Although people love crypto because it creates ease for them in buying and selling. Also created an ease to store their digital assets. But at the same time, illegal activities are also performed by the people which is a great concern for most of the governments. That’s why they hesitate to approve crypto as a currency.

U.S Federal Official Lael Brainard shows the same concerned about the crypto, said that "Only a third of the most popular exchanges require ID verification and proof of address to make a deposit or withdrawal. This is troubling, since a number of studies conclude that cryptocurrencies support a significant amount of illicit activity,".

More added, "One study estimated that more than a quarter of bitcoin users and roughly half of bitcoin transactions, for example, are associated with illegal activity,"