This paper discusses potential benefits and hurdles to establishing financial intermediation in cryptocurrency, as well as the possibility of managing the money supply to create a stable purchasing power cryptocurrency without the need for intermediation at all. Such schemes ultimately require an existing market of intermediaries in order to provide any benefits, the emergence of which governments are for the moment well-positioned to prevent.
Virtual currencies have been around for many years, but recent evolutions in the industry through the emergence of Bitcoin
and other similarly structured forums have resulted in the development gaps in regulations. Whether this means virtual
currencies become a money launderers dream for the 21st Century, or the current concerns are proved to be little more
than a storm in a teacup remains to be seen.
In this paper we discuss ethical issues raised by cryptocurrencies by conceptualizing them as what we call “narrative technologies”. Drawing on the work of Ricoeur and responding to the work of Searle, we elaborate on the social and linguistic dimension of money and cryptocurrencies, and explore the implications of our proposed theoretical framework for the ethics of cryptocurrencies.
The main issue of this work is to search of suspicious operations that were made with the use of cryptocurrency. The set tasks: creation of a database from received information; visualization of received
results; analysis and conclusions of received results. The object of the research is money laundering and financing terrorism by means of cryptocurrency.
Though cryptocurrencies have been the topic of several financial and legal scholarly publications for a few years, we rather focus our analysis on Bitcoin's ontological characteristics under a schema of overlapping theoretical layers. Our intention is to dissect Bitcoin sociologically and empirically examine its global exchange, consumption, and institutionalization.