DEA: China shadow economy is based on the Bitcoin

According to US Drug Enforcement Administration report, Bitcoin is very popular among Chinese residents.
25 October 2017   1692

Crypto currency is the most popular asset among criminals who launder money through the trade. This is evidenced by the data of the new report of the US Drug Enforcement Administration (DEA).

The DEA emphasizes that bitcoin is very popular among Chinese residents.

Chinese manufacturers who want Bitcoin will undoubtedly ease the money laundering process for many TCOs. Currently, TCOs face scrutiny from U.S. banks when wiring money from the United States to Chinese manufacturers. However, a TCO purchasing Bitcoin via a licensed money service business (MSB) without raising red flags will face no further scrutiny when transferring the Bitcoin to China. Many TCOs can also buy Bitcoin from individuals selling Bitcoin on the Internet with no MSB license. Thus, many TCOs will be able to convert their cash drug proceeds to Bitcoin and buy Chinese goods with no fear of oversight from a formal financial institution.
 

DEA report

According to the DEA, most criminals buy bitcoins on regulated cryptoexchanges and when transferring capital abroad they use over-the-counter trading platforms.

Also experts from DEA suggest that over time the popularity of such a scheme will grow.

Electrum to Add Lightning Network Support Soon

According to the team, in other words, Electrum will turn into a Lightning node
14 October 2019   46

The Lightning Network protocol will be implemented in the popular Electrum bitcoin wallet in the next release.

As the representatives of the project said in a statement today, the Lightning node’s own implementation has already been merged with the main development branch.

The next release of Electrum will support Lightning payments. Our lightning node implementation has been merged into Electrum's master branch.
 

Electrum @twitter

Developers also emphasize that, in essence, Electrum will turn into a full-fledged Lightning node.

Recall that the intention to implement Lightning Network support, the creator of Electrum Thomas Vogtlin announced in July at the BIP001 conference in Odessa.