Janet Yellen says, “Bitcoin mainly used for illicit financing”

(Last Updated on January 20, 2021)

The question posing Bitcoin as a “terrorist threat”.

“I wanted to switch topics a little bit to the issue of terrorist financing. In previous finance hearing with outgoing secretary Mnuchin I’ve raised the importance of treasury programs that combat the financing of terrorist and criminal organizations. The bipartisan national defense authorization act passed earlier this month and included a provision led by senator warner that established an advisory group to the treasury to counter new ways that terrorists use emerging financial technology. One area of growing concern for example is the potential for terrorists and criminals to use cryptocurrency to finance their activities.

So Dr. Yellen can you outline some of these emerging financial concerns and how the treasury should combat the risk of these emerging technologies and terrorist financing?”

Yellen’s response.

“I think you’re absolutely right that the technologies to accomplish this change over time and we need to make sure that our methods for dealing with these matters of terrorist financing change along with changing technology.

Cryptocurrencies are a particular concern, I think many are used at least in the transactions sense mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and which we can ensure anti-money laundering doesn’t occur through those channels.”

A heavy push towards stopping the only risk to central banks and continued money printing.. Bitcoin

They will continue to tell a fairy tale story about Bitcoin and terrorism while the largest criminal financing volume continues to flow through our banking system.

We have a huge amount of online research available for Bitcoin on-chain analysis that clearly proves very limited amounts of crypto are being used to finance illicit activities.

Let’s look at a recent article by the chain analysis blog for statistics on criminal activity in cryptocurrency.

Less than 2% of overall cryptocurrency can be tied to illicit or possible illicit activity. Far less in dollar amounts than any U.S. dollar estimates would be.

Also, the type of “illicit transactions” are not really lining up with terrorism abroad. Most of the illegal activity tied to cryptocurrency comes in the way of retail/individual purchase of drugs anonymously and malware/hacking type ransom.

Recent research has shown billions of criminal U.S. dollars go through the U.S. banking system to fund terrorism and cartel groups around the globe. It’s not a secret and it’s not a surprised.

The targeting and bullSH*T stemming from the bankers will continue.

It’s just FUD.

Bitcoin is a fully transparent public ledger – actually NOT the best thing to use for terrorist activity and quite hard to hide anonymously.

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