Former-CIA Director Says Money Launderers are Moving Away From Bitcoin

Money launderers are not actually attracted to Bitcoin and those who once did, are starting to distance themselves from cryptocurrencies, given the fact that such transactions are traceable and recorded. This is part of the report published by the Crypto Council for Innovation, a lobby group that is aiming to influence regulatory decisions and actions within the crypto industry.

Ex CIA Acting Director Michael Morell said as seizures and arrests increase, money launders and those with malicious intents would begin to shy away from using Bitcoin for cybercrime and moving to other sources that can conceal their activities.

Gus Coldebella, Paradigm’s Chief Policy Officer, said that the Council is working towards influencing the relevant authorities’ approach to crypto regulation.

Morell believes the attention given to Bitcoin would be a function of how it is used in the dark net and its effect on state security such as the issue of China’s digital Yuan.

Focus Would be Global

There are several related organizations such as Blockchain Association and the Chamber of Digital Commerce. When quizzed about why form a separate organization, Coldebella replied that the Council would beam the torchlight more on international crypto regulations instead of just within the US.

Coldebella said since cryptocurrencies are borderless, it makes sense to address the key stakeholders and formulate policies that are global in outreach. He noted that it is necessary that the crypto industry engages with governments around the world as these governments are the ones tasked with implementing the regulations.

Morell said that though the conclusion of his report were mainly his, his colleagues Josh Kirshner and Thomas Schoenberger were a part of the report team. Paradigm, Square, Coinbase and Fidelity Digital Assets are the founding members of the Council.

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