United States Treasury Secretary Steven Mnuchin seems to be agreed with his boss, President Donald Trump, and also expressed his concerns on the use of cryptocurrencies to finance “illicit activities”. Calls for stronger regulations of crypto-related organizations.
He thinks, but where is the proof?
He also called the use of cryptocurrencies a national security issue, saying that billions of dollars have been used for this purpose.
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking […] This is indeed a national security issue.” “I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation” – cited Cointelegraph and many other sources.
Billions of dollars? Not bad
And I think extraterrestrial life exists. But I don’t have proof. “Billions of dollars of illicit activity”? Thank you, Mister Mnuchin. Do you know what this is? Nothing. Nothing compared to the illicit activities financed with your US dollars, and also euros, yens, or other fiat currencies.
The organization of the United Nations, UNODC wrote earlier:
Transnational organized crime is big business. In 2009 it was estimated to generate $870 billion - an amount equal to 1.5 per cent of global GDP.
And this is only in 2009, and only “transnational”! Where is the national level, dear American people? I suppose other hundreds of billions of dollars.
From billions to trillions
A newer source:
Globally, transnational crime has an average annual retail value of $1.6 trillion to $2.2 trillion, based on 11 “industries”: counterfeiting and piracy, drug trafficking, illegal logging, human trafficking, illegal mining, illegal fishing, the illegal wildlife trade, crude oil theft, the trafficking of small arms and light weapons, the illegal organ trade, and the trafficking of cultural property. (Global Financial Integrity wrote)
Forbid dollars or regulate them
Let’s suppose, Mnuchin is right and “billions of dollars” of illegal activities are financed with cryptocurrencies. Let’s suppose, 10 percent of all cryptos, approximately 25 billion USD at the moment. (I doubt it.) And then, compare this with “1.6-2.2 trillion”.
The result can be seen on the chart. I propose we forbid USD dollars. It is much much more probably that an “illicit activity” will be financed with US dollars than with cryptocurrencies. At the moment.