Former CIA director: Bitcoin is “too transparent” for criminals to launder money with

Michael Morell, the former acting CIA director, confirms what the crypto community has been holding for years. In a report, he said money launderers and other criminals did not use the Bitcoin network because transactions were too open and public.

CCI: moving the regulating needle

This is a conclusion from the Crypto Council for Innovation (CCI) – a new lobby group hoping to ultimately inform and influence regulatory action in the emerging cryptocurrency sector.

CCI “wants the same from the technology,” the new group will never give in to “deliver useful information – and dispel misinformation” for decision makers, regulators and citizens around the world.

“CCI is focusing 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 and accessible financial system, and more privacy and security.”

Bitcoin is not used by criminals

The report finds that the transparency of the underlying public chains discourages criminals who want to launder cash or fund terrorists.

According to Gus Coldebella, Paradigm’s chief policy maker, who now serves as one of the leaders of the organization, wants to see if the conventional wisdom that bitcoin (and crypto) is a tool for money laundering and tax evasion, objectively accurate.

Take a global approach

Interestingly, the CCI looks beyond the United States. Her focus is on advising and “moving” the regulatory needle around the world.

This, Gus explains, is because the limitless nature of cryptocurrencies makes it irrelevant to target policy makers in one country and leave out the rest.

Coordinating them – specifically defining crypto as an industry – would mean opting for a global approach that is ready for crypto adoption.

He said:

“If we as an industry don’t work with governments, governments will still do what they will without hearing from people who are knowledgeable about crypto and have pondered these topics for years.”

As BTCManager reports, other US states, including Wyoming and Miami, want to be leaders in crypto and blockchain.

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