In brief

-The narrative that criminals are using Bitcoin for illicit activities is "overstated," a new report by Former CIA Director Michael Morell argues.

-Government agencies should make better use of Bitcoin's technology as a "forensic tool," he said.

The technology behind Bitcoin

is a "boon for surveillance" and shouldn't be shunned by governments but embraced, according to an ex-CIA boss. 

Michael Morell, who was previously the CIA's acting director, said in 'An Analysis of Bitcoin's Use in Illicit Finance' that "blockchain

technology is a powerful but underutilized forensic tool for governments to identify illicit activity and bring criminals to justice."

The report, co-authored by Josh Kirshner and Thomas Schoenberger, was ostensibly written as a defense of Bitcoin—a response to growing "concerns about the illicit finance implications of the cryptocurrency ecosystem."

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