Concern of illegal use of crypto - page 7.

TheNineClub

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Quote from: Flyingjack123 on April 21, 2022, 11:54:26 AM

Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency...
What can be the remedial step to address this concern.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

Yeah, if he says so, but I'd say the biggest issues governments have with crypto is the lack of control they have over it, as they can manipulate FIAT curencies left and right, but here they don't have any grasp. And this is not be being a conspiracy theorist, but controling the flow of money is a sign and a show of power, and they don't wan't to lose that.

Gyfts

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US, EU, and now India (I'm sure there are others) all attempting to blame terrorism funding on crypto. You're seeing a commonality when large countries begin to focus on the same false narrative that crypto currency somehow is a national security threat. There isn't a need to address the matter -- terrorism will exist with or without crypto currency.

This isn't a large issue, merely speculative and just being used as an excuse shove down regulations. As long as they can sell the public a false sense of safety, they'll be okay with anything. Terrorism is a great excuse.

teosanru

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Quote from: Flyingjack123 on April 21, 2022, 11:54:26 AM

Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency...
What can be the remedial step to address this concern.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

Aren't these illegal activities already happening when cryptos haven't even been brought into the system? Money laundering is an issue we are facing now for decades, even after hundreds of measures implemented by the government themselves these things are still happening, and trust me these things will continue to happen even if cryptos don't kick in, it's just lame excuses made by the government to discourage cryptos. If they are so concerned about money laundering or terror financing why aren't they straightaway banning cryptos? why are they taxing it at 30% and earning revenues from it?

kryptqnick

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India has been quite hostile and yet very confusing towards cryptos for years. They kept introducing bills, first banning some activities with cryptos, then allowing them back, and also bills that never passed but were largely negative. And there were different statements made by different officials, which makes me think that there's no consensus, no united governmental crypto attitude, but overall it's wary if not negative, even though there might be some proponents.
This concern is as old as cryptos are, and it's been discussed many times how nobody suggests banning any sort of fiat, even though each of them is used to some extent for illegal purposes, and how cash is more untraceable than cryptos, and yet there are very mild regulations of it.

noormcs5

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Quote from: Flyingjack123 on April 21, 2022, 11:54:26 AM

Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency...
What can be the remedial step to address this concern.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

This has been discussed many times that bitcoin does not support Money laundering and terror financing. History will tell us that fiat currency are the major source of terror financing. Bitcoin blockchain transactions are transparent and it is not feasible to do Money laundering on bitcoin blockchain.
Governments just uses these excuses so that they do not have to make cryptocurrencies legal.

Captain Corporate

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Quote from: Hamphser on April 21, 2022, 06:55:56 PM

We've already get used into this kind of issues which is mainly attaching with money laundering and keeps a focus on crypto rather than on fiat which had been used by ages in terms of these kind of negative or illegal

Just because its a regular thing and not a big deal in the fiat world, doesn't mean that we should be caring about it in the crypto world. We just continue to either ignore it in crypto, or we start to care about it in the fiat world, world can't have it one way or the other. Just because they see crypto is used for money laundering, they started to bash us and tell us that crypto is used for bad stuff while ignoring about the fiat worlds horrible stuff. I just have to say that money laundering can't be ignored but there is nothing people can do, there are times when criminals are caught, but its rare and it will continue to be rare unfortunately.

stomachgrowls

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Quote from: Franctoshi on April 22, 2022, 09:04:16 AM

Do they have complete statistics of the illegal use of fiat currency when compared with cryptocurrency?, that its transaction is transparent and is on chain which can be traced, to a system that no one knows how many in circulation , anyone can load up his bag with fiat and do whatever , All this stories is to are just to fight against the technology, and I don't think It can stop Bitcoin at this level instead the news will help to creating more Bitcoin's awareness.

They cant provide since it cant really be traced in the first place and they would not love to accept that fact which fiat had been used through ages about money laundering which they wont really be

putting a focus on and just like said that media does have big impact on showing off bad image on crypto with just those false information or making out some blame without even looking
on what fiat is been doing.
Its not new and they've been doing this for years and if you've been here then you would say that these sentiments are really that pretty common.

PX-Z

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Money laundering is really a huge hindrance for cryptocurrency to go main stream, fully. Although there's much more easy to launder in fiat form but will government ban their currency? Or foreign currency just to fight against it? I dont think so.

Its okay to do things for prevention but at least try work on it. If other countries tried and do regulations even accepts it as legal tender, why not the others? There are lots of advantage and benefits a country can get accepting crypto in terms of remittance way,of transfer. Instead of focusing on the bad side why not the other way around.

Fortify

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Quote from: Flyingjack123 on April 21, 2022, 11:54:26 AM

Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency...
What can be the remedial step to address this concern.

