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New Reports Show Cryptocurrencies Are Being Used For Good Than Bad

There has been an increase in the usage of cryptocurrency for legal transactions and speculative trading in comparison to its status in 2013, reveals a DEA agent in an interview. As against the popular opinion that the crypto is mostly used by dark web and drug dealers for transactions, the DEA agent states there has been more usage by speculative traders since 2013.

The Decline in Illegal Usage of Cryptocurrency and Increase In the Legal Usage

A DEA agent that also doubles as a member of the 10-person Cyber Investigative Task Force, Lilita Infante, states in an interview with Bloomberg that the usage of cryptocurrency for Legal transactions has increased since 2013. In the interview, she said that Bitcoin cases started to show up in her investigation folders in 2013, and from then till the moment there has been a decline of 90% rate of criminal transactions through cryptocurrency, and the rate of illegal activities has reduced to 10%.

The percentage decrease indicates that presently out of 100% transaction through Bitcoin, 90% are legal transactions and the other 10% is illegal, which is an apparent contrast to what was at play in 2013.

As a member of the 10-person Cyber Investigative Task Force, that concentrates on investigating dark web and virtual-currency related investigations with other law enforcement organ; she states that the percentage of legal activities to the illegal activities does not mean that criminal activity had reduced over the year. She further said that there has just been an increase in the ratio of legal users.

Speaking about this she said that,

“The volume has grown tremendously, the amount of transactions and the dollar value has grown tremendously over the years in criminal activity, but the ratio has decreased.” She further revealed that the dominant transaction is price speculation investment.

Lilita’s opinion stood at a contrast to the view of most pessimist of cryptocurrency alike that cryptocurrency is a tool for criminal activities because of its anonymity it gives in transactions. Even though criminal act still constitutes a large chunk of it, it is still not the dominant at the moment, but only a little fraction in comparison to speculative investors use.

Infante further revealed in the interview that the crypto usage still functions as a pun for the transaction for dark web users, as crypto has become a tool for drug cartels and related organizations.

Though crypto is offering drug web users anonymity; the DEA has made much success in tracking criminal acts because of its openness and immutable. Even though some cryptos such as Monero and Zcash that offers more anonymity than Bitcoin and related ones are being used, the DEA agent states they still have their means of tracking criminal activities on it.

The interview reveals that there is a significant percentage increase of legal transaction on cryptocurrency than the illegal rate on it, and however, the illicit transactions are tracked down to reveal unlawful activities. This is a big plus to crypto, as the cleansing of illegal transactions will lead to more acceptance.

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