Bitcoin is a revolutionary cryptocurrency that has the potential to create an efficient global economic system. But these changes won’t come easy. For Bitcoin to create a new economic order, it has to deal with few enemies in the form of governments and mainstream media.
The mainstream media has deviated from its core principles and fails to be objective in their reporting. The reporting on these outlets are either designed to gain more readership or to further the agenda of certain interested parties. The effects of such coverage have ended up impacting Bitcoin a lot.
Recently, one of the Italian publication, amid the country’s financial crisis has decided to embark on a smear campaign against Bitcoin. The media outlet reports that the digital currency is widely used in money laundering, organized crime, and international terrorism. The story is backed by an outdated Financial Action Task Force (FATF-GAFI) report which had stated that the future payment systems, especially Bitcoin provide criminals with a way to outsmart the law enforcement agencies.
It is worth noting that the FATF-GAFI report was published in 2014, a lot of things have changed since then. The media outlet’s lack of understanding of Bitcoin and its desire to create sensationalism is quite evident in the article. The author considers Bitcoin to be completely anonymous — which was disproved long ago. Bitcoin transactions are pseudonymous at best, and the transparent nature of its blockchain makes it easier to trace most of the activities happening on the platform.
The article goes on to speculate the connection between Bitcoin and terror funding. It is a known fact that most illegal activities, including drug trade and terrorism are fueled by cash — legal tenders issued by central banks across the world. US dollar leads the list as it is the most prolific currency in today’s world that has earned the label of reserve currency. The article on Il Sole 24 Ore fails to mention numerous reports where the law enforcement agencies failed to find any connection between terrorist attacks and Bitcoin usage.
The publication has also mentioned the concerns raised by the Anti-Mafia Investigation Department in Italy last year. The article seems to be based on old facts, hand-picked to suit its mission to discredit Bitcoin. Maybe next time, the publication should do thorough research into Bitcoin and use updated information before reporting on things like Bitcoin, blockchain and other tech related stuff.
Ref: Il Sole 24 Ore | Image: NewsBTC
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