'Most of the cryptocurrencies are used by criminal organizations,' said US Treasury Secretary candidate, but some pointed out that 'the facts are different.'
Than Joe Biden President has been appointed Secretary of the Treasury in the new administration
Janet Yellen Says She's Concerned About Illicit Use of Crypto Assets, Chainalysis Finds 0.34% of Transaction Volume Connected to Crime | The Daily Hodl
https://dailyhodl.com/2021/01/20/janet-yellen-says-crypto-asset-are-particular-concern-in-senate-confirmation-hearing/
Treasury nominee Yellen is looking to curtail use of cryptocurrency | Ars Technica
https://arstechnica.com/tech-policy/2021/01/biden-treasury-pick-yellen-favors-new-restrictions-on-cryptocurrency/
Bitcoin, a virtual currency ( cryptographic asset ), reached a record high on January 8, 2021, and is becoming more and more valuable as the global economy is hit by the epidemic of the new coronavirus infection (COVID-19). Is rising. Meanwhile, Chainalysis, which develops software for investigating cryptocurrency fraud detection and money laundering, spelled out the situation of crimes related to cryptocurrencies in a report called '2021 Crypto Crime Report' on January 20th.
Chainalysis Blog | Crypto Crime Summarized: Scams and Darknet Markets Dominated 2020 by Revenue, But Ransomware Is the Bigger Story
https://blog.chainalysis.com/reports/2021-crypto-crime-report-intro-ransomware-scams-darknet-markets
Unlike traditional banks, cryptocurrencies are highly anonymous and can instantly transfer funds anywhere in the world, which is said to be of great benefit to criminals. However, according to Chainalysis, cryptocurrency-related crimes have decreased significantly in 2020.
The following shows the percentage (line graph) and amount (bar graph) of virtual currencies sent and received by criminal organizations in the total virtual currencies. The ratio from 2017 to 2020 is visualized, and it is 2.5% or less in each year, which is a small amount from the whole, but it can be seen that the decrease is particularly large in 2020 compared to 2019.
In 2019, it was 2.1% of the total, and the amount was 21.4 billion dollars (about 2.2 trillion yen), but in 2020, the ratio is 0.34%, and the amount is 10 billion dollars (about 1 trillion yen). It is believed that the significant decrease in the percentage is due to the fact that the overall economic activity of cryptocurrencies has almost tripled.
However, economist and Treasury Secretary of the Biden administration, Yellen, said at a nomination approval hearing of the US Senate Finance Committee that cryptocurrencies are a 'concern.'
When the topic of the hearing moved to cryptocurrencies, Yellen said, 'I think that most of the cryptocurrencies are used mainly for illegal cash flow, at least in the field of trading. Use for illegal purposes. It is imperative to consider ways to reduce it, and we need to prevent money laundering through such routes. ' 'Technology changes over time. We need to deal with terrorist fundraising that changes over time,' he said.
On the other hand, a (PDF file) report released in September 2020 shows that cybercriminals use cash rather than cryptocurrencies. It is believed that this is because cryptocurrencies are highly transparent due to their mechanism and it is easy to track the flow of funds. It is also pointed out that 'the relationship between cryptocurrencies and money laundering is sensationally talked about' because 'cryptocurrencies are not practical for criminal organizations'.
However, there are also moves to develop new cryptocurrencies that enhance the privacy function of existing cryptocurrencies, and it is thought that such things will be more likely to be used for fraudulent purposes.
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