12-06-2018, 08:40 PM
The dollar is used for illicit trade far more often than cryptocurrencies
Governments and central banks of many countries have repeatedly accused bitcoin and other cryptocurrencies of complicity in illicit trade and money laundering. They say that bitcoin is used to finance terrorists, sell weapons and drugs, etc.
We disagree with this view. To justify our position, we would like to cite the recent statement by the US Treasury Department, which personally refuted this torrent of negativity. The agency's representatives directly stated that fiat money, especially the dollar, is used for criminal purposes far more than bitcoin.
Criminals prefer fiat money
So, no matter what people say, officials indicate that criminals prefer dollars. Moreover, most trade happens through banks and various payment services that position themselves as law-abiding businesses.
According to the UN, illicit trade brings criminals an annual income of about $2 trillion. By comparison, cryptocurrency-based revenues from such activities are a drop in the bucket.
This statement by the US Treasury is an excellent response to all cryptocurrency detractors, who occasionally call for banning bitcoin because it is frequently used by criminals for illicit trade. Logically, the dollar should also be banned, since it is used for these purposes much more often. But nobody is demanding this.
This statement can also be regarded as a positive signal for cryptocurrencies' further development and legalization.