Bitcoin Is a ‘Boon for Surveillance’, Says Former CIA Director
Blockchain technology is underutilized as a forensic tool, argues Michael Morell in a new report.
In brief
The narrative that criminals are using Bitcoin for illicit activities is overstated, a new report by Former CIA Director Michael Morell argues.
Government agencies should make better use of Bitcoin s technology as a forensic tool, he said.
The technology behind Bitcoin is a “boon for surveillance” and shouldn’t be shunned by governments but embraced, according to an ex-CIA boss.
Michael Morell, who was previously the CIA’s acting director, said in ‘An Analysis of Bitcoin’s Use in Illicit Finance’ that “blockchain technology is a powerful but underutilized forensic tool for governments to identify illicit activity and bring criminals to justice.”
EconomicPolicyJournal com: Former CIA Director Comes Out in Favor of Bitcoin economicpolicyjournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from economicpolicyjournal.com Daily Mail and Mail on Sunday newspapers.
Bitcoin just received a strong vote of confidence from an unlikely source, a former acting director of the Central Intelligence Agency. In so doing, he put senior government officials who issue public warnings about bitcoin’s alleged use by criminals, such as Treasury Secretary Janet Yellen, on notice.
Michael Morell, a 33-year veteran of the agency, published an independent paper commissioned by the newly formed lobbying group Crypto Council for Innovation (whose founding members include Coinbase, Fidelity Digital Assets, and Square)
directly refuting this well-traveled narrative. In an expansive study, Morell came to two key conclusions:
The broad generalizations about the use of bitcoin in illicit finance are significantly overstated.
Former CIA Acting Director Praises Bitcoin Technology as Boon for Surveillance sputniknews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sputniknews.com Daily Mail and Mail on Sunday newspapers.
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04/13/2021 08:00 AM EDT
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