Fitting a Square Peg in a Round Hole: Bitcoin, Money Laundering, and the Fifth Amendment Privilege Against Self-Incrimination

Year 2015
Author Nicholas J. Ajello
Publisher Brooklyn Law Review
Link View Research Paper

Bitcoin / Cryptocurrencies / Regulation / Security / Society

Although money laundering is not new, the use of digital currencies to launder money is. Virtual currencies like Bitcoins, Litecoins, Liberty Reserve, Perfect Money, and WebMoney, just to name a few, have grown in popularity over the last four years.1 None of these digital currencies has been more popular than Bitcoin. Bitcoin is a digital currency in which transactions can be completed without the need for a central bank. In a very short period of time, Bitcoin has moved from a niche currency into what some believe will soon be a mainstream currency.2 The rapid proliferation of the currency has raised concerns among regulated businesses and the government alike that fear the insidious and socially destructive nature of money laundering