Rémi Quirion, the first chief scientist of Quebec, refuses to believe that Bitcoin’s primary usage lies in illegal trading.
Rémi Quirion, stated that many a times, Bitcoin is considered as a weapon for doing cyber illegalities such as money laundering and theft. This has called for increased regulations to keep safe the clients’ investments. He added more to this by saying, that even though bitcoin can be used anonymously for making transactions, “the facts do not support the theory”, that it is the illegal use of Bitcoin which is more common.
Mr Scientist has further stated that Bitcoin prefers pseudonymous transactions instead of complete anonymous trading and this reduces the threat of illegalities.
“Every transaction is transparent and public. They are indeed recorded in a kind of ledger whose copies are distributed among thousands of computers”, stated Jonathan Hamel and this is considered to be the fact which sets bitcoin apart from other anonymous coins, according to Mr Rémi Quirion.
A research was conducted by “Center for Sanctions and Illicit Finance of the Defense of Democracies Foundation”, which stated that about 0.61% of the total bitcoin trading has been found illegal during the tenure of 2013-2016.
Rémi Quirion also argued, “The claims of recent years that some of the bitcoins would be used to circumvent money-laundering rules must, therefore, be questioned”.
The argument was concluded by stating that Bitcoin is not a common means of illegalities. It has been used as a means of cyber crime but that forms a very small part of the black money that is in circulation. It cannot be used by anyone without leaving a footprint and this makes the Bitcoin users aware of the fact that they can be traced out. “In case of loss or theft, there is no 1-800 number to recover its Bitcoins”, concluded Mr Rémi Quirion.