Due to transparent and public features of Bitcoin Blockchain, Chief Scientist of Quebec consider that Bitcoin is not a tool for illegal activities. Because of the global network, you can see all the transactions in Bitcoin that are in the Blockchain.

20 April, AtoZ Markets – Rémi Quirion, the Chief Scientist of Quebec, considers that is exaggerated the idea that Bitcoin is used for illegal activities like tax evasion and money launderings.

Chief Scientist of Quebec: Bitcoin is Not a Tool for Illegal Activities

According to the online media reports, the statement by l’Agence Science-Presse relates:

“Bitcoin is not above the law, nor is it a magnet for illicit transactions: it forms only a tiny part of the criminal money circulating around the planet.”

Due to transparency on Bitcoin Blockchain, it is practically impossible for Bitcoin to engage in anonymous criminal activity.

In addition, the statement notes:

“The anonymity of Bitcoin is a myth, [it] is no more transparent as money, because you have to go through a platform where you have to give personal information. At the limit, if the name is not his, we always know the address of the transmitter and that of the receiver.”

“Dirty Bitcoins” only represent 0.61 percent of trading between 2013 and 2016, according to a report. This is a study made by the Center for Sanctions and Illicit Finance of the Defence of Democracies Foundation. The period after 2016 accounted a percentage of 1.07.

Due diligence is still important

Geneviève Bruno of the Quebec provincial police, Sûreté du Québec, has stated that money laundering through Bitcoin is “not an emergent phenomenon here and we do not have any records related to that.”

The agency goes on to state that allegations of tax evasion through Bitcoin are “anecdotal:”

“Most users do not have the skills for themselves [to] manage their portfolios and exchange platforms or online portfolios are already subject to anti-money laundering rules…Since Bitcoin is transparent, it will be very easy to identify all the people trading on an online exchange or portfolio platform.”

In fact, the statement from the agency is mostly denying the status of Bitcoin as a tool for criminals. However, the officials also call for investors to remain cautious and carry out their due diligence.