June 4, Monday, at the conference Money20/20 Europe, held in Amsterdam, the former U.S. attorney Mary Beth Buchanan (Mary Beth Buchanan) said that society should get rid of negative stigmas associated with cryptocurrency.
The argument in its favor Buchanan mentioned the fact that, despite common belief, more crimes are committed with Fiat currency than with bitcoin.
“I’m 21 years served in the Ministry of justice (U.S.), and will be unfair to say that crimes related to crypto-currency more. In fact, I strongly disagree with this… moreover, bitcoin can be tracked, unlike Fiat currency (cash)”, she explained in an interview with Cointelegraph.
However, as noted by the interviewer, the statement on the traceability of crypto-currencies may sound somewhat illogical, because the main feature of their transaction is complete anonymity of the participants. It was one of the goals we tried to reach the creators of the cryptocurrency. On the remark of Buchanan answered that in the market there are many tools that allow law enforcement agencies to track how currency moves through the blockchain. As examples of the former Prosecutor of the led specifically designed for block systems of information gathering and Elliptic Chainalysis.
Buchanan acknowledged that law enforcement agencies now have a lot of catching up to do, by analogy with those times when he started to develop the Internet. Regulators also need to update their “approaches” to the practice, to keep up. Outdated legislation for traditional securities, taken at the beginning of XX century has proved that it is not suitable for innovations of the XXI century.
Buchanan now holds the position of General counsel of the crypto currency exchange Kraken. According to her, the last four or five years she is very passionate about cryptomnesia. A former Prosecutor says the cryptocurrency is “a wonderful tool”, which provides cost efficient transmission of values on a global scale.
The word Buchanan on crime statistics. No doubt, committed many fraudulent acts with cryptocurrency. According to Cointelegraph, about a quarter of all users of the cryptocurrency and about half of bitcoin transactions are related to illegal activities. This damage can be estimated at $72 billion. However, if we compare these figures with how many crimes are committed with conventional money, the situation ceases to seem so terrifying. For example, in 2010 only to buy drugs in the United States spent $100 billion.