RATE Group | US Fed Official Says 50% of Bitcoin Transactions Associated With Illegal Activity
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US Fed Official Says 50% of Bitcoin Transactions Associated With Illegal Activity

18 Dec US Fed Official Says 50% of Bitcoin Transactions Associated With Illegal Activity

Posted at 12:01h in Bitcoin News by

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A member of the United States Federal Reserve’s board of governors appears to believe that one in four people who use Bitcoin (BTC) are criminals. 

In a panel speech honoring Benoît Coeuré, a member of the executive board of the European Central Bank (ECB), Lael Brainard highlighted the perceived risks still posed by cryptocurrencies.

Brainard: crypto exchange security troubling

Specifically selected for the panel, which formed part of the “Monetary Policy: The Challenges Ahead” event in Frankfurt, Germany, was illicit activity involving Bitcoin.

According to Brainard, who cited an academic study from earlier this year, Bitcoin still contains a significant malicious user base.

“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 told the audience.

Continuing, Brainard added…

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