The US Treasury Department of Treasury published reports indicating that the use of bitcoin and other cryptocurrencies was far greater than the use of traditional assets. Critics can no longer reliably display the spread of illegal activity to defeat Bitcoin; Now world-leading experts say it is not a big threat.
The Treasury Department has published three reports identifying major concerns about money laundering, terrorist financing, and arms expansion funding.
Furthermore, the authors of the report are some of the most knowledgeable and best-equipped investigators and enforcers against illicit financing in the world. Even more, the report was reviewed by other U.S. government partners, including the Department of Justice, the Department of Homeland Security, and the FBI.
Treasury reports confirm what industry partners have exhibited over the years. A report found out that only 0.15% of the volume of cryptocurrency transactions with “illegal” addresses. The recent arrests of Bitfinex hackers and the seizure of nearly 100,000 bitcoins proved that transferring large sums of money to a public network overseen by Raspberry Pi is not easy.
Three Treasury reports released this month discuss future risks that crypto-assets such as bitcoin could disrupt the US illicit economy. Considering the risk is not a bad thing – I want my government to be aware of any risks posed by the expansion of public blockchains, which will prudently assess the benefits.
The U.S legislators also pointed out the same thing; Spokesman Ritchie Torres said earlier this week, “You should never define technology with its bad uses, there is more money in crypto than ransomware (and) laundering.”
Bitcoin is a global, neutral and open currency. Anyone can use it, which means that sometimes the parties we hate can use bitcoin with us. When that happens, the protection and promotion of freedom, equality and the network of self-agency is still valuable.
The U.S Bill of Rights shows that freedom for all is far better than restricting freedom for all. Bitcoin growth proves the same.
While now the reality is that the parties we despise do not use bitcoin more than traditional networks. Treasury reports released earlier this month make this clear. As we continue to fight for money for this internet freedom, it is imperative to cite these highly credible sources as evidence.
Read also: Terraform Labs will reserve $10B worth of Bitcoin behind stablecoin
US Treasury reports on Bitcoin: It isn’t threat or reason for money laundering
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