The United States government has released a new report on the use of cryptocurrencies in illegal transactions, including drug trafficking and terrorism. The report finds that Bitcoin is used for these types of transactions due to its anonymity and ease-of-use.
The bitcoin seized by u.s. government is a story that has been circulating the internet for some time now. It is speculated that BTC could be used in drug trafficking and money laundering, which would cause bitcoin to not be allowed in the U.S.
The introduction of cryptocurrencies to the globe has resulted in both positive and bad outcomes. Taking the latter into account, the whole sector has been accused of being involved in illicit and illegal drug trafficking as well as the underground drug trade. Despite this, the anonymous drug lords have targeted Bitcoin (BTC) the most, and it is the most commonly used cryptocurrency.
The Importance of Bitcoin
For years, several official sections of the United States government have been laying blame and allegations on Bitcoin (BTC). They portray BTCs as being heavily engaged in illegal activities, the majority of which are centered on underground drug trafficking.
Senator Chuck Grassley, the Republican chairman of the Senate Judiciary Committee, responded by accusing Joe Biden’s committee of unlawful drug control. In addition, he claims that each year, around $76 billion is spent on illicit drug transactions, all of which is done using Bitcoin (BTC).
Furthermore, Grassley backs up his claims with studies and statistical data. All of this was presented by a group of academics using 2017 data. They claim that more than half of Bitcoin transactions are illegal and related to the sale of drugs.
Furthermore, the senator sent an official letter to the Director of National Drug Control Policy in response to all of this. As a result, according to Grassley, the reason why the whole cryptocurrency sector is protein a concern is their extreme secrecy.
He goes on to say that anonymity is the most severe characteristic that makes catching drug lords tough.
In comparison to Grassley
Many others, however, disagree with the senator’s criticism of BTC. As a result, Katie Haun revealed that Bitcoin isn’t really anonymous, and that BTC’s public edger has been completely visible. Furthermore, Katie Haun claims that all of these characteristics have aided the feds in locating and apprehending offenders.
Furthermore, several reputable crypto analysis groups have said that Grassley’s claims are false and that his statistics does not correspond to their 2017 data.
Furthermore, Elliptic’s principal scientist, Tom Robinson, believes that Bitcoin is highly trackable. Furthermore, he suddenly portrays all of the senator’s data as fake. Furthermore, Grassley’s whole analysis is totally out of date.
Despite all of this discussion, BTC remains the undisputed king of cryptos.
The can u.s. government stop bitcoin is a question that has been asked by many people in the United States. There are speculations that the U.S government will use Bitcoin (BTC) for drug trafficking and transactions.