U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Drug Dealers Drop Bitcoin, Switch to US Dollar Instead: US Government Source

News
Fri, 08/10/2018 - 11:03
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
Cover image via U.Today

 

Federal agent Lilita Infante working in a state drug investigation agency (DEA), reportedly, confirms that Bitcoin is no more so much a choice of illegal networks and individuals. Apparently, the number of illegal operations paid for with BTC has substantially diminished.

DEA agent shares info

Lilita Infante works in the task force that is focused on investigating cases to do with dark web and cyber-crimes. This team works in cooperation with other US government security agencies of the Department of Justice.

The officer told Bloomberg that in 2013 when she only began looking into cases of crypto used in illicit operations, the statistics showed almost 90 percent of activities involving BTC. Now, she admits, this figure has gone down to just one-tenth.

Infante is certain that most BTC operations are now used for speculative trading.

card

She also noted that coins with a high level of anonymity, like Zcash or Monero (XMR), lack liquidity, so criminals, when using crypto, still go for Bitcoin. However, the agent assures that the authorities do have ways to trace transactions even in XMR.

Contrary to the common opinion

The information provided by Lilita Infante contradicts the mainstream belief that Bitcoin and other electronic coins are mainly chosen for criminal activities.

In early summer 2018, the US Secret Service suggested that Congress considered additional laws for tackling challenges coming from virtual coins with a high level of anonymity.

Also, at about the same time, the US Congress passed a draft bill that would help oppose the illegal use of virtual assets.

card

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

Bitcoin (BTC) Ecosystem Healthier than 2014 and BitMEX Research Explains Why

Bitcoin (BTC) Price To Be Unaffected By Hashrate Swings: Analyst

Bitcoin (BTC) Price To Be Unaffected By Hashrate Swings: Analyst

Bitcoin (BTC) Price New Lows Predicted, Whales to Not Stop at $6,700

Bitcoin (BTC) Price New Lows Predicted, Whales to Not Stop at $6,700