Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money

Fiat money is used 800 times more in money laundering cases than bitcoin according to the newest report published by Messari and we are about to read more in the latest cryptocurrency news below.

The recent research conducted by Messari shows that Bitcoin is not really a financial threat as some claim. They performed the research after the recent remarks by the U.S. Treasury Secretary Steven Mnuchin. The data from Chainanlysis and the United Nations Office on Drug and Crime reveals that traditional money is used far more than Bitcoin in money laundering cases on the darknet. The results do not take into account the money laundered via conventional markets. The statistics provided by the UN are very different than the statements of Steven Mnuchin who overestimated the problem up to the point where he described cryptocurrencies as ‘’national security issue’’:

 “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking. Many players have attempted to use cryptocurrencies to fund their malignant behavior. This is indeed a national security issue.”

The results of the Messari research show the same thing that Europol already concluded in their report ‘’Why Cash Is Still King?’’ where they talk about fiat money is the number one tool used in crimes. In the reports they also describe how criminals still use fiat money in their operations rather than bitcoin and cryptocurrencies:

 “Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process …
While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk…money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”

As noted in some of the best cryptocurrency sites and reports, bitcoin is still considered as stable rather than fiat money since in the last decade the FED increased the currency supply by more than 12.664% which is more than Bitcoin did.