Abstract
Globalization and irrational capital distribution have fuelled global financial crises. Illicit transactions on a global scale worsen financial challenges, limiting government spending on public services. Amid these challenges, blockchain technology and cryptocurrencies have emerged as potential solutions. Due to anonymity public identification through “keys”, some scholars argue that cryptocurrencies create an opportunity for misuse as an easy tool for money laundering, tax evasion and illegal activities. This study investigates the relationship between illicit finance flows and cryptocurrency markets, utilizing grey systems theory and grey relational analysis. Drawing samples from 41 states with the highest cryptocurrency trade volumes, the research reveals nuanced dynamics within the cryptocurrency market, shedding light on the connections between cryptocurrencies, shadow activities, and capital outflows. The findings contribute valuable insights to the ongoing discourse on the impact of cryptocurrencies on global financial stability. The intricate exploration of these interconnections underscores the need for a comprehensive understanding of the role cryptocurrencies play in shaping the contemporary financial landscape.
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