British Columbia <a href="https://globalnews.ca/news/6990691/cullen-commission-online-games/" target="_blank" rel="noopener">latest inquiry</a> into money laundering has revealed that while cash is still the undisputed king when it comes to it,  virtual assets and crypto is gaining popularity in diabolical uses too.

Stephen Schneider, a professor of criminology believes that in some games players are creating their own currency which possesses the value of a real one. Citing the example of popular game 'Second Life' the professor from St. Mary university states that while the primary purpose on paper suggests that it is being used to buy virtual assets, it can also be utilized to launder money.
<h2>Stephen Schneider Maintains Cash is King </h2>
He went on to add that while this is true, the number of cases involving crypto and digital assets are still minute in comparison to the crimes committed in fiat.

When it comes to drug, bitcoin has been involved but it is still not on the level of cash. Stephen Schneider believes that $20 and $50 are the most popular form of payments done by criminals even if they're buying marijuana and other drugs in massive quantities. The latest inquiry is done to provide an overview of the money laundering regulations models to be discussed in three and a half weeks time.
<blockquote class="twitter-tweet">
"Cash continues to be the accepted mode of payment in the criminal underworld," Stephen Schneider is telling the <a href="https://twitter.com/CullenInquiryBC?ref_src=twsrc%5Etfw">@CullenInquiryBC</a> about the small denominations used by gangs. <a href="https://twitter.com/hashtag/moneylaundering?src=hash&amp;ref_src=twsrc%5Etfw">#moneylaundering</a> <a href="https://twitter.com/GlobalBC?ref_src=twsrc%5Etfw">@GlobalBC</a>
— John Hua 華仁安 (@JohnHua) <a href="https://twitter.com/JohnHua/status/1264974552355889158?ref_src=twsrc%5Etfw">May 25, 2020</a></blockquote>
Stephen Schneider suggests that money laundering is the number one choice of criminals and drug traffickers to avoid suspicion and also to cover the illegal source.  They prefer to convert the cash into an asset which is less noticeable and hard to trace. This way they can reap the benefits of their illicit activities without getting caught.  The arguments in the British Columbia inquiry started back in February and official hearing would commence from September.

While bitcoin is often accused to be a big culprit in money laundering and truly there have been instances of it, the latest research confirms the use of it is still nowhere near to fiat. Although it is definitely catching up as the number of scams in the crypto space is constantly growing.
<blockquote class="twitter-tweet">
Ripple sues YouTube over <a href="https://www.cryptoknowmics.com/news/guide-for-cryptocurrency-scams/">cryptocurrency scams</a> <a href="https://t.co/ExMaRiKpNd">https://t.co/ExMaRiKpNd</a> <a href="https://t.co/CCNCwnyIGT">pic.twitter.com/CCNCwnyIGT</a>
— Reuters (@Reuters) <a href="https://twitter.com/Reuters/status/1252708831802667009?ref_src=twsrc%5Etfw">April 21, 2020</a></blockquote>
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Virtual Assets in Games Helping Money Launderers - Stephen Schneider

Stephen Schneider believes that crypto and virtual assets in games are being utilized to launder money and drug trafficking but confirms that cash is still way ahead.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Virtual Assets in Games Helping Money Launderers - Stephen Schneider

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