Cryptocurrency

Bitcoin is not linked to money laundering, says chief scientist from Canada

Bitcoin is not as susceptible as it’s being portrayed when it comes to its link with illicit activities like tax evasion and money laundering, according to a Chief Scientist of Quebec City, Canada, as reported by the Forbes.

And the most important fact that the scientist, Rémi Quirion has addressed (and I also think about the same) is that Bitcoin is no more transparent than money as you have to use a platform for the transaction, where the sender’s and receiver’s address is being recorded, even if someone does not use his real name. Thus, there’s no anonymity in that.

According to Quebec’s Chief Scientist Office, one reason for Bitcoin’s image problem is the pseudonymity that cryptocurrency transactions afford because the ecosystem is decentralized and largely unregulated. But transactions are not completely anonymous.

Quebec’s Chief Scientist says,

“The anonymity of bitcoin is a myth,” Jonchères said. “There is no more transparent money because you have to go through a platform where you have to give personal information. At the very least, [even if a name is fake] we always know the address of the transmitter and that of the receiver.”

Dr. Quirion believes that transparent and public nature of the Bitcoin Blockchain, where transactions are recorded and distributed across a global network, is not an ideal platform for engaging in the anonymous criminal activity.

The research note also explains, “Bitcoin is not above the law, nor is it a magnet for illicit transactions: it forms only a tiny part of the criminal money circulating around the planet.”

While the statement strongly denies allegations of Bitcoin as a tool for criminals, it does urge investors in Bitcoin to remain cautious and exercises due diligence, adding that the ultimate responsibility falls upon the user.

Sponsored
Sajeel Syed

I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism. Follow me on Twitter: https://twitter.com/sajeelshamsi

Share
Published by
Sajeel Syed

Recent Posts

Itel S25 Ultra Fails Durability Test, Raising Concerns

The Itel S25 series, known for its durability and affordability, recently faced scrutiny during a…

22 mins ago

WhatsApp Will No Longer Work on Older Android Phones Starting January 2025

WhatsApp has officially confirmed that, beginning January 1, 2025, it will end support for Android…

26 mins ago

Rs158 Billion Spent on Importing Mobile Phones to Pakistan in the Last Five Months

According to data from the Pakistan Bureau of Statistics (PBS), Pakistan imported mobile phones worth…

2 hours ago

EU Concerns Over Pakistan’s Military Court Sentences May Impact GSP+ Trade Benefits

The European Union (EU) has expressed concern over the recent convictions of 25 civilians by…

3 hours ago

SBP Announces December 25 as a Bank Holiday

The State Bank of Pakistan (SBP) has officially declared Wednesday, December 25, 2024, as a…

3 hours ago

Greentree Holdings Ltd Aims for 35% Stake in TRG Pakistan

AKD Securities, the manager of the offer, informed the main stock exchange on Monday that…

4 hours ago