Topic: Cryptocurrency to be used in Money laundering and Terrorism? (Read 2769 times)
The concerns of States about cryptocurrency can be understood. It is indeed most often used for illegal purposes. But this should not spoil its image, because it in addition has many advantages. Therefore, it seems to me that over time crypto will find a place in every state and will be used by people.
Because of its peer to peer nature this certainly allows bitcoin or other cryptocurrency to be used for things that are illegal because bitcoin is not related to any financial institution or institution and transactions are carried out in a decentralized manner, so bitcoin is considered as safer to protect its users because of the bitcoin transaction system that hides personal data, but until now, it seems there has not been a single proven case if cryptocurrency has been used by terrorists or money launderers in my opinion, even though it should indeed be formed in each country a team that does regulate special regulations for cryptocurrency transactions occurs in the country, and so that at least will minimize the misuse of cryptocurrency against things that are illegal.
There are now many regulation and the reason is to prevent money laundering and to protect the users from scammers. There are many greedy persons who taking advantage of the uses of cryptocurrencies.
The nature of cryptocurrencies is anonymous, decentralized and global, so of course it will be a great vehicle for money laundering and arms and drug trading. Because of this lack of control, most governments prohibit crypto trading, as well as strict KYC requirements on crypto exchanges.
This is meaningless, fiats are used in money laundering and terrorism the most and any means of payment or something valuable can be changed for any thing else, this is so pointless and all i see in crypto FUD
This is an absurdity to believe that money laundering and terrorism are simply funded by crypto currencies or they have increase all this. If we just look 2,3 years back when crypto was not common, back then things were worst than now. Even then money laundering was common and there were numerous famous politicians that were enlisted in panama leaks because of their corruption. That was not done with cryptos.
This doesn't say a thing, if we start listing the biggest crime syndicates and drug lords that are dead from pablo Escobar for example these people never used crypto to launder money, its all in fiat, why tarnishing the image of crypto when fiat have been used since day one of crime activities
This news has been talked about eversince cryptocurrencies started and there is a huge possibility that this isn't entirely a lie. Cryptos are decentralized and it is difficult to track people by just merely their transactions. This is one downside of decentralized currency and we are not in control here.
I think it is now happening in our world. Because of the decentralized characteristics of cryptocurrencies, criminals and person who doing bad are using this opportunity for them to make transaction safely.
cryptocurrency is user-friendly so anywhere and anyone can use to transact, But if you think terrorist also use to transact. Obviously everyone use this platform and it is not a big issues in crypto market. Government can trying to avoid these kind of transaction, But government employees also cheat the money laundering so we can't say anyone because we don't know why criminals are transact using cryptocurrency. 
I think it is now happening in our world. Because of the decentralized characteristics of cryptocurrencies, criminals and person who doing bad are using this opportunity for them to make transaction safely.
Its still happen even without crypto they can find ways how to make it much more secure since digital payment is already started around the world. But using blockchain will make it easier for them to use it to send transaction. 
It is possible for cryptocurrency regarding money laundering. especially if many countries who do not understand cryptocurrency can also be a target for corruptors to save their money on crptocurrency that has not been widely known by many parties.
Being possible for bad actors to use cryptocurrency for bad purposes does not mean cryptocurrency must be tagged with bad activities. The ideology behind the creation of cryptocurrency was not to be used for money laundering, drug trafficking, terrorism funding etc. Cryptocurrency was created to revolutionized the payment systems and structure we have in our businesses today.The understanding they lack is that people have proper understanding of the system and discouraging good people from the use of it will not totally stop the application from functioning, all these their statement and action will only encourage the launderer the more to use the system fully for money laundering. Instead of blabbering all these, what I really expect of them is to regulate it.
According to the world survey: https://www.loc.gov/law/help/cryptocurrency/world-survey.php
Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism. Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws. For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.
Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism. Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws. For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.
