Bitcoin Must Be Seen for Money Laundering Potential, Finma Says - page 2.

acquafredda

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Quote from: TheMage on May 07, 2015, 01:28:07 AM

Quote from: tokeweed on May 06, 2015, 09:59:10 PM

Quote

Switzerland’s financial market regulator says the virtual currency Bitcoin needs to be treated as a serious medium for illicit activity like money laundering in a sign of the widening acceptance of the digital payment system.

Bitcoin’s ability to be used anonymously and internationally increases the risk it could play a role in terrorist financing, Finma, as the regulator is known, said in a February report on draft of its revised decree on money laundering. Handelszeitung reported Finma’s mention of Bitcoin earlier today.

Full article here http://www.bloomberg.com/news/articles/2015-05-06/bitcoin-must-be-seen-for-money-laundering-potential-finma-says

The article is seriously lacking in content.

Also, I am astounded at the ignorance of regulators when talking about crypto currencies. Yes ok it could be used for money laundering. But then again the transaction is recorded and downloaded into every wallet in existence. Eventually it needs to be converted to fiat.... is 1+1 =2 to hard for regulators to understand?

I've been seriously contemplating on sending personal messages to regulators in order to attempt to educate them on crypto's. Starting with Ben Lawsky and his asinine Bitlicense.

The article is based on what "respectable" people want to listen.

LFC_Bitcoin

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People will launder money with or without bitcoin.
This kind of thing annoys me, people trying to dirty the name of bitcoin.
Crooks, gangsters etc will always exist, it's like mentioning 'ISIS use bitcoin to fund arms dealing' or 'bitcoin is used to buy drugs'......Correct me if I'm wrong but I'm pretty sure cash can be used to buy drugs.
It's insane, the worldwide drug trade must be worth billions, how much of that is accounted by bitcoin use?

Next to none, that's the answer.

Back to the OP, if people want to launder money they will do it with or without bitcoin.
It seems stupid to bother mentioning bitcoin.

Whitehouse

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Quote from: Shindo1988 on May 07, 2015, 01:21:54 AM

Quote from: Amph on May 07, 2015, 01:14:27 AM

they still think that bitcoin is anonymous, and they disregard the comparison with cash everytime, which is even more dangerous

they should ban cash first before even attempting to restrict bicoin, if they were really coherent whit what they want

^^^ This.
Cash is completely anonymous.
Nobody knows if person A made a deal with Person B that is to be paid in cash.
But if person A made a deal with person B which is to be paid in Bitcoins, it will be seen on the block chain, then everybody will know.

You're skewing the facts here to suit your argument. You can just as easily say bitcoin is anonymous too because you don't really know who sent it. I have just sent a bitcoin payment across the world to some terrorists. Please show me the transaction and my name. It would be difficult for me to transfer cash to them without leaving a paper trail or exposing my identity.

TheMage

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Quote from: tokeweed on May 06, 2015, 09:59:10 PM

Quote

Switzerland’s financial market regulator says the virtual currency Bitcoin needs to be treated as a serious medium for illicit activity like money laundering in a sign of the widening acceptance of the digital payment system.

Bitcoin’s ability to be used anonymously and internationally increases the risk it could play a role in terrorist financing, Finma, as the regulator is known, said in a February report on draft of its revised decree on money laundering. Handelszeitung reported Finma’s mention of Bitcoin earlier today.

Full article here http://www.bloomberg.com/news/articles/2015-05-06/bitcoin-must-be-seen-for-money-laundering-potential-finma-says

The article is seriously lacking in content.

Also, I am astounded at the ignorance of regulators when talking about crypto currencies. Yes ok it could be used for money laundering. But then again the transaction is recorded and downloaded into every wallet in existence. Eventually it needs to be converted to fiat.... is 1+1 =2 to hard for regulators to understand?

I've been seriously contemplating on sending personal messages to regulators in order to attempt to educate them on crypto's. Starting with Ben Lawsky and his asinine Bitlicense.

Shindo1988

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Quote from: Amph on May 07, 2015, 01:14:27 AM

they still think that bitcoin is anonymous, and they disregard the comparison with cash everytime, which is even more dangerous

they should ban cash first before even attempting to restrict bicoin, if they were really coherent whit what they want

^^^ This.
Cash is completely anonymous.
Nobody knows if person A made a deal with Person B that is to be paid in cash.
But if person A made a deal with person B which is to be paid in Bitcoins, it will be seen on the block chain, then everybody will know.

Amph

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they still think that bitcoin is anonymous, and they disregard the comparison with cash everytime, which is even more dangerous

they should ban cash first before even attempting to restrict bicoin, if they were really coherent whit what they want

tokeweed

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Quote

Switzerland’s financial market regulator says the virtual currency Bitcoin needs to be treated as a serious medium for illicit activity like money laundering in a sign of the widening acceptance of the digital payment system.

Bitcoin’s ability to be used anonymously and internationally increases the risk it could play a role in terrorist financing, Finma, as the regulator is known, said in a February report on draft of its revised decree on money laundering. Handelszeitung reported Finma’s mention of Bitcoin earlier today.

Full article here http://www.bloomberg.com/news/articles/2015-05-06/bitcoin-must-be-seen-for-money-laundering-potential-finma-says

Topic: Bitcoin Must Be Seen for Money Laundering Potential, Finma Says - page 2. (Read 1385 times)