Pirates refused nonsensical connection of cryptocurrencies with organized crime

Strasbourg, 15/12/2021 – Today, The European Pirates voted against the CONT report on the impact of organised crime on own resources of the EU and on the misuse of EU funds. According to Pirates, this report includes nonsensical paragraphs which connect excessive use of cryptocurrencies with criminal organisations. On the top of that, the report does not bring anything new as it is mostly repeating the demands to the European Commission made earlier this year.

Mikuláš Peksa, MEP, Chair of the European Pirates and Member of the Committee on Budgetary Control in the European Parliament, comments:

“Overall the report is good but it mostly repeats the demands to the Commission made in the discharge procedure, including more transparency on final beneficiaries, better use of existing digital tools or update of the financial regulation. However, it also includes 2 paragraphs on the “extensive” use of cryptocurrencies by criminal organisations. I see this paragraphs as very problematic, as they contain inaccurate information and unfounded statements, mostly claiming that the cryptocurrencies sector allows for anonymity, lack of traceability and therefore impunity of criminal activities. They also imply that the cryptocurrencies are extensively exploited for VAT-fraud and other illegal activities. The narrative that the majority of cryptocurrency is misused for criminal activity is false and heavily used by Conservatives. We cannot support this because also data say otherwise. In 2020, the criminal share of all cryptocurrency activity was just 0.34%. Of that small portion, only minor scams make up the overwhelming majority of cryptocurrency related crimes.”

For further details and media inquiries please contact: