Criminals use more USD and fiat money than Cryptocurrency

Criminals use more USD and fiat money than Cryptocurrency

This is a statement made by US treasury.
In the past, a lot of Bitcoin skeptics and haters of cryptocurrency said that cryptos are used only by terrorist, drug lords and all kind of criminals for illicit business, but recent findings from crime investigation suggest the opposite.
The real precentage of cryptos used in crime is samll compared to US dollars.

Last year in December,  the authorities of the United States held a meeting discussing a bill created to modernize the anti-money laundering laws (AML). This bill also takes a critical look at the role of cryptocurrencies.

Recently, the Tax Justice Network conducted a new study and found out that the United States is one of the most accessible places in the world for terrorists, criminals, and corrupt foreign politicians to hide their ill-gotten wealth.

The United Nations Office on Drugs and Crime has said that annual illicit proceeds total more than $2 trillion worldwide. It was pointed out some of the money laundering threats like illegal cash, trade-based money laundering, illicit banks use, prepaid access cards, and digital currencies.

The high-rank official further noted that criminals use cryptocurrencies to conduct illicit activities because they offer anonymity which enables them to move their ill-gotten proceeds internationally.

Matthew Allen, the assistant director of the Homeland Security Investigative Programs and U.S. Immigration and Customs Enforcement, explained that in November 2016 HSI special agents investigated and seized $1.2 million in cash from Utah resident Aaron Shamo, who led a Xanax and fentanyl pill production organization. He then proceeded to sell his illicit products via the dark web where an investigation led to the identity of his digital currency wallet address. According to Allen, agents were able to seize Shamo’s bitcoins, valued at $2.5 million.

Risk and Innovation are different sides of the same coin.

t’s important to acknowledge that cryptocurrencies, like many technologies, have an intimate history with crime.  Risk and Danger are two of the costs of any new disruptive technology.

The early days of flight were notoriously dangerous. Flights went down constantly. As you can see from the chart below, deaths peaked at the point of widespread adoption, and have been steadily declining as the technology behind flying became safer. (Bear in mind that actual hours flow has increased dramatically in concert with this decline in the actual numbers of deaths, so the “deaths per miles flown” has dropped much more than the actual number of fatalities.)

However, in 2017, there were zero reported deaths on commercial flights, anywhere in the world. Any innovation therefore comes with some level of risk, and when risks are addressed properly, they can be gradually minimized. Compared to horse riding, driving a car, or even walking, airplane travel is now the safest way to get between two places. Assuming they both have airports.

The Human Economic System

In any industry, security measures and systems are built according to the fundamental economic principle of supply and demand. Unfortunately there is very little data to suggest the idea that security and justice is self-evident, or the will of God.

Implementing security measures and evoking justice is simply a natural part of the human economic system. Although Bitcoin and cryptocurrencies are used for illegal purposes, as the general public begins to adopt the technology, it’s only natural that greater security measures and systems will follow.

We should not be discouraged to develop cryptocurrencies further because of its use by criminals. While we often hear from the media that cryptocurrencies are fostering and furthering cime, it’s important to to be critical and assess the larger situation at hand.

Cryptocurrencies have significant advantages over traditional money systems. While there are a lot of problems and flaws with the technology, these are massive opportunities for the market to fix them.

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