As Bitcoin grows in popularity among those in the mainstream, it is still dealing with some very negative stigmas. Its anonymity makes it attractive to unsavory characters who use it to cover payments for all sorts of illegal acts.
One of those is human trafficking, which is akin to slavery by many, including the Vatican and Pope Francis.
To address this issue, the Vatican is holding conversations with financial players. It is in the middle of a series of discussions in which banking officials and senior church leaders are tackling how cryptocurrencies are being used in such illegal activities.
There’s no doubt that Bitcoin and the Blockchain technology that underpins it are reshaping the financial world. On that same note, cryptocurrencies are still coming under scrutiny because of the bad actors that see them as a means to fund their activities.
So, through a series of events, 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.
The coming together is part of a wider effort by the church and the Pope to address the ongoing problem of slavery. In place by the Pope, are plans to end the activity by 2020.
The idea of bringing those from the banking space into the fold is a proactive step considering they are keenly aware of how these criminals are using cryptos.
Slavery and cryptocurrency
Pope Francis has made it one of his missions to rid society of slavery. Officials have found that those trafficking in human trafficking are increasingly using cryptocurrencies in their trade.
Bank of Montreal officials are providing information about how those behind the slave trade use cryptos in money laundering, and other schemes. An effort called Project Protect was set up to hone in on this illicit activity.
It has found that Canada was one of the regions to be a hot bed for human traffickers who are increasingly using cryptos.
Recognizing that cryptocurrencies are going to continue to grow in use by the mainstream, Vatican church leaders are working with bank officials to develop ways to immediately, and strategically, identify when they are being used for misdeeds like slave trading.
Bank of Montreal sees Blockchain as key to being able to detect specific crypto transactions related to human trafficking.
Hopefully, this will give these criminals one less tool to carry out their bad acts.