Russia’s top government lawyer laments and warns of the country’s burgeoning rate of cyber-crime. Records indicate that the nation had been seeing twenty-five times more virtual crimes over the last few years. The lawyer acknowledged this fact and other relevant topics in an official gathering held earlier this month according to the event records. As technology spreads over more and more minutiae of an average person’s daily life and connects every dot of commerce and capitals, cyber-crime has evolved simultaneously and has become a significant threat to many big nations.

Lower rate of Resolutions:

Matters become worse as with the growing numbers of crimes recorded, the rate of resolving such crimes is decreasing further down. These different tracks have widened the number of pending cases, and thus many victims remain hopelessly waiting for their matters to get sorted out. Their resources are returned. Aside from necessary stealing, cyber-crimes are being committed in even more distressing arenas such as terrorism funding, cocaine, and other substance abuse smuggling and commercial data-tampering. Authorities advise updating the existing outdated modes of tracking virtual illegalities while investing in more robust and self-serving technologies that would fine-tune the department’s approach in rooting out such corruption.

How Does Crypto-Currency Fit into this?

The same benefits and qualities of crypto-currency that had revolutionized the financial industry and trading have now become the bane authorities cautioned it would. Due to the universal nature of the currency, high-level security and anonymity, and lack of regulation by a governing body, crypto-currency has become a favorite among cyber-criminals to conduct their illegal businesses. To think crypto-currency, in one avenue, is helping struggling workers to break the glass ceiling and enjoy a life that they could never get otherwise is simultaneous, in another aspect, is the cause of heinous crimes such as terrorism and human trafficking. One’s heart sinks, and the mind boggles.

Even though many, in Russia, have tried to become stringent in such grave matters and decided to move the judiciary to deal with crypto-currencies with a more laborious hand, their caution has not been mirrored in court decisions as they remain unclear and undetermined. Crypto-currency may have to witness a battle for its soul as the country decides what to do on the matter. While completely wiping its existence isn’t ideal, certain well-designed restrictions may be worth some small sacrifices by the crypto-currency economy.

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