Use Of Bitcoin For Criminal Activities-Janet Yellen, who is a Former Chair of the Federal Reserve, shared her aversion of Bitcoin in a five-minute discourse at CFA Montreal. Similarly, the ex-national banker made reference to its insufficient debatable amount, association with terrorist exercises and in addition illegal tax avoidance, money laundering, and ineffective payment processing.
Furthermore, a video shared by Francis Pouliot on Twitter demonstrated former Fed Chair Yellen raving against Bitcoin to various participants at the chartered financial analysts’ gathering CFA Montreal. Pouliot notes:
“Janet Yellen: “I am not a fan of Bitcoin. Let me tell you why”. Former Central-Banker-in-Chief proceeds to a meticulous 5-minute rant against Bitcoin, robotically spewing scripted FUD talking points to Finance/Bank VIPs. They’re scared. Buy Bitcoin.”
As she discussed Bitcoin’s part in illegal tax avoidance, any CFA with some understanding about digital currencies would have understood the equivalent can be said with regards to fiat money. However, the volumes engaged with fiat say a lot about Yellen’s inclination against advanced monetary forms.
Money Laundering Has Reached $1.5 Billion In 2018
Use Of Bitcoin For Criminal Activities-A report distributed by information security organization ‘CipherTrace’ inferred that digital currency illegal tax avoidance reached $1.5 billion in the year 2018. Hence, the figure is huge just inside the digital currency world. Tax evasion and money laundering utilizing fiat money is another ball game. Danske Bank alone has purportedly washed $234 billion worth of fiat between 2007 and 2015. A sum that is proportionate to the aggregate market cap of digital currency.
Two To Five Percent Of Global GDP Is Laundered Every Year
Two to five percent of worldwide GDP is laundered each year. As evaluated by The United Nations Office on Drugs and Crime. As a result, it is a sum of $800 billion to $2 trillion in current U.S. dollars. Digital currency illegal tax avoidance is recorded to be 0.075 – 0.18 percent of that total. Bitcoin is just one among 2,085 advanced coins and tokens accessible on secondary markets. Its part in illegal tax avoidance would be even lower.
Yellen additionally told the gathering of people that Bitcoin is not a secure origin of value due to its volatility concern.