Another day, another attack against cash.
The European Union (EU) has released new evidence that criminals are more likely to use cash than digital currencies like bitcoin. Is this real proof or just another excuse to amplify the war on cash?
According to the Council of the EU, criminal organizations are refraining from utilizing peer-to-peer decentralized virtual currencies because of the technological barriers that are in place. Aside from hackers, it appears that criminals don’t like to use bitcoin.
Study authors do note, however, that terrorists are far more likely than typical criminal enterprises to consider utilizing cryptocurrencies to finance their operations.
Ultimately, the report says, cash is the choice for illegal activities.
Here is the report’s conclusion:
“Few investigations have been conducted on virtual currencies which seem to be rarely used by criminal organizations. While they may have a high intent to use due to VCs characteristics (anonymity in particular), the level of capability is lower due to high technology required.”
With the EU gradually eliminating certain denominations from circulation as a way to protect you from these nasty individuals, this study will probably be used to justify banning cash.
It is easy to read between the lines and see through their unscrupulous methods.
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