How An Ex-CIA Director Proved Bitcoin Use in Crime is Declining

How An Ex-CIA Director Proved Bitcoin Use in Crime is Declining
фото показано с : newsbtc.com

2021-4-14 00:10

Former Central Intelligence Agency (CIA) Acting Director Michael Morell wrote a report titled “An Analysis of Bitcoin’s Use in Illicit Finance”. The ex-government employee had over 33 years working at the Agency.

Published by the Crypto Council for Innovation, Morell’s investigation attempts to disprove a thesis defended by many authorities around the world: Bitcoin is a tool to finance cybercrime and other illicit activities.

Morell considers Bitcoin to have a growing momentum and a spreading use as a store of value. Endorsed by companies like Tesla and MicroStrategy, the cryptocurrency is riding a major wave of adoption.

To achieve his goal, Morell consulted many experts in financial services, payment systems, global intelligence, even former senior government officials. The Ex-CIA director himself used to believe Bitcoin and cryptocurrencies are a convenient way of sending money anonymously.

However, the research made him changed his mind. He was able to reach important conclusions: Bitcoin’s use as an illicit finance tool is “significantly overstated” and:

The blockchain ledger on which Bitcoin transac-tions are recorded is an underutilized forensic tool that can be used more widely by law enforcement and the intelligence community to identify and dis-rupt illicit activities.

Bitcoin’s financial use is predominantly legal

The research conducted by the former CIA Director indicates that there is no data that supports two of the most common assertions regulators make when it comes to Bitcoin.

First, that its use for illicit financial transactions is growing. Second, that this is the cryptocurrency’s primary use case. The report says:

(…) the common belief that Bitcoin is both primarily and increasingly used for purposes of illicit finance is “un-informed and not based on data” and that “there are no numbers and no methodologies” supporting it.

Source: Chainalysis

Results from the polemic analytics firm Chainalysis indicate that of Bitcoin’s total activity, dating from 2017 to 2020, less than 1% is used for non-legal purposes.

Further data provided by analytics firm CipherTrace claims that of BTC’s overall trading volume only 0.5% can be attributed to illicit activity. In contrast, fiat currencies’ use in non-legal transactions is estimated on the order of 2% to 4%. The report says:

A former CIA analyst added credence to the above estimates due in part to the difference in overall volume, most illicit activity still takes place in the traditional banking system and not via cryptocurrency.

Therefore, Morell concluded that illicit use of Bitcoin and cryptocurrencies is “not higher than it is in the traditional banking system”.

Bitcoin is trading at $63.063 with 4.9% profits in the past day. In the weekly and monthly chart, BTC has 7.5% and 2.9% gains respectively.

BTC holding its bullish trend in the 24-hour chart. Source: BTCUSD Tradingview

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Usechain (USE) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 USE

agency bitcoin use director finance analysis illicit

agency bitcoin → Результатов: 126


Bitwise is ‘feverishly’ working towards gaining the SEC’s approval: Matt Hougan

Bitwise’s Bitcoin Exchange Traded Fund [ETF] was recently shot down by the SEC, with the agency citing that it would pave the way for manipulative acts and practices. The United States’ financial regulator had previously published a 112-page document, detailing the reasons behind the rejection, with Bitwise, surprisingly, hailing the careful consideration the SEC gave […] The post Bitwise is ‘feverishly’ working towards gaining the SEC’s approval: Matt Hougan appeared first on AMBCrypto.

2019-10-30 20:00


Фото:

Bitcoin Will ‘Never’ Crack China Due To Politics, Says Weiss Ratings

Bitcoin will not see official acceptance in China, ratings agency Weiss Ratings has declared as hype continues over the country’s Blockchain stance. Weiss: Bitcoin ‘Antithesis’ Of Chinese Politics In a tweet on October 28, Weiss, which has become well known for its no-nonsense tone on social media, said China would “never” use Bitcoin .

2019-10-29 13:30


Фото:

Bitcoin Scammers Impersonating Police Officers Are Duping Locals in Canada 

Police officers in Canada have begun to warn the public about an impersonation scam operation that seeks to defraud people of Bitcoin in nearby regions. According to a report by local news medium Voice on Oct 17, police claimed that they had gotten several reports about fraudsters who call locals, posing as the Canada Revenue Agency […] The post Bitcoin Scammers Impersonating Police Officers Are Duping Locals in Canada  appeared first on BeInCrypto.

2019-10-18 11:21


Фото:

U.S. Authorities to Launch Blockchain Pilot for Intellectual Property Rights

As part of its preparation for the upcoming Commercial Customs Operations Advisory Committee (COAC) meeting, the U. S. Customs and Border Protection (CBP), a federal law enforcement agency, intends to trial distributed ledger technology (DLT) in intellectual property rights (IPR) enforcement by the end of August 2019, reports Yahoo Finance on August 16, 2019.

2019-8-19 09:00


Фото:

California Blockchain Working Group Commences Operations 

California Government Operations Agency  (CalGovOps) Secretary, Marybel Batjer has selected Camille Crittenden to Chair the state’s 20-man blockchain working group which has been mandated to explore the possible use cases of distributed ledger technology (DLT) in the state and present a report of their findings to the Legislature by July 1, 2020, reports Enterprise TimesRead MoreRead More.

2019-8-17 09:00


Фото:

United States: OFAC Prioritizes Cryptocurrency Regulation and Enforcement 

The United States Department of Treasury’s Office of Foreign Assets Control (OFAC) has shown a rekindled interest in regulating the cryptocurrency industry and enforcing the guidelines. The agency has hinted that regulating the cryptospace has become its top priority, and it could use an aggressive approach to sanitize the industry, reports Mondaq on August 13,Read MoreRead More.

2019-8-14 09:00