In an interview conducted earlier this month at the Chainxchange blockchain convention, Lilia Infante, a special agent with the U.S. Department of Justice (DOJ) who pioneered the DOJ’s first Cyber Investigative Task Force looking at the use of cryptocurrencies in criminal investigations, recently discussed her views regarding the adoption of virtual currencies. Mrs. Infante expressed skepticism regarding the prospect of widespread cryptocurrency adoption in western nations, however, empathized with Venezuelan citizens using bitcoin as a means to circumvent hyperinflation.
Also Read: Investments, Offshores, Foreign Trade – Russia Planning for Crypto
DOJ Special Agent Doubts Widespread Cryptocurrency Adoption in West, Favors Venezuela
Lilia Infante, special agent with the U.S. Department of Justice, recently discussed her opinion regarding the adoption of cryptocurrencies worldwide. Mrs. Infante was involved in the establishment and launch of the Department of Justice’s first Cyber Investigative Task Force that focused on the use of virtual currencies in criminal investigations.
“The only problem is adoption,” Mrs. Infante stated. “What kind of importance do people put on immutability and privacy? Things that make Bitcoin special… The problem is nobody cares. Your average person is totally happy with their bank account, with their Paypal, with their Venmo. They like to have someone to rely on if their transaction doesn’t go through, and transactions are doing just fine. The use is there. It’s more about the importance, the motivation of why I’m going to use this,” she said.
“The example I give is Venezuela – hell yeah, I’m going to buy bitcoin if my currency is going to hyperinflation! I’m motivated to buy bitcoin and use it. But in America, where we have an abundance and different kinds of technology to transfer value, there’s really not that much motivation to learn this new technology. It’s a huge learning curve, especially for the older generation… It’s not that it doesn’t have utility; it’s the perceived utility for each individual,” she continued.
Mrs. Infante Advocates Cooperation Between Authorities and Crypto Exchanges
Addressing the cryptocurrency community, Mrs. Infante encouraged cooperation between virtual currency exchanges and regulators, stating: “If you want this technology to continue to thrive […] companies that act as exchanges for crypto […] they need to cooperate with the government.”
Mrs. Infante continued: “A lot of these companies that don’t cooperate with the government will not survive because the government is here to stay, even though there are many libertarian individuals who think otherwise. It’s in their greater interest to help catch bad actors to make crypto bad. We don’t want the main use for crypto to be criminal activity. We want them to help us like how banks help catch terrorists and money launderers. That way we’ll clean out this industry […] I love blockchain technology personally, and I don’t want it to be associated with criminal activity. I want it to thrive further than that.”
What is your response to Mrs. Infante’s opinions regarding cryptocurrency? Share your thoughts in the comments section below!
Image courtesy of Shutterstock
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.