NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: BNB Reaches New All-Time High Of $956 As Binance Nears Deal With US DOJ

It’s US Dollar Not Bitcoin Is Mostly Used In Money Laundering

newsbtc
newsbtc
1 year ago
3 mins read
bitcoin, fiat, US Dollar

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Even though retail bank fanatics and policy makers always blame the anonymity of bitcoin and claim that it is why bitcoin can be used in money laundering, the fact is that Fiat cash is the ultimate form of anonymous currency. Researchers have proven recently that the US $100 bill is the most commonly used currency for laundering the revenue of illicit activities.

Professor Edgar Feige believes that the US Dollar is the preferred currency for facilitation of various clandestine transactions, and for saving illicit and untaxed profits. Various reports point to the fact that almost 50% of the world’s hard currency is utilized to conceal transactions. Illicit transactions include drug and arms trafficking, in addition to unreported streams of income to skirt tax records.

Similarly, Fiat cash and bitcoin share a crucial property that renders them both perfect for various forms of illegal activities; neither demands a subpoenable, institutional intermediary. Tracking a bitcoin transaction between two parties is as hard as it is to track the location of a briefcase stuffed with US $100 bills. Just like fiat cash, there is nothing nefarious about the blockchain, but it is the electronic nature of bitcoin that creates a brand new wrinkle, as it can be sent online, instead of requiring people to meet in the real world.

In the imagination of many, Bitcoin is linked to online drug trafficking, unsavory figures and the risk to be exposed to hackers. This is not entirely untrue, as bitcoin has been used as the sole payment method for mail-order street drugs and firearms online black markets. It has been also a key component of today’s Ponzi schemes. However, drugs and firearms can also be purchased for US Dollars, so should we also blame the USD too for these illicit activities?

Bitcoin and Policy Makers:

Although policy makers and legislators claim that they are trying to protect the society from the hazards of bitcoin use, in my opinion, the truth is that they are protecting the retail banking industry that can become obsolete, if bitcoin was to be globally adopted on a wider scale.

The IRS still considers bitcoin a property, not a currency, which limits the feasibility of doing bitcoin businesses in many states. Moreover, the latest regulation of the European Parliament regarding transfer of funds (20 May 2015) has put a lot of restrictions on money transfers that point to the fact that Europe will not be comfortable soon with an anonymous virtual currency like bitcoin.

Legislators must create a secure system that treats Bitcoin only as a currency which allows merchants and customers to rely on cryptocurrency as a lawful exchange medium. The IRS requires bitcoin holders to declare taxes on their capital gains which is a cumbersome, if not an impossible task to accomplish. Also, it is totally irrational to consider Bitcoin an investment asset, instead of a currency; all of this has to change.

Nonetheless, I believe that lawmakers will never legalize bitcoin until it is deanonymized, with a claim that this is the sole way to rid bitcoin of its negative connotations!!

Share your opinion on this with us here on NewsBTC.

References:

  1. Chris Arnold, Should We Kill the $100 Bill?, NPR’S PLANET MONEY (Aug. 14, 2014), http://www.npr.org/blogs/money/2014/08/14/340356790/should-we-kill-the-100-bill.
  2. Edgar L. Feige, New estimates of U.S. currency abroad, the domestic money supply and the unreported Economy (Munich Personal RePEc Archive, Paper No. 34778, at 4, http://mpra.ub.uni-muenchen.de/34778/1/MPRA_paper_34778.pdf (Sept. 2011).
  3. Kenneth Rogoff, Costs and benefits to phasing out paper currency 4 Presentation at NBER Macroeconomics Conference (April 11, 2014), available at http://scholar.harvard.edu/files/rogoff/files/c13431.pdf
Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Comments 1

  1. Tom Mornini says:
    10 years ago

    And the policy makers want to keep it that way.

    The number one currency is the number one currency for every use!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 1

  1. Tom Mornini says:
    10 years ago

    And the policy makers want to keep it that way.

    The number one currency is the number one currency for every use!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

3 low-cap altcoiny, ktoré zaznamenávajú veľkú akumuláciu, keď sa altcoin sezóna rozbieha

V druhej septembrovej týždni index altcoin sezóny dosiahol 80 bodov, čím oficiálne vstúpil do fázy zrýchlenia. V tomto období kapitál...

Kováč Martin 1 hour ago

Solana Sees Institutional Accumulation: 413,075 SOL Moved Off Exchanges In Hours

Solana has been in the spotlight after delivering a powerful rally, surging more than 50% since August and climbing to...

Sebastian Villafuerte 1 hour ago

美聯儲降息開啟 迷因幣獵季來臨? Snorter Bot代幣率先示範

隨著美聯儲在今天的FOMC會議上預計啟動降息,傳遞出的信號很明確:美國經濟增長已放緩到衰退風險高於通脹風險的程度。 對加密市場來說,這通常是利好。降息等於向市場注入更多流動性,而歷史經驗表明,資金往往...

estherw 1 hour ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin news

$1 Million Bitcoin Is Coming: Arthur Hayes Says Fed Just Pulled The Trigger

Jake Simmons 20 minutes ago
$ETH Remains Strong Despite Treasuries’ Downturn: Best Altcoins to Buy

$ETH Remains Strong Despite Treasuries’ Downturn: Best Altcoins to Buy

Aaron Walker 27 minutes ago
Solana’s Meme Ecosystem Explodes: $PUMP Pumps 77% as Snorter Joins the Hype

Solana’s Meme Ecosystem Explodes: $PUMP Pumps 77% as Snorter Joins the Hype

Aaron Walker 31 minutes ago

Premium Sponsors

Press Releases

  • ドージコイン 今後:ETF上場前の蓄積と価格分析が示す「事実売り」の可能性

    ドージコイン...

    33 minutes ago
  • リップル 今後の行方:FOMC前に3ドルを維持、クジラが大量売却

    リップル...

    1 hour ago
  • 2025年9月に注目すべき仮想通貨プレセール一覧

    ...

    2 hours ago
  • Citiが年末目標を4,300ドルと予測、市場のセンチメントは交錯

    イーサリアム...

    2 hours ago
  • 仮想通貨おすすめ:2025年に投資先として注目すべきコイン

    ...

    2 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.