Virtual Currencies Won't Be Associated With Illegal Activities In The Future

Since Bitcoin’s inception, many crypto aficionados have worked to dissociate their favorite digital coin from the notion that it may be used for illegal activity. Mainstream media have often described bitcoin as being used by criminals such as for money laundering and purchasing drugs and other illicit goods.

In August 2018, Lilita Infante of the DEA first reported seeing Bitcoin in her cases in 2013. At the time, illegal activity comprised of 90 percent of transactions in cryptocurrency. Today, however, that number has dropped significantly–with illegal activity only accounting for 10 percent of cryptocurrency transactions.

Despite the 80 percent drop in criminal transactions, illegal uses have surged. The volume has grown tremendously, the amount of transactions and the dollar value has grown tremendously over the years in criminal activity, but the ratio has decreased. The majority of transactions are used for price speculation.

Caleb Chen, a digital currency advocate at Private Internet Access spoke about the same to Blockpublisher. He said:

“Governments are still waiting for a solid “example” regulatory framework to magically appear. Smaller countries and state entities have been most willing to experiment with this new technology and give it a chance. There are examples of overly restrictive regulatory frameworks, such as the BitLicense from NY, and there are examples of more considerate frameworks such as those in Bermuda. Once these smaller countries have succeeded, larger countries will draft better and better regulatory frameworks… theoretically. The danger is if a large country or financial entity takes a hard negative stance. But nowadays, even they have opened up to the “underlying” blockchain technology because even centralized entities can benefit from the advance of decentralized technology.”

However, once governments start to regulate well. Many countries across the world already clamping down on the ecosystem.

The problem is that governments are just slow and inefficient to comprehend such a groundbreaking technology.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer

Coin Market Cap Price Change 24 Hour Volume
BTC $158.79B $8,939.6195 1.36% $7.73B
ETH $28.45B $267.0723 -0.82% $2.34B
XRP $17.96B $0.4226 2.93% $757.99M
LTC $8.47B $136.0922 -0.91% $859.65M
BCH $7.59B $425.6058 1.07% $323.38M
EOS $6.36B $6.9227 0.46% $968.97M
BNB $4.55B $32.2224 -1.99% $219.28M
BSV $3.72B $208.3036 -1.44% $125.69M
USDT $3.44B $0.9998 -0.43% $7.05B
XLM $2.49B $0.1283 1.63% $95.64M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.