Ngulminthang Lhanghal - Financial Expert

A U.K.-based insolvency expert says crypto could be dire for the government, The Guardian reports. The reason is because so much of crypto is untaxed and untraceable. This can prevent transparency and encourage fraud when businesses go belly-up. Some of the myriad companies that have begun accepting crypto alongside traditional cash or card payments include Lush, the ethical cosmetics firm, and WeWork, the office-sharing firm. The shift has been welcomed by those who celebrate crypto. But traditional finance experts warn that the new focus on crypto could also prove an easier way for criminals to hide cash from the law. With these developments, some like Julie Palmer , a managing director at insolvency firm Begbies Traynor, have said it will now be more difficult for administrators, in charge of seeing businesses through failures, to track where the money has come from or see where anyone has been taking money illegally. Palmer said new regulations and taxation plans to help rein in c...