It is more chargeback and fradulent transactions processors are concerned with it. Those cost immediate money to them . Blockchain and altcoins solve that (for payment processing consumer, protection is lesser of course)
Illegal activities are only a problem if law enforcement makes it their problem, I don't think there is a case where law enforcement went after the payment provider for facilitating transactions for illegal activities, it is website/marketplace responsibility usually
> Blockchain and altcoins solve that (for payment processing consumer, protection is lesser of course)
> Illegal activities are only a problem if law enforcement makes it their problem
And now this is where AML kicks in. Now you're dealing with banks and not credit card processors as the source of the issue. No US bank is going to work with a company who is converting money from crypto to fiat at the level of billions of dollars.
Ren of billions if not lot more has already moved from USD into crypto coins. Banks have had very little say in it, and also no control how money is being used once USD is converted to crypto.
Exchanges are doing pretty well to convert USD to say BitCount, despite Bitcoin's unsavory reputation for illicit/ illegal transaction like ransomware payments that actually happen on the coin. Even single transactions in the millions barely register these days.
I am not sure porn as an industry earns in billions and even if it did the market is today large enough that it won't be sticking out all that much.
Illegal activities are only a problem if law enforcement makes it their problem, I don't think there is a case where law enforcement went after the payment provider for facilitating transactions for illegal activities, it is website/marketplace responsibility usually