According to former CIA Director Michael Morell, transactions on the Bitcoin network are transparent, making cryptocurrency a poor choice for money laundering.
Former CIA Director Michael Morell has ruled out Bitcoin like a cryptocurrency used by criminals to launder money. Says it's too transparent. Morell claimed that transactions made on the Bitcoin network are publicly visible and visible, making the cryptocurrency unsuitable for money laundering.
His comments are a relief to some Bitcoin users who have come to the same conclusion in recent years. Morell's comments are part of the results of the Crypto Council for Innovation. The council was established to raise awareness and influence regulatory action on cryptocurrencies.
The ICC lobby group has set itself the task of eliminating misunderstandings regarding the cryptocurrency landscape. The group is also working to provide accurate and relevant crypto information that lawmakers and regulators can trust.
"We have a lot of lawmakers who are realizing about cryptocurrencies and at the same time have some misunderstandings about them," said Gus Coldebella, one of the directors of the ICC.
The group was launched last week by founding members such as Coinbase, Paradigm, Fidelity, and Square. Gus, Paradigm's policy director, said there was a need to create a new organization that would focus on international regulations. And so in contrast to existing groups that only deal with affairs in the United States.
Morell was included in the lobby to investigate and write the report with his consultancy Beacon Global. In his view, criminals have turned away from Bitcoin due to the transparency of its transactions. He added that the few who still use crypto are likely to give it up as well, as it doesn't guarantee privacy.
"As more and more seizures and arrests take place, we believe that illegal actors, who are independent of technology, no longer use Bitcoin for money laundering purposes, but instead take other avenues that make it easier for them to conceal activities." .
Morell noted that bitcoin's role in money laundering and other illegal activities, compared to other national security issues such as the introduction of a digital currency, should be commensurate with the efforts made. He noted that China is one step ahead of the US in developing a sovereign digital currency.
"If we were to worry about illegal finance and bitcoin, that's what we should focus on, but when the general wisdom is not that precise, we should push the competition in full force," he noted.