Topic: Cryptocurrency to be used in Money laundering and Terrorism? - page 2. (Read 2743 times)
The fact is that with every new innovation, there would be those characters that would be seeking to use it for something nefarious, if we should follow the logic that Cryptocurrencies would be used for something illegal, then we have to admit to ourselves that money has been used for illegal activities since the dawn of time and we are still yet to outlaw the use of traditional currency.
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.
Always the same old story of money laundering and terrorism. It is certainly possible that the crypto are used for illegal purposes, but this is also worth more for cash. Not for this reason it can be abolished, and in any case illegality does not depend on the payment method used.
crypto and terrorism as well as money laundering I think that can happen because we know that bitcoin can be used by anyone and anywhere and maybe that is one of the reasons some countries forbid crypto currencies to be used in that country but it all depends on the intentions and objectives of the investors themselves in investing there may one day be an institution that regulates everything that happens with crypto currency investment
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.
Always the same old story of money laundering and terrorism. It is certainly possible that the crypto are used for illegal purposes, but this is also worth more for cash. Not for this reason it can be abolished, and in any case illegality does not depend on the payment method used.
crypto and terrorism as well as money laundering I think that can happen because we know that bitcoin can be used by anyone and anywhere and maybe that is one of the reasons some countries forbid crypto currencies to be used in that country but it all depends on the intentions and objectives of the investors themselves in investing there may one day be an institution that regulates everything that happens with crypto currency investment In every sector or field around the world, there are bad actors who intends to misuse or use what has good intentions in a bad way. Even the legendary fiat currency still records issues on money laundering and terrorism funding. Terrorism funding and money laundering existed centuries before the inception of crypto hence cryptocurrency is not the root of these bad acts.
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.Many people think negatively about cryptocurrency because of the massive media coverage of negative things about crypto. It has influenced many people that crypto is used for illegal things. I think there should be proper education for people who are still thinking negatively about crypto because crypto can actually help overcome economic problems and can also save transaction costs
It is a big issue in our society nowadays, cryptocurrencies are good in our economy because it can improve our current payment system but there is also disadvantages of using cryptocurrency because it can be use in terrorism.
Detection should be done because of course when terrorists want to withdraw bitcoin they need an exchange to sell bitcoin. and at this stage, the exchange should be able to detect suspicious funds or large amounts to make it easier to find suspicious funds and report In every sector or field around the world, there are bad actors who intends to misuse or use what has good intentions in a bad way. Even the legendary fiat currency still records issues on money laundering and terrorism funding. Terrorism funding and money laundering existed centuries before the inception of crypto hence cryptocurrency is not the root of these bad acts.
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.
Always the same old story of money laundering and terrorism. It is certainly possible that the crypto are used for illegal purposes, but this is also worth more for cash. Not for this reason it can be abolished, and in any case illegality does not depend on the payment method used.
There is not wonder, that especially privacy coins are used for money laundering. They are not trackable, so people are very likely to save tax fees and other payments. Furthermore, crypto is very popular among terrorists as well, for same reasons.
That's right, I've read (forgot when and where the source is) that "they" use monero coins as a means of money laundering or terrorist funding. These coins are most often used by "them" to transact on the black market compared to other coins.
There is not wonder, that especially privacy coins are used for money laundering. They are not trackable, so people are very likely to save tax fees and other payments. Furthermore, crypto is very popular among terrorists as well, for same reasons.
Illegal activities have been the dark side of cryptocurrency long ago before it goes mainstream, criminals or people with bad intentions is using the decentralized network to transfer their money or buy anything online while hiding their identity to authorities. With their illegal actions the govenment became so hesitant on adopting crypto which is why they are trying to form some regulation to avoid this to happen in the future.
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.
This is nothing but another excuse to ridicule digital currencies, it shouldn't be a problem since almost all exchange have KYC implemented and buy limits for those exchanges that allow free users with no ID, binance for example 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.
What is so wrong to use crypto to buy weapons and launder money? same fate is happening with fiat as we all know it, if any government personnel is saying crypto is bad because of this means they don't want you to use crypto, its a pointless point to me, whatever they are using crypto for it all started with fiat
Why not, in the cryptocurrency sphere, it’s impossible to track who and where sent a certain amount of money, and therefore many organizations that want to anonymously and quickly make money transactions they use cryptocurrency for this and most importantly cryptocurrency are accepted all over the world and therefore anyone can use cryptocurrency in terrorism and money laundering certainly goes through cryptocurrency.
Cryptocurrency could really be used in money laundering and different crimes but let's not deny the fact that even fiat is being used in illegal activities and terrorism. Any type of currency could really be used to commit different crimes and laundering so we shouldn't see cryptocurrency as a negative thing because it isn't crypto's fault but the way terrorists and criminals are using it.
It is just an excuse not to use crypto and then prefer it over other forms of currency, which in real sense have more lapses.
How many incidences of money laundering and terrorisms have been reported eve since its advent. None. Even if cryptocurrency is not alive, a lot would have happened through others sources. So it should not be an excuse.
How many incidences of money laundering and terrorisms have been reported eve since its advent. None. Even if cryptocurrency is not alive, a lot would have happened through others sources. So it should not be an excuse.
Agreed, they can even track the bitcoin transfers until they can find a clue or link.
Just like what happened to an arrest of people who were running child pornography website.
Cryptocurrency can also be used to help in tracking down illegal activities.
In every sector or field around the world, there are bad actors who intends to misuse or use what has good intentions in a bad way. Even the legendary fiat currency still records issues on money laundering and terrorism funding. Terrorism funding and money laundering existed centuries before the inception of crypto hence cryptocurrency is not the root of these bad acts.
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. In every sector or field around the world, there are bad actors who intends to misuse or use what has good intentions in a bad way. Even the legendary fiat currency still records issues on money laundering and terrorism funding. Terrorism funding and money laundering existed centuries before the inception of crypto hence cryptocurrency is not the root of these bad acts.
Very well said. Even if crypto is not here, money laundering and terrorism will still exist. So with the birth of crypto, those people just find another avenue to do those kind of unfavorable acts. So it is not really surprising that crypto has already infiltrated by those illegal activities. But are the benefits that we are getting from using crypto really outweigh those acts? I guess not.
In every sector or field around the world, there are bad actors who intends to misuse or use what has good intentions in a bad way. Even the legendary fiat currency still records issues on money laundering and terrorism funding. Terrorism funding and money laundering existed centuries before the inception of crypto hence cryptocurrency is not the root of these bad acts.
Jump to: