Sunday, November 5, 2017

Catholic church to highlight Bitcoin in their conference on slave trade and human trafficking

If one is take things at face value then it appears that the Vatican and Catholic Church heirarchy are not big fans of cryptocurrencies.  And in church's upcoming conference on human trafficking and the modern day slave trade, there will be a focus on the use of Bitcoin and how it is used to aid in the crimes of trafficking and slavery.

The Vatican is soon to host an address on how bitcoin and other cryptocurrencies are being used in the modern-day slave trade. 
To be held today at the Pontifical Academy of Social Sciences (PASS) in the headquarters of the Roman Catholic Church, the talk by Bank of Montreal senior manager Joseph Mari is to provide an overview of the role cryptocurrencies play in money laundering, while highlighting the potential of blockchain to help the unbanked. – Coin Desk
Perhaps as well it should not come as a surprise that the church has negative feelings about cryptocurrencies since their institution plays a major role in the global banking system.

Ironically, two other major religious groups are doing the opposite of the Catholic Church by buying wholeheartedly into cryptocurrencies with ones like the Jewish Bitcoen, and an upcoming Islamic crypto that is considered spiritually legal by Sharia standards.

The fact of the matter is however that Bitcoin and cryptocurrencies play a very small role in money laundering or criminal activities, and in fact the biggest money launderers in the world are the major banks themselves.  And for the Vatican to use them as a scapegoat is simply subterfuge to mask the activities that have been going on for centuries in regards to money laundering by the church's own bank.

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