Bitcoin is not linked to money laundering, says chief scientist from Canada

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April 20, 2018
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Bitcoin is not as susceptible as it’s being portrayed when it comes to its link with illicit activities like tax evasion and money laundering, according to a Chief Scientist of Quebec City, Canada, as reported by the Forbes.

And the most important fact that the scientist, Rémi Quirion has addressed (and I also think about the same) is that Bitcoin is no more transparent than money as you have to use a platform for the transaction, where the sender’s and receiver’s address is being recorded, even if someone does not use his real name. Thus, there’s no anonymity in that.

According to Quebec’s Chief Scientist Office, one reason for Bitcoin’s image problem is the pseudonymity that cryptocurrency transactions afford because the ecosystem is decentralized and largely unregulated. But transactions are not completely anonymous.

Quebec’s Chief Scientist says,

“The anonymity of bitcoin is a myth,” Jonchères said. “There is no more transparent money because you have to go through a platform where you have to give personal information. At the very least, [even if a name is fake] we always know the address of the transmitter and that of the receiver.”

Dr. Quirion believes that transparent and public nature of the Bitcoin Blockchain, where transactions are recorded and distributed across a global network, is not an ideal platform for engaging in the anonymous criminal activity.

The research note also explains, “Bitcoin is not above the law, nor is it a magnet for illicit transactions: it forms only a tiny part of the criminal money circulating around the planet.”

While the statement strongly denies allegations of Bitcoin as a tool for criminals, it does urge investors in Bitcoin to remain cautious and exercises due diligence, adding that the ultimate responsibility falls upon the user.

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