Many people view cryptocurrency critically and this has been the case since the first token.
Their only claim over the years has been the same over and over again: “Cryptocurrency will potentially aid the activities of criminals and money launderers.” This is also the view of United States President Donald Trump and top government officials.
Research by cryptocurrency intelligence firm Messari has shown that fiat currency is still the preferred currency for cybercriminals and hackers on the Dark Web. Research has shown that the ratio of Dark Net fiat money to other cryptocurrencies is 800:1.
At a press conference last week, Treasury Secretary Steve Mnuchin echoed President Donald Trump's sentiments, arguing that digital currencies like Bitcoin support billions of dollars in illegal activities such as cybercrime, tax evasion, extortion, ransomware, and human trafficking.
In reality, of course, many have used cryptocurrency to finance illegal activities. This is indeed a matter of national security.
In this case, both sides are partly right. On the one hand, there is Mnuchin and his claim that cryptocurrency is linked to money laundering. Which is true, as recent reports show. On the other hand, the Messari proved that one cannot accuse cryptocurrency of being a tool in the hands of criminals without blaming money in general.
It is also worth mentioning that since the beginning of the year, approximately $500 million in cryptocurrency funds have been spent.
It is understandable that many people believe that digital currencies are dangerous to the financial system , and indeed there are many arguments to support this point. However, labeling them as tools in the hands of criminals at this point is perhaps a stretch.
