it is great for money laundering which is why it is so popular in china. You can buy btc in cash no questions asked and it is untraceble and then sell it at a legit exchange in another country and claim it as legit income or just move it from country to country bypassing currency controls in places like china where no bank will allow you to send more than 50k USD per year out of the country
People like to say this but it just isn't true. Nobody is laundering large amounts of money buy buying Bitcoin for cash and almost by definition you don't need to launder small amounts of money.
