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Money-laundering and terror financing are not the only concern, says a DEA official

Author, investor James Altucher once said about investing in Bitcoin, “I think Bitcoin has about a 1 in 100 chance of being a survivor. So I have 1% of my portfolio in Bitcoin.” More or less that’s been the art of investment, where return over 10% negates the failure of 90% of the investments.

Bitcoin survived for the last 10 years. In India’s context, the question is, however, how long? First Economic Times on April 26 followed by Bloomberg on June 7, in their independent reports, reported that the Centre is considering a crypto ban and a 10-year jail term for crypto trading or usage.

Of course, money laundering activities and terrorism financing have been a great concern but, it’s been there before Bitcoin and will continue to exist after Bitcoin ban (if banned); also, the inter-governmental body FATF (Financial Action Task Force) hasn’t already made its recommendations in this regard, has it?

Responding to this, a DEA (Department of Economic Affairs) official told Inc42,

This is not the only concern. Bitcoin has unrestricted access across the borders. We are looking at the greater concerns like Russian involvement in the American presidential election as well as the market risks involved. We don’t currently have the infrastructure to deal with such big threats.

On the existing ban framework draft, the DEA official, however, added, “nothing is permanent.”

Meanwhile, Bitcoin continues to score big on Google trends, bigger than Donald Trump, Tesla, and Kim Kardashian. And, according to a study by researchers at the Technical University of Munich and the Massachusetts Institute of Technology, Bitcoin is responsible for the same amount of carbon dioxide emissions as a city like Las Vegas or Hamburg and efforts to reduce its…

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