Digital Currencies: Individual Perceptions of the Impact on Money Laundering and the Transition to a Cashless Environment
Digital Currencies: Individual Perceptions of the Impact on Money Laundering and the Transition to a Cashless Environment

Author(s): Cristina S. Căpățîna (Dumitrache), Dragoș Bîlteanu
Subject(s): Criminal Law, Law and Transitional Justice, Law on Economics
Published by: ADJURIS – International Academic Publisher
Keywords: money laundering; cryptocurrency; CBDC; blockchain; cash;
Summary/Abstract: Based on the correlation between the use of cash and criminal activity demonstrated in the literature, we conducted a survey to identify the civilian community’s perception of the extent to which the adoption of cashless transactions could mitigate criminal behaviour. Our study investigates both attitudes towards digital currencies and the feasibility of transitioning to a cashless society. The survey results show scepticism towards limiting cash as a comprehensive solution to combat illicit financial activities, highlighting the importance for policymakers to weigh the potential benefits against criminal adaptability. The varied perspectives among legal and public policy respondents highlight the nuanced considerations surrounding cash restrictions, with some advocating their benefits in combating money laundering while others remain sceptical. Concerns expressed by respondents about privacy, institutional control and economic autonomy highlight the multiple implications of the transition to a cashless society. These findings underline the need for robust legal and regulatory frameworks to protect individual privacy rights and ensure transparency in the use of transaction data. In addition, respondents’ concerns about oversight and trust in digital payment systems underscore the need for thorough analysis prior to the adoption of centralised digital currencies.

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