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‘Bitcoin [BTC] is not above the law, nor is it a magnet for illicit transactions’ – Says Quebec’s Chief Scientist

Ketaki Dixit



'Bitcoin is not above the law, nor is it a magnet for illicit transactions' - says Quebec Chief Scientist
Source: Flickr

According to the Chief Scientist of Quebec, Bitcoin has been used for money laundering and tax evasion. Recently, Christine Lagarde, the President of the International Monetary Fund [IMF] said that there should be more regulations on the use of cryptocurrencies to counter the illegal activities associated with it.

The note that was posted to the website of Quebec’s Chief Scientist Rémi Quirion also stated that Bitcoin is only a small part of the money made through crimes that are circulating in the market.

Bitcoin may not be the choice of anyone who wants to make transactions through it and not leave a trace. Unlike Bitcoin, Zcash and Monero provide the users with greater privacy during transactions, making Bitcoin less attractive.

The report states that:

“The anonymity of Bitcoin is a myth. [It is just as] transparent as money, because you have to go through a platform where you have to give personal information. At the limit, if the name is not his, we always know the address of the transmitter and that of the receiver.”

A study was conducted to analyze Bitcoin transactions from the year 2013-2016 by the Center for Sanctions and Illicit Finance at the Foundation for Defense of Democracies in Washington, D.C. The study stated, “so-called ‘dirty Bitcoins’ represented just 0.61% of all transactions and conversions over that timeframe, and just nine of the 102 suspicious accounts tracked accounted for 95% of all illicit transactions – 97% of which were used in online gambling or “tumbling.”

According to Forbes, the report emphasized that Quebec investors must be careful while purchasing Bitcoin due to the increased number of fraud, theft and hacking cases associated with Bitcoin.

Francis Pouliot, Co-founder Catallaxy, a crypto expertise center, said:

“He unequivocally declares that Bitcoin is NOT “unregulated” in Quebec in an overall positive note. BULLISH”

Anthony Pompliano, Managing Partner at Full Tilt Capital said:

“Don’t forget, the USD is still the preferred currency of criminals around the world.”

D.A. Raykhman, a Twitter user commented:

“There is an anonymous token that has been around for centuries. Every criminal and terorist is using it. It is called 100 dollar bill.”

Jared Thomson, a crypto enthusiast tweeted:

“And they have to take in consideration that criminals like drug cartels can’t buy anything with bitcoin. They have to change it back to fiat first to get use of it. And that’s not that easy. Such nocoiner need a bigger view on that.”

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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

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Bitcoin nirvana is happening right now, says Max Keiser




Bitcoin nirvana is happening right now, says Max Keiser

Bitcoin’s price pump affected the altcoins’ valuation on an optimistic note. The digital coins recovered significantly this year after losing nearly 80% to 90% valuation since the market crash in the first quarter of 2018. As Bitcoin [BTC] continued to trade between $7,600 and $8,300, prominent analysts in the field speculated that the king coin could potentially spiral down a bit more. However, Max Keiser, a Wall Street veteran and host of the Keiser Report, who is also a noted Bitcoin bull is of the opinion that “crypto spring is here”.

The broadcaster, in the latest edition of the Keiser Report, stated,

“It’s just bleeding right into our lives we can hear the lawnmowers outside in there getting ready for crypto summer and then crypto fantasia crypto parallel dimension and the Bitcoin nirvana it’s all happening, it’s all happening, right now.”

Keiser also noted that the global economy was undergoing “deglobalization” which steemed out of uncertainty and volatility and added that there “was no way to hedge against that”.

Stacy Herbert, one of the most influential women in blockchain and a host alongside Keiser contributed to the discussion. She said at a time when deglobalization has hit the economy, one would certainly go along with Bitcoin. According to the broadcasters, trade wars between China and the USA was currently intensifying Herbert; While recalling history, they also took note that the empires started falling during the period of deglobalization which was eventually followed by the two world wars.

Keiser had previously remarked that “Bitcoin is hard money” very similar to gold, and added that it is going to “respond well to hyperinflation and hyper-money printing”.

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