For all the people in the cryptocurrency scene who would prefer to ignore it altogether, there is a valid concern by politicians and financial officials that it can be used for illegal purposes. If we ever want to see cryptocurrency go mainstream, there is going to need to be a realization that ownership has to be traced as much as possible and this is not a bad thing. Unfortunately anonymity is always a magnet for criminals, because it allows them to move ill gotten gains with impunity, but in reality nobody should fear declaring their ownership of crypto. I understand that is not true for countries that have banned it, but encouraging a transparent environment in countries that allow it will start by owners submitting to KYC documentation. Anybody who moves money into and out of crypto on a regular basis will do this as standard, it's also true for people that buy it regularly through credit or debit cards - so little really changes.

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Quote from: Flyingjack123 on April 21, 2022, 11:54:26 AM

Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency...
What can be the remedial step to address this concern.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

I don't see a problem here even if it was proven, what has been their stand about Money laundering, terror financing with the Fiat money, or are they saying this doesn't exist? this is just one of their ways to keep trying to justify a Ban on Cryptocurrencies.

Franctoshi

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Do they have complete statistics of the illegal use of fiat currency when compared with cryptocurrency?, that its transaction is transparent and is on chain which can be traced, to a system that no one knows how many in circulation , anyone can load up his bag with fiat and do whatever , All this stories is to are just to fight against the technology, and I don't think It can stop Bitcoin at this level instead the news will help to creating more Bitcoin's awareness.

LogitechMouse

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Fiat has been the same with crypto that has been used for money laundering and yet they aren't saying anything about it?
Well, the Indian government has a negative stance with regards to Bitcoin. I mean they aren't supporting it but not banning it as well.

Overall, nothing new with this. Fiat has been used for illegal purposes and now Bitcoin or crypto in general has been used as well. Best thing to do is to just ignore what they are saying and just move on.

Rockstarguy

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Quote from: Flyingjack123 on April 21, 2022, 11:54:26 AM

Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency...
What can be the remedial step to address this concern.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

Government will always look for what to say bad about cryptocurrency. Before the existence of cryptocurrency morning laundry, fraud has been hitting the world, even if their should be no cryptocurrency today a lot of criminal activity will still on. Government fails to see and talk about the advantages of cryptocurrency but will always criticise it.

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Quote from: Wimex on April 21, 2022, 06:54:38 PM

This type of event has existed for a long time, smuggling and money laundering is a very strong and difficult business to control, with the arrival of these virtual currencies such as Bitcoin, it gave a new direction to these criminals now in a certain way it facilitates them meet your goals.
In its process for the regulation of cryptocurrencies, India will have to keep its guard up, I believe that it should reinforce the security of these financial transactions, with due care to prevent the further expansion of this type of crime. In order to legalize this digital asset, it is extremely important to be aware of all the negative alternatives that may or already exist with the intention of monitoring and taking action.

How does it help them more than cash would? Surely, using cash with no trace at all, is better than publicly broadcasting that x address sent to y address. Isn't that the very thing that criminals are looking to avoid? I think this is often just brushed over by the media, but cash suits criminals much more than cryptocurrencies in general. The only cryptocurrencies which are facilitating more than cash would likely be the ones which are truly anonymous, but Bitcoin is far from that.

Quote from: Leviathan.007 on April 22, 2022, 06:40:23 AM

This is way too cheap to say all or most of the money laundering come from bitcoin and cryptocurrencies, so before cryptocurrencies, there was no money laundering and no financial crime at all? that's wrong

Honestly, I'd like to see some numbers on this, because lets say Bitcoin is one of the largest contributors to illegal activities, how would they be able to determine that if its anonymous? They wouldn't be able too, they would be acting upon assumption for the most part. Obviously, those involved with Bitcoin know that Bitcoin isn't completely anonymous, and therefore as above isn't exactly the best approach for criminals.

Also, absolutely right. Cash will, and likely will always be the go to for criminals. The only exceptions to that will be cryptocurrencies like Monero, that are more anonymous than Bitcoin, which I probably would agree could potentially be a problem.

Leviathan.007

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This is way too cheap to say all or most of the money laundering come from bitcoin and cryptocurrencies, so before cryptocurrencies, there was no money laundering and no financial crime at all? that's wrong, and bitcoin and cryptocurrencies are just tools this tool can be used in bad and good ways depending on the user and the purpose of the user, just like a knife, a knife can kill a man, also a knife can be used in surgery to save a life. I think people Sitharaman should think more and stop saying such things about bitcoin and cryptocurrencies.

