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Ex-head of Coinbase: the rules imposed on cryptocurrencies will make even fiat illegal

Ex-head of Coinbase: the rules imposed on cryptocurrencies will make even fiat illegal

Many studies show that only a small percentage of cryptocurrencies have anything to do with illegal transactions. This was stated by the former head of Coinbase, the current president of Figure Asiff Hirji at the RBC conference.

He stressed that regulators apply strict standards to cryptocurrencies:

"If we apply the kind of rules that are used today to regulate cryptocurrencies, to all global payment mechanisms, we're going to have money that's illegal altogether. No country will allow money to circulate."

Hirji also noted that crypto-assets allow to significantly reduce transaction costs.

Recall that according to a study by former CIA official Michael Morell, the extent to which bitcoin is used in illegal activities has been greatly exaggerated;

According to Chainalysis, in 2020 the amount of cryptocurrency transactions related to crime decreased to 0.34%, while their share in the turnover of decentralized exchanges was 0.024% at the end of last year.

In 2021, cryptocurrency transactions using illegal addresses accounted for 0.15% of the total volume, analysts said.

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