Banking Group Sues Over Cryptocurrency Money Laundering Concerns

A banking group is suing to block what it calls 'a side door' into the traditional banking system through cryptocurrencies.

The lawsuit, aimed at preventing a perceived influx of illicit funds into the financial system via digital assets, comes as regulators around the world grapple with how to balance the benefits of innovation with the risks associated with new technologies.

BitRss has reported that the banking group, while not named in the source material, claims that cryptocurrencies' decentralized nature makes them vulnerable to money laundering and other illicit activities.