Coinbase CEO Argues Blockchain Can Curb $312 Billion Chinese Money Laundering

Coinbase’s chief legal officer, Paul Grewal, contends that blockchain technology offers a solution to the issue of Chinese money laundering. He argues that its transparency can deter criminals as they will be difficult to conceal illegal funds in public blockchain records. This argument comes amidst escalating scrutiny on banks like TD Bank for enabling $500 million in illicit transactions. Grewal suggests that blockchain’s transparency could provide a more efficient and effective approach to combating money laundering compared to traditional financial systems.