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Despite Bitcoin’s hockey-stick price chart over the last week, hitting $7,500 level, still, the general perception of the digital currency is that it can be largely used for illegal purposes like drug and human trafficking, terrorist financing and others.
Now, Vatican City is working with major financial institutions to better understand the use of crypto in human trafficking and ultimately explore ways to stop the illicit activity.
While the technology behind bitcoin, blockchain, has disrupted a series of industries, products and sectors, the doubt that cryptocurrencies are currently use for illegal activities is one of the major concerns for governments around the world. Since cryptos are not regulated, the cost of legitimizing digital currencies can come at a huge cost for humanity.
This is one of the concerns of Pope Francis and Vatican City. Cryptovest just reported that “the Bank of Montreal is meeting with Vatican leaders at the Pontifical Academy of Social Sciences (PASS) in the headquarters of the Roman Catholic Church.”
Pope Francis’ stand on human trafficking and slavery is a very outspoken one, with the intention of ending all such activities by the year of 2020. Now, with the power of cryptos and blockchain, that mission may be much easier and faster to accomplish.
The major parts of the world where human trafficking takes place are Eastern Europe, Canada, and others. According to Bank of Montreal, the knowledge about cryptos can be quite beneficial in targeting criminal activity and eventually ceasing it. With the influence of Pope Francis, Vatican City and financial institutions, the stop to human trafficking and slavery may soon come to life.