Illegal activities No more prolonged use of Bitcoin: DEA Agent

  Illegal activity no longer dominant use of Bitcoin: DEA Agent

A special agent with the US Drug Enforcement Administration (DEA) reported that it revealed that the use of bitcoins in illegal activities has dropped to about 10 percent from the previous 90 percent. This result contradicts the popular perception of the primary use of cryptocurrency.

Read also: Yahoo! Japan confirms entry into cryptographic space

New data from the DEA agent

  Illegal activities no longer a dominant use of Bitcoin: DEA Agent A special agent of the DEA, Lilita Infante, has assuming that illegal activity is no longer the primary use bitcoin. It is part of the 10-person Cyber ​​Investigative Task Force, a team that focuses on dark web and crypto-related surveys. The group collaborates with other units of the Justice Department, including the Federal Bureau of Investigation and the Bureau of Alcohol, Tobacco, Firearms and Explosives.

Infante explained to Bloomberg that five years ago he began investigating bitcoin cases, "His analysis of the blockchain data showed that criminal activity was behind about 90 percent of the cryptocurrency transactions." However, now he is seeing the opposite:

The relationship between legal and illegal activity in bitcoin has reversed … Now, illegal activity has reduced to about 10% and speculation has become the dominant driver.

"This does not mean criminals have stopped using bitcoins," the publication noted. While the "total volume of transactions associated with illegal use has increased since 2013," Infante reiterated:

Most transactions are used for price speculation.

Contradiction of popular opinion

  Illegal activities No dominant use of Bitcoin: DEA Agent The mainstream media have often described bitcoin as used by criminals such as money laundering and buying of drugs and other illicit goods.

According to Matthew Allen, director of HSI for Internal Security Surveys (HSI), "HSI agents are encountering more and more virtual currency … in the course of their investigation." In a written testimony to a hearing of the senatorial commission on the modernization of anti-money laundering laws (AML) in November of last year, he wrote that among the cryptocurrencies encountered were "the anonymity that enhanced cryptocurrencies ( AEC). "

 Illegal activities no longer dominant use of Bitcoin: DEA Agent In June, a senior official The US secret service official urged Congress to consider additional legislation for face the potential challenges related to cryptocurrencies enhanced by anonymity. He said that some cryptocurrencies "have been widely used for illicit activities". In the same month, the House of Representatives unanimously approved a bill to help prevent the illegal use of cryptocurrencies.

Citing the perceived popular use of bitcoin for illegal activities, Emphasizes Bloomberg:

Infante's conclusions contradict popular perception.

In addition, the special agent explained that privacy-centric cryptocurrencies like monero and zcash are not liquid enough, so "the vast majority of reports are still in bitcoin" the broadcast publication. He also said that while these cryptocurrencies are more anonymous than bitcoins, "we still have ways to track them down."

What do you think of the discoveries of the DEA agent? Let us know in the comments section below.

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