Abdulrasheed Bawa, chairman of the Economic and Financial Crimes Commission (EFCC), said that cryptocurrencies have become a preference for persons engaged in illegal financial transactions.
Meanwhile, El Salvador has become the first country to adopt Bitcoin as official currency. Also, Ukraine has legalized #bitcoin and #cryptocurrencies. Does it mean that Ecuador and Ukraine are accepting or encouraging illegal transactions by adopting and legalizing crypto currency?
The battle between privacy and security is an age-old battle. Law enforcement and intelligence agencies around the world are always looking for opportunities to do away with privacy or technologies that enhance privacy. See the FBI–Apple encryption dispute. They argue that privacy enhancing technologies, such as encryption, impede or make their work of securing lives and property difficult or impossible. So does it mean that the death of privacy will make us more secure?
In the US, the FBI has severally claimed that they are "going dark", that is to say that crime busting and investigation is being hampered by the increasing use or adoption of encryption by tech consumers. In other words, the FBI and other law enforcement and intelligence agencies have been claiming for years that the increased use of encryption by consumers is making surveillance and lawful interception much more difficult and impeding investigations.
However, recent events have shown that the claim of going dark is over exaggerated. On May 22, 2018, the Washington Post reported that the FBI repeatedly cited inflated statistics about the number of cellphones whose data it could not access because of encryption.
Also in June, 2021, it was reported that for three years, the Federal Bureau of Investigation and the Australian Federal Police owned and operated a commercial encrypted phone app, called AN0M, that was used by organized crime around the world. In other words, instead of the FBI trying to break encryption or hack into devices, they created an encrypted phone app and put it out there and some criminals felt the phone app was secure and their communications were end to end encrypted, whereas, law enforcement agents had access to all their communications which were supposed to be encrypted and unreadable or inaccessible to third parties. With this, can you say the law enforcement and intelligence agencies are really going dark? See: The FBI's Anom Stunt Rattles the Encryption Debate.
In view of the above, the Chairman's claim might just be another ploy by a law enforcement agency to try chirp away at privacy and anonymity as law enforcements are wont to do, while hiding under the guise of fighting crime.