Former CIA director Michael Morell recently argued in a special report that blockchain technology is underused as a forensic tool. In his opinion, governments should not avoid but appreciate the technology behind Bitcoin.
Michael Morell talks about blockchain
Former CIA chief Michael Morell recently criticized the prospect of criminals using Bitcoin and blockchain technology for illegal activities.
– Blockchain technology is a powerful but underused forensic tool for governments, [służącym] to identify illegal activities and bring criminals to justice – pargued.
The co-authors of this report are Thomas Schoenberger and Josh Kirshner. They see things in a similar way. The Crypto Council for Innovation document states that blockchain technology can be used to catch criminals. The creators believe that the narrative that it is used by terrorists is harmful.
Put simply, blockchain analysis is a very effective tool to fight crime and gather intelligence
– it was stated.
According to the data published in the report, tracking illegal BTC transactions is more convenient than tracking illegal funds moving across borders with current financial systems.
However, as also mentioned in the report, Daniel Glaser, former deputy treasury secretary for terrorist financing and financial crime, said that cryptocurrency management in “The right way” is required to “Law enforcement could track transactions.”
In addition, the report states:
Although the DEX [zdecentralizowane giełdy – przyp. ] are responsible for only a small part of the total cryptocurrency transaction volume, their decentralized, mostly open-source nature adds an additional layer of anonymity and thus offers greater opportunities for the transfer of illegal funds.
Bitcoin only serves criminals?
Unfortunately, in common opinion, Bitcoin is mainly used by criminals. It was suggested, for example, by Donald Trump when he was still the president of the USA.
Janet Yellen, the new US Treasury secretary, is also not very sympathetic to cryptocurrencies.
– It is a highly speculative asset. And you know, I think people should be careful that it can be very unstable. I am concerned about potential losses for investors She said some time ago.