Lael Brainard Believes One In Four People Using Bitcoins Are Criminals
Lael Brainard Believes One In Four People Using Bitcoin Are Criminals
December 19, 2019
Lael Brainard Believes One In Four People Using Bitcoins Are Criminals
Lael Brainard Believes One In Four People Using Bitcoin Are Criminals
December 19, 2019

Lael Brainard, 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 Frankfurt, Germany, Brainard highlighted the perceived risks, which still posed by cryptocurrencies. However, she was speaking as part of a panel honoring Benoît Coeuré, a member of the Executive Board of the European Central Bank (ECB).

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

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

Brainard stated:

“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 added:

“One study estimated that more than a quarter of bitcoin users and roughly half of bitcoin transactions, for example, are associated with illegal activity.”

As it has been reported, studies into transactions regularly produce opposing conclusions, others suggest that a lack of anonymity means genuine criminals still prefer cash.

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Thus, further difficulties lie in stating that exactly how many people use Bitcoin, as a user can control an infinite number of addresses. 



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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.