Quebec Chief Scientist: Bitcoin ‘Not A Magnet For Illicit Transactions’

The Chief Scientist of Canada’s second most populous province says concerns that Bitcoin is being used for illicit activities like money laundering and tax evasion are largely overblown, according to a new post on the agency’s website.

“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,” explains the note, which was prepared by Agence Science-Presse and Fonds de Recherche du Québec – a government research fund – and posted to website of Quebec’s Chief Scientist Rémi Quirion.

The rationale underlying the conclusion was two-fold: Bitcoin’s lack of fully anonymous transactability and the existence of other cryptocurrencies like Zcash and Monero that offer greater privacy to users.

 “The reason: [Bitcoin] is less attractive for anyone who wants to make transactions without leaving a trace,” explains the note, which is entitled “Bitcoin Above the Law? False” and is part of the agency’s Rumor Detector series.

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