cryptocurrencies play a dangerous role in human trafficking and contribute to an increase in money laundering crimes. Janusz Urbanczyk, a spokesman for the Holy See, said.

The Vatican has criticised the lack of transparency and control in the cryptocurrency market.

"Some cryptocurrency platforms and virtual asset providers that did not require identification from their customers - senders and recipients of transfers - increased the likelihood of money laundering and similar crimes," Urbanczyk said.

Many illegal migrants following the Balkan route have fallen victim to online traffickers, he said.

"Social media and the so-called darknet are widely used to facilitate the recruitment and transportation of migrants," the Vatican spokesman added.

The Holy See called on states to promote the development and implementation of mechanisms to identify users of virtual assets in order to increase market transparency and combat the financing of illegal activities.

According to analytics company Chainalysis, Western and Eastern Europe are the leaders in the number of illegal cryptotransactions between July 2020 and June 2021.

Recall that in September, the District Court of Arizona reduced the charges in Backpage's case of human trafficking and bitcoin money laundering.

Like any investment, it may be a good idea to start small to learn the mechanics of buying cryptocurrencies. Exchanges comparison. How exactly does Bitfinex work?


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