Indeed, crypto could be used in those awful things but so is fiat. Both are money, but is money evil? No, it's a tool and in the eyes of the government, it makes their job difficult because those criminals are anonymous under cryptocurrency. Yet, they cannot regulate cryptocurrency since it has been already established and have solid foundation in the market.
I think it is now happening in our world. Because of the decentralized characteristics of cryptocurrencies, criminals and person who doing bad are using this opportunity for them to make transaction safely.
Same with Fiat they are also using fiat whenever there's opportunities for them to take advantage and to hide the illegal works that they are doing, any available system or gateway criminals will use it for the sake of their illegal jobs. There's no way that this industry will be dragged to this issue especially that the access is very safe once they execute the transactions. It can't be denied that criminals are also human who do have good insight with all available access that they can use to continue doing their business.
This is meaningless, fiats are used in money laundering and terrorism the most and any means of payment or something valuable can be changed for any thing else, this is so pointless and all i see in crypto FUD
It is expected since transactions in cryptocurrency gives you anonymity. Fiats are also used in money laundering, indeed. However, the difference between fiat and cryptocurrency is big. Fiat cannot be banned in countries since it is legal and is regulated by the government, unlike in crypto, they can easily ban it with this matter. Cryptocurrency is decentralized which it cannot be controlled by the government or anyone else, that is why cryptocurrency is prone to illegal activities like money laundering and terrorism, which is bad for crypto because it is the reason why a lot of people are scared to invest in cryptocurrency.
We cannot avoid this, because it is decentralized, and can be mixed, cryptocurrency is the way they conduct illegal transactions. because of this, many governments argue that cryptocurrency is not recognized as a currency because it can be one way to launder money, terrorism, and others.therefore the general public knows that this can be a place to make illegal transactions, but they do not realize that the money they use can also be used as an illegal means of payment, it all depends only on the user.
This is meaningless, fiats are used in money laundering and terrorism the most and any means of payment or something valuable can be changed for any thing else, this is so pointless and all i see in crypto FUD
I think it is now happening in our world. Because of the decentralized characteristics of cryptocurrencies, criminals and person who doing bad are using this opportunity for them to make transaction safely.
It is worth noting that the head of crypto global Ivan Molina was arrested yesterday, by the way they suspect cooperation with drug cartels and charge him with money laundering.
So, not only cryptocurrency in itself is a possible loophole for criminal structures, but also unscrupulous exchange and brick structures, because Ivan and crypto Global cooperated with a very large exchange, one of which was without Bitfinex.
So, not only cryptocurrency in itself is a possible loophole for criminal structures, but also unscrupulous exchange and brick structures, because Ivan and crypto Global cooperated with a very large exchange, one of which was without Bitfinex.
It is very possible that this has happened to cryptocurrency and I am sure that when this happens we will get a loss because everyone's view of cryptocurrency is certainly negative. although not all of them do that but when lay people think crypto is a dangerous thing.when there should be such an issue there must also be an explanation so that they too understand
According to the world survey: https://www.loc.gov/law/help/cryptocurrency/world-survey.php
Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism. Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws. For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.
Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism. Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws. For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.
yes you are right that is the reason most governments reject cryptocurrency. anonymous crypto can be used as a tool for money laundering, terrorism financing and buying and selling drugs. but in my opinion this is not the fault of cryptocurrency but this is from the user. bitcoin is made for the good purpose of being a solution during an economic crisis. not to be an instrument of crime.
It should actually be easier to find people funding terrorism and things like that if they use bitcoin since it is traceable by anyone. I am sure there are quite a few people intelligent enough to figure out where that transaction went and possibly track it to a person or location. They can fund terrorism with fiat or by bartering. Trading arms & drugs etc. There is always away. Closing these ways or trying to ban them won't help since they will just find other ways to do what they do. These are terrorists we are talking about they will find a way. Besides some of them don't care if you know who they are. If you cannot find them it does not help. Many terrorists expect to die during whatever it is they are doing and having people know who they are won't matter by that stage. There is much more to catching terrorists then just the money trails. It is mostly just an excuse the government will use.
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