Based on research conducted at RMIT University in Melbourne, it has been found that criminals in Australia who use cryptocurrencies tend to receive more severe punishments.
The study examined 59 criminal cases that involved bitcoin and other digital currencies and were brought before Australian courts between 2013 and 2022.
The majority of these cases, nearly 80%, were related to drug smuggling and trafficking, while other charges included firearms and money laundering.
The research found that judges considered cryptocurrencies to be a sophisticated tool for criminal activities, as they allow for easy cross-border transfers and are frequently used to purchase prohibited items and services on darknet sites.
Due to the growing popularity of digital assets in Australia, the number of cases involving cryptocurrencies has increased significantly over the years.
While some of these cases do not involve criminal activities, the courts, lawyers, and law enforcement agencies need to be more cautious when dealing with the cryptocurrency industry.
Despite this, the Australian Securities and Investments Commission (ASIC) has recently expanded its digital asset team to combat cryptocurrency fraud.