In his speech at the world economic forum in Davos The former Deutsche bank CEO was one of many to support the quest to rid the world of cash.
Again, he stands in a long line of defenders of this practice.
And while it is true that a large quantity of crime is being committed on the back of cash, the alternative is much more Grimm.
I work together with a variety Of crisis response companies Who reacts to cases of kidnapping and ransom, extortion, and similar risks.
Unanimously these companies I work with sai dad’s paying a kidnapper in conventional currency is one of the most promising factors to retrieve the loot, and to trace the assets back to an individual or organization.
So his cash were taken out of the equation entirely, criminals would resort to alternatives.
In the recent past, and increasing amount of kidnapping around some cases have been changed in appearance by the perpetrators requesting bitcoin and other crypto currency’s in favor of dollars, euros, and other conventional currencies.
The problem is that crypto currency is in general very difficult to trace.
If done right a bitcoin can be in obfuscated that it will never be able to be traced.
The dark web would not be the dark web if it hadn’t invented algorithms to support these types of obfuscation.
Once these have been utilized, criminals often take their new and washed with calling to introduce them to an offshore casino there by entirely eliminating any trace that the crypto currency, which is now conventional currency, was used in a crime.
