NEW YORK: Microsoft founder Bill Gates criticised the anonymity of cryptocurrencies during a Reddit “Ask Me Anything” session on Tuesday, even going so far as to suggest that their use in the illicit drugs trade has directly caused death.
“The main feature of crypto currencies is their anonymity,” he said. “I don’t think this is a good thing. The [government’s] ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now cryptocurrencies are used for buying drugs so it is a rare technology that has caused deaths in a fairly direct way.”
When suggested that real, physical, bank-issued money is also used to fund illegal activity, he countered with the ability to send money via Bitcoin remotely. Cash transfers require a physical handover which can help detection. He also warned against price volatility and the speculation associated with ICOs.