Purpose This paper aims to analyze the money laundering process itself, how cryptocurrencies have been integrated into this process, and how regulatory and government bodies are responding to this new form of currency. Design/methodology/approach This paper is a theoretical paper that discusses cryptocurrencies and their role in the money laundering process. Findings Cryptocurrencies eliminate the need for intermediary financial institutions and allow direct peer-to-peer financial transactions. Because of the anonymity introduced through blockchain, cryptocurrencies have been favored by the darknet and other criminal networks. Originality/value Cryptocurrencies are a nascent form of money that first arose with the creation of bitcoin in 2009. This form of purely digital currency was meant as a direct competitor to government-backed fiat currency that are controlled by the central banking system. The paper adds to the recent discussions and debate on cryptocurrencies by suggesting additional regulation to prevent their use in money laundering and corruption schemes.

Regional disparities have existed throughout China's history (Kanbur & Zhang, 2005). Chinese regions consist of geographically proximate provinces with similar economic, topographical and cultural characteristics (Figure 1). The gap between Chinese regions has translated into a substantial divide in income and, to some extent, the standard of living between primarily agricultural areas compared with urban areas (Qian & Smyth, 2008). These urban areas almost exclusively exist in the nation's coastal regions, while the agricultural areas have dominated China's central and western regions (Zhang & Fan, 2004). The disparity that exists between the central and coastal regions can serve as a destabilizing force in the Chinese economy if the gap between these regions becomes too great (Zhao & Tong, 2000). ABSTRACT there is no doubt that major regional disparities exist within china. the gap between its eastern coastal regions compared with the central and western regions has only grown wider over time. china's special economic zones (SeZs) are defined as small geographical areas that allow the integration of free-market principles to attract additional foreign investment. However, the creation and success of SeZs has led to prosperity in the coastal regions of china, creating additional economic disparity between regions. this paper posits that one solution to reduce regional disparities is to extend the influence of the SeZs, or even set up new ones in different areas of the country, to spur investment and close the economic gaps.

Cryptocurrency, and especially Bitcoin, has struggled to gain recognition as a legitimate currency from governments, financial institutions, and consumers. This has occurred because many analysts and consumers believe that Bitcoin is not a stable and consistent store of value, a unit of measurement, or a medium of exchange. One way to overcome this challenge is for Bitcoin to be used as both a currency and store of value by a greater percentage of the world’s population. This paper seeks to identify how a change in Bitcoin’s monetary measurement (or denomination) can more easily facilitate Bitcoin transactions to increase its use. Specifically, we posit that applying whole number bias theory, from the cognitive psychology and mathematics fields, to Bitcoin’s unit of measurement will allow the value of Bitcoin to be referenced in smaller and easier tounderstand units with fewer numbers after the decimal point—such as the “Bit” or the “Satoshi.” In the process, the use of Bitcoin will include more whole numbers and allow the general public to more easily assign value to Bitcoin in day-to-day transactions.