It added that the operators have used the medium to perpetuate heinous crimes such as money laundry and payment of ransom for kidnapping.
He said, “There is a need for regulatory intervention in cryptocurrency trading. Some people have used digital currency and assets to commit huge corruption, money laundry and terrorism financing. “Many people have lost money through cryptocurrency trading unlike in a bank depository scheme where your money is insured incase of any eventuality. But if you lose money in crypto currency what insurance do you have? who would you hold responsible? Who is guaranteeing digital currency, you don’t even know the people who created them, they are anonymous.”
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