RATE Group | Lael Brainard: Bitcoin Gives Rise to Illicit Activity
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Lael Brainard: Bitcoin Gives Rise to Illicit Activity

26 Dec Lael Brainard: Bitcoin Gives Rise to Illicit Activity

Posted at 01:36h in Bitcoin News by

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We’ve seen it before, and we’ll likely continue to see it for some time. Bitcoin and crypto just doesn’t seem to please everyone, and the latest doubter to be added to the mix is Federal Reserve governor Lael Brainard.

Brainard: Crypto Gives Rise to Illegal Activity

At a recent conference in Germany, Brainard explained to listeners that bitcoin was a haven for criminal activity, and that it had the power to inspire illicit events of every kind. Her words are allegedly based on various studies, and she stated:

One study estimated that more than a quarter of bitcoin users and roughly half of bitcoin transactions, for example, are associated with illegal activity. Only a third of the most popular exchanges require ID verification and proof of address to make a deposit or withdrawal. This is troubling, since a number of studies conclude that cryptocurrencies support a significant amount of illicit activity.

She further suggests that according to a January 2018 paper, crypto is one of…

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