U.S. Treasury: Bitcoin Not Illicit

It’s time to take “illicit activity” off the FUD dice. Earlier this month, the U.S. Department of the Treasury published reports that indicated that the use of bitcoin and other cryptocurrencies for illicit activity is far outstripped by the use of traditional assets. Critics can no longer credibly present the specter of illicit activity to beat back bitcoin; now the foremost experts in the world say it is not a major threat.

The Treasury Department published three reports that identified key concerns for money laundering, terrorist financing and weapons proliferation financing. Here’s what each said about the use of cryptocurrencies:

“(T)he use of virtual assets for money laundering remains far below that of fiat currency and more traditional methods.”

–“The 2022 National Money Laundering Risk Assessment,” page 41

“(T)errorist use of virtual assets appears to remain limited when compared to other financial products and services.”

–“The 2022 National Terrorist Financing Risk Assessment,” page 23

“There is no evidence that a proliferation network has used a virtual asset to procure a specific proliferation-sensitive good or technology…”

–“The 2022 National Proliferation Financing Risk Assessment,” page 29


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