Crypto's sophistication leads to harder punishments for Australian criminals (study)

Crypto's sophistication leads to harder punishments for Australian criminals (study)

A study carried out by the RMIT University in Melbourne showed that Australian criminals who used cryptocurrencies such as Bitcoin have received tougher punishments than those who used Fiat.

The study outlined the role of digital assets on the Dark Web and claimed that they are among the most important payment methods supported there.

Less mercy towards criminals who use crypto

The analysischecked59 cases concerned people who used cryptocurrencies for their crimes between 2013 and 2022. Almost 80 % were related to drug trafficking, while the remaining charges included money laundering and firearms.

Lisanne Adam-co-author of the study-said that the judges regarded digital assets as a sophisticated factor in the crimes and therefore beat the culprits with harder punishments:

"One reason for this is that cryptocurrency is the only payment method on Dark web marketplaces and convicting judges are very interested in sending a message to deter potential offenders."

She further explained that digital assets are attractive for criminals because they have the ability to "enable seamless global transfers without the friction of the traditional banking system and in a way that are difficult to identify".

Nevertheless, Adam believes that the judges adapt to the new technology and have to impose relevant punishments on the basis of the crimes and not the payment methods used:

"There is a risk that prosecutors of the law enforcement agencies characterize cryptocurrency as a sign of sophistication in crime, which is not always the case. Criminal prosecution must effectively determine the degree of refinement of crime and present a fair case."

Crypto is becoming increasingly popular in Australia

A recently carried out study by the independent reservecertainlythat more than 25 % of the Aussies (as of the end of 2022) were Hodler. The investment class is much more interesting for younger generations, since 40 % of the respondents between the ages of 25 and 34 have a certain crypto engagement. In comparison, less than 10 % of the over 65-year-olds jumped on the train.

The crypto consciousness was also at a high level in the country down under. Bitcoin remained the best -known digital currency, with 90.8 % of the participants being aware of their existence. Around 43 % had something to know about Ethereum, while the most known assets were Dogecoin (Doge), Cardano (ADA). Ripple (XRP), Solana (Sol) and Tether (USDT).

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