Bitcoin is NOT used for criminal activities

Former Acting Director of the US Central Intelligence Agency Michael Morell,presented an independent analysis of the problems of the cryptocurrency industry in collaboration with the new lobbying organization Crypto Council for Innovation.

During his research, Morell found out thatpublic perceptions about the use of bitcoin in illegal financial activity are significantly distorted, and analytical tools at the blockchain level make it possible to effectively counter the accompanying threats.

A veteran of the special services with 33 years of experience admittedthat he did not expect to come to such conclusions when he began this work. As Morell himself noted in a conversation with Forbes, he proceeded from the assumption that US Treasury Secretary Janet Yellen and European Central Bank President Christine Lagarde are among the most informed figures on the planet and are based on proven facts. Yellen, in particular, has recently repeatedly expressed concerns about the use of bitcoin in illegal activities.

Morell, however, made sure that the situation is "just the opposite, and bitcoin and cryptocurrencies are not overflowing with illegal activity."

“In fact, levels of illicit activity in the Bitcoin ecosystem are arguably lower than in the traditional banking system.”Morell added.

According to the analytical platform Chainalysis,the share of illegal cryptocurrency transactions in the total volume is negligible (less than 1%) and continues to fall. For comparison, Morell cites data that the volume of illegal transactions carried out through traditional intermediaries is estimated at 2-4% of world GDP.

Separately, he noted that he was struck by the possibilitiesanalytics companies such as Chainalysis, CipherTrace and Elliptic to detect criminals lurking behind cryptocurrencies. At the same time, the former acting The CIA director stressed that cryptocurrencies, like any other technology, require control from a national security standpoint. In particular, according to his observations, criminals are increasingly using cryptocurrencies with increased anonymity, such as Monero, to hide the details of their operations.

Like some other experts, Morell believesthat, given the relatively low levels of criminal activity, it is important to support rather than restrict financial innovation, especially in light of the confrontation on this front with China.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bybit	https://bybit.com	7.5
3	OKEx	https://okex.com	7.1
4	Exmo	https://exmo.me	6.9
5	Huobi	https://huobi.com	6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• Platform Features– availability of additional features — futures, options, staking, etc.
• final grade– the average number of points for all indicators determines the place in the ranking.

</p>

Rate this publication