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US attorney General says Bitcoin is a Big problem to the Government

Oct 22, 2017 Posted /  7477 Views

US attorney General says Bitcoin is a Big problem to the Government

The Attorney General of the United states has given a negative feedback on Bitcoin relating it to the activities in the Dark web. The attorney general Jeff Sessions revealed this as he was testifying in front of the senate committee on the Judiciary.

Is the US Losing its grip on Cryptocurrency Control?

Many countries have put place viable Cryptocurrency laws to govern cryptocurrency and reduce the negatives associated with it. It clearly seems like the US Attorney general is not a fan of cryptocurrency as he gave a horrifying remark about it saying Bitcoin is a very big problem. This was in connection with a recent article published on the New York Times entitled Opioid Dealers Embrace the Dark Web to Send Deadly Drugs by Mail, by Nathaniel Poppe. The issue was brought to the attention of the attorney General by senator Dianne Feinstein, a democrat from California. She emphasized of the sophisticated phenomena in the dark web and explained by Bitcoin makes the dark web runs. Mrs. Feinstein asked the attorney general to try and address the problem of the dark web. She spoke during the sitting saying,

it seems to me, the dark web, being used by criminals, is going to grow in the coming years” she continued saying telling the attorney general that, “If you have any plans to address it or would you begin to think about it so that we might have some conversations on this, because I think there’s a lot of concern out there in law enforcement communities,”

Attorney General responded by saying,

We are very concerned about that, the FBI’s very concerned about that. They did take down, I think, the two biggest, dark web sites. This last one, Alphabay, we took down recently. They had 240,000 sites where individuals were selling, for the most part, illegal substances or guns on that site, including Fentanyl. And, they use bitcoins and other untraceable financial capabilities, and it is a big problem” he emphasized.

Bitcoin and the Dark web

The dark web as for a long time provided a platform for illicit activities over the internet, ranging from sales of drugs, human Body parts to restricted ammunition. Many countries make it illegal to visit sites on the dark web but technological advancement is making this regulation ineffective. Since the introduction of Bitcoin businesses on the dark web increased due to the mysterious invention of a superior untraceable payment method (Bitcoin). This caused lots of debate whether bitcoin should be allowed or not among very many security agencies including the FBI, CIA and the KGB. Never the less Bitcoin continued to flourish but with an anonymous author as Satoosi Nakamooto the presumptive Bitcoin Author disappeared completely from the internet. Whether America will try to stop Bitcoin or not is no longer a question only reducing its activities is possible.

The success stories

The international law enforcement bodies are continuously running coordinated efforts to break down the chains in the illicit activities happening on the dark web. As mentioned by the US attorney general Alphabay was successfully brought down and its owners arrested. Mr. Alexander Cazes, a software Engineer presumed to be the ring leader of the illicit site died mysteriously a few days after the site was brought down in a jail cell in Thailand. Online readers at a Bitcoin forum were furious with the possible move the US government would take to crack down Bitcoin. An anonymous reader was quoted saying,

When was the last time government tax stopped crime ... the problem with crime is no matter what day or age, people error. Regardless fiat or crypto. The real agenda is something else, they "the government" is as much criminal as the banking crooks, they destroy people's lives and they call it legal. The crooks on the street destroy people's life and does jail terms. They "the governments" are in this power game from the start.”

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Tags: bitcoin Regulations united states attorny

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