Former CIA Director: Bitcoin is “Too Transparent” for Criminals to Launder Money With

Published on 14 April 2021 at 11:30

Michael Morell, the former acting CIA Director, is confirming what the crypto community has held for years. In a report, he said money launderers and other criminals don’t use the Bitcoin network because transactions are too open and public.

CCI: Moving the Regulatory Needle
This is a conclusion reached by the Crypto Council for Innovation (CCI)–a new lobbying group that hopes to eventually inform and influencer regulatory action in the emerging cryptocurrency sector.

 


CCI “wants the same thing from technology,” the new group will never yield in “providing useful information – and dispelling misinformation” for policymakers, regulators, and citizens around the world.

 


“CCI focuses its efforts on the three areas where crypto has the greatest potential to transform lives and livelihoods for the better, by creating stronger economic growth and more jobs, a more inclusive, accessible financial system, and enhanced privacy and security.”
Bitcoin Not Used by Criminals

 


The report notes that the transparent nature of the underlying public chains is a deterrence for criminals looking to launder cash or finance terrorists.
According to Gus Coldebella–the Chief Policy Maker at Paradigm, who now serves as one of the organization’s heads, wants to determine whether the conventional wisdom that Bitcoin (and crypto) is a tool for money laundering and tax evasion is objectively accurate.
Taking a Global Approach

 


Interestingly, the CCI is looking beyond the U.S. Their focus is on advising and “moving” the regulatory needle across the globe.
This, Gus, explains is because the borderless nature of cryptocurrencies makes it irrelevant to address policymakers in one country and leaving out the rest.
Their coordination–especially of defining crypto as an industry, would mean opting for a global approach in readiness for crypto adoption.

 


He said:
“If we don’t engage with governments as an industry, then governments are still going to do what they’re going to do without the benefit of hearing from people who are literate in crypto and have been thinking about these issues for years.”


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