Cryptocurrency Not Meant For Offshore Dealings

On October 3, Bitcoin Archive, the famous Bitcoin Twitter account for insight and commentary, said Bitcoin is not included in the offshore dealings as all used fiat currencies.

Bitcoin Archive tweet comes after Pandora Papers exposed the inner workings of a shadow economy that privileges the wealthy and well-connected at the cost of everyone else. More so, ICIJ and 600+ journalists brought the list. As a result, this is the largest collaboration in journalism history.

Further, the document contains more than 11 million records, uncovering the financial secrets of 35 current and former world leaders. On top of that, the list includes 330+ politicians and officials, a list of fugitives worldwide, murderers, and con artists.

Expanding further, the list includes Jordan’s King Abdullah II, Konstantin Ernst, Russian President Vladimir Putin’s unofficial Minister of propaganda, Czech Republic PM Andrej Babis, Kenyan President Uhuru Kenyatta, and others.

Among these people, India’s cricket superstar Sachin Tendulkar also figures in the offshore dealings list. But, Sachin Tendulkar’s lawyer stated that the cricket player’s investment is genuine and has been declared to tax authorities.

Following Bitcoin Archive’s tweet, the crypto community also reacted. Some said that no crypto is included as all the transactions were mostly in US Dollars. Even more, the user said he will draw the line against any politician who still questions Bitcoin legitimacy or its transparency.

Adding to this, a user notes that money launderers, politicians, tax evaders, criminals are the ones who use fiat currency. Thus, “they should ban fiat currency,” says the users.

As the reactions keep coming, another user adds, “The reason is that Fiat is not transparent and the legislator is corrupt, unlike Bitcoin.”