Fundamentals Of

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This is a concern that has been debated and discussed many times, in fact addressed to a certain extent. KYC in relation to AML has been in implementation. Although there are still centralized exchanges that are allowing unverified users, the limit is greatly reduced already. KYC is also strengthened. Not only is it asking for a complete name and address, there are more documents and processes required as well. This is also in line with anti-terrorist funding. I think these steps are enough for launderers and terrorist funders to avoid using registered crypto companies. It seems the finance minister is not kept updated.

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Quote from: AmoreJaz on April 21, 2022, 06:46:48 PM

Quote from: Captain Corporate on April 21, 2022, 06:38:51 PM

I do not really understand the point of discussion in regards to bitcoin being used for illegal reasons. I have talked about this before a million times, fiat is used for these illegal stuff as well. I think the point is that people who dislike bitcoin just looking for a reason to dislike it. They already do dislike crypto, so when you tell them like a billion dollars is scammed every year, they will cling unto that and talk about that while missing the fact that hundred times of that is scammed in fiat. You can say drugs can be bought with bitcoin and they will focus on that and miss that drugs can be bought with dollars as well, whatever you give them as bad thing about crypto, they will eat it up because they believe its bad before you tell them and that is the main reason they will repeat the bad thing and ignore all the good it has done. You wouldn't find them talking how great crypto is because we donated 100+ million dollars to Ukraine.

absolutely true! and up until now, money laundering has high percentage when it comes to fiat. so why not start busting those money laundered via fiat? crypto is just a new player in this market. and if they compare the money laundered via fiat vs crypto, i don't think crypto will have significant contribution on this fraudulent activity. they can always see negative aspect of this technology if they want to but if not, maybe, they will start enjoying the benefits brought by crypto esp to its people.

We've already get used into this kind of issues which is mainly attaching with money laundering and keeps a focus on crypto rather than on fiat which had been used by ages in terms of these kind of negative or illegal

usage which is something not really new specially on media exposing off some bullshit information or news around which do really give out some hindrance towards crypto or Bitcoin simply.

They wont stop until they would project out bad image in cryptospace on which they are focusing about this illegal aspect.

Wimex

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Quote

What can be the remedial step to address this concern?

This type of event has existed for a long time, smuggling and money laundering is a very strong and difficult business to control, with the arrival of these virtual currencies such as Bitcoin, it gave a new direction to these criminals now in a certain way it facilitates them meet your goals.
In its process for the regulation of cryptocurrencies, India will have to keep its guard up, I believe that it should reinforce the security of these financial transactions, with due care to prevent the further expansion of this type of crime. In order to legalize this digital asset, it is extremely important to be aware of all the negative alternatives that may or already exist with the intention of monitoring and taking action.

AmoreJaz

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Quote from: Captain Corporate on April 21, 2022, 06:38:51 PM

I do not really understand the point of discussion in regards to bitcoin being used for illegal reasons. I have talked about this before a million times, fiat is used for these illegal stuff as well. I think the point is that people who dislike bitcoin just looking for a reason to dislike it. They already do dislike crypto, so when you tell them like a billion dollars is scammed every year, they will cling unto that and talk about that while missing the fact that hundred times of that is scammed in fiat. You can say drugs can be bought with bitcoin and they will focus on that and miss that drugs can be bought with dollars as well, whatever you give them as bad thing about crypto, they will eat it up because they believe its bad before you tell them and that is the main reason they will repeat the bad thing and ignore all the good it has done. You wouldn't find them talking how great crypto is because we donated 100+ million dollars to Ukraine.

absolutely true! and up until now, money laundering has high percentage when it comes to fiat. so why not start busting those money laundered via fiat? crypto is just a new player in this market. and if they compare the money laundered via fiat vs crypto, i don't think crypto will have significant contribution on this fraudulent activity. they can always see negative aspect of this technology if they want to but if not, maybe, they will start enjoying the benefits brought by crypto esp to its people.

Captain Corporate

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I do not really understand the point of discussion in regards to bitcoin being used for illegal reasons. I have talked about this before a million times, fiat is used for these illegal stuff as well. I think the point is that people who dislike bitcoin just looking for a reason to dislike it. They already do dislike crypto, so when you tell them like a billion dollars is scammed every year, they will cling unto that and talk about that while missing the fact that hundred times of that is scammed in fiat. You can say drugs can be bought with bitcoin and they will focus on that and miss that drugs can be bought with dollars as well, whatever you give them as bad thing about crypto, they will eat it up because they believe its bad before you tell them and that is the main reason they will repeat the bad thing and ignore all the good it has done. You wouldn't find them talking how great crypto is because we donated 100+ million dollars to Ukraine.

Topic: Concern of illegal use of crypto - page 7. (Read 1068 times)