Quebec Chief Scientist Rejects “Myth” of Widespread Illicit Bitcoin Use

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The Chief Scientist of Quebec, Rémi Quirion, has published a document rejecting the popular “myth” that illicit transactions are among those for which bitcoin is principally used. Quebec’s Chief Scientist is closely associated with the Fonds de recherche du Québec (FRQ) – a publicly funded institution dedicated to “providing support for the production and dissemination of knowledge.” Also Read: 20% of Financial Institutions Examining Starting Cryptocurrency Trading Soon Quebec’s Chief Scientist Dismisses Claims That Bitcoin is Commonly Used for Illicit Purposes Rémi Quirion, Chief Scientist of Québec Mr. Quirion asserts that “Bitcoin is often blamed as a good tool for crime or money laundering,” adding that “Even Christine Lagarde, president of the International Monetary Fund (IMF) recently called for more regulation of cryptocurrencies to counter illegal activities.” Whilst the Chief Scientist acknowledges that bitcoin can be used as a means to achieve greater anonymity whilst conducting transfers, Mr. Quirion states that “the facts do not support the theory” that criminal use of bitcoin is widespread. “Pseudonymity” Deters Criminals From Widespread Adoption Quebec’s Chief Scientist argues that bitcoin offers it’s users “pseudonymity,” rather than total anonymity, which detracts from its potential illicit utility. According to a rough translation, Mr. Quirion quotes cryptocurrency analyst, associate researcher at the Montreal Economic Institute, Jonathan Hamel – who has argued that the public nature of bitcoin’s blockchain detracts from its anonymity. “Every transaction is transparent and public. They are indeed recorded in a kind of ledger whose copies are distributed among thousands of computers.” Cryptocurrency analyst,…
Source: Quebec Chief Scientist Rejects “Myth” of Widespread Illicit Bitcoin Use

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