How a cryptocurrency helps criminals launder money and evade sanctions
The New York Times reports: Smugglers, money launderers and people facing sanctions once relied on diamonds, gold and artwork to store illicit fortunes. The luxury goods could help hide wealth but were cumbersome to move and hard to spend. Now, criminals have a far more practical alternative: stablecoins, a cryptocurrency tied to the U.S. dollar that exists largely beyond traditional financial oversight. These digital tokens can be bought with a local currency and moved across borders almost instantly. Or they…