Virtual currency (not to be confused with digital currency) is said by various authorities to be a concern due to the lack of regulation and attendant anonymity. This means it is difficult for law enforcement agencies to keep track of transactions which immediately causes them to assert virtual money will be used by money launderers, drug dealers, gun runners and other high profit criminal activities.

Another view of the rise of virtual money is that it is a natural extension of the rise of the internet. Its cryptographic structure means a persons anonymity is maintained and you can carry out all sorts of transactions with the authorities keeping watch on you.

The problem that criminal activity will have is that at some point a ‘real’ profit will be required which will mean converting the virtual money into currency. With the passage of time big investors have moved into virtual money so that it is concentrated within a relatively few hands with various exchanges set up to deal in the money. This rationalisation of the industry is bound to affect the claimed anonymity as the exchanges will need to operate in a transparent fashion and keep records of deals.

As soon as big business gets involved the authorities are placed in a much better position to police this market place as although regulation is lacking these businesses need to operate in the real world and do therefore carry out checks and keep records that can be accessed. Although we are unaware of any investigations and prosecutions taking place it only has to be a matter of time so when it does happen you need to make sure you seek expert legal assistance from solicitors with many years work in the field of complex fraud.

Contact Dennis Clarke to discuss your needs and agree a fee structure to deal with this.
Clarke Kiernan LLP, Criminal Defence Solicitors,
1 Lamberts Yard, Tonbridge, TN9 1ER
Phone: 01732 360999, Fax: 01732 353835, EMAILMap