Cryptocurrency to be used in Money laundering and Terrorism? - page 3.

Bitfling

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Quote from: Flor1982 on October 19, 2019, 09:12:05 PM

Quote from: Bagani on September 20, 2019, 06:27:19 AM

Yes,cryptocurrency can be used in money landering, terrorism and in any illegal activities since bitcoin was created. And that is the reason why other people dont want to learn about this technology, cause the first time they hear about this is all about scam,frauds and something like that. And this is the reason as well why government dont want to fully-legalized in using cryptocurrency.

If fiat currency can be use in both legal and illegal activities then it will be the same to crypto currency because they are the same money but just different platform but the good thing is their is regulation to counter the illegal use of it that is why i wonder of why some nations are close minded regarding crypto adaptation.

Yes, everything depends on the user. If the user uses it for criminal activities, then the user should not be the cryptocurrency blamed because crypto is just a tool.

Flor1982

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Quote from: Bagani on September 20, 2019, 06:27:19 AM

Yes,cryptocurrency can be used in money landering, terrorism and in any illegal activities since bitcoin was created. And that is the reason why other people dont want to learn about this technology, cause the first time they hear about this is all about scam,frauds and something like that. And this is the reason as well why government dont want to fully-legalized in using cryptocurrency.

If fiat currency can be use in both legal and illegal activities then it will be the same to crypto currency because they are the same money but just different platform but the good thing is their is regulation to counter the illegal use of it that is why i wonder of why some nations are close minded regarding crypto adaptation.

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Quote from: daniel002 on September 20, 2019, 05:46:25 AM

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.

These are the fears of other governments who are not willing to accept crypto currencies as digital payment option as they are only limiting their discussions to it's disadvantages and they are not talking about the advantages of it.

Do you think other countries that legalize crypto currencies are all money launderer and full of terrorism activities? If they cannot expand their thinking then those countries that are afraid of crypto currencies will surely left behind as the evolution is keep on growing. The chance that crypto currencies will be the next means of payment is very big and fiat will fade someday.

Pearls Before Swine

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Quote from: Bagani on September 20, 2019, 06:27:19 AM

Yes,cryptocurrency can be used in money landering, terrorism and in any illegal activities since bitcoin was created. And that is the reason why other people dont want to learn about this technology, cause the first time they hear about this is all about scam,frauds and something like that.

That's the truth. I have a close relative who doesn't care to understand anything about bitcoin and believes everything she hears on the news about it, which I assume is mostly negative. And if she did question news reports, she might realize that most drug deals, terrorism funding, and every other illegal activity has been and continues to be funded primarily with fiat currency, not cryptocurrency. The media doesn't mention that, unfortunately. Bastards.

Bitcoin can survive bad press, tho. It has before and will again and it isn't exactly headed toward $0. In fact it's far from that right now, so obviously traders and people interested in crypto are not influence by the news or the trivial fact that bitcoin might be used for illegal stuff. It's a bunch of BS.

zeze18

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Quote from: Perfect35 on October 19, 2019, 06:34:31 PM

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.

Yeah, the existance of cryptocurrency is cannot be the reason there are a lot of crime out there because crime and money laundring exist long time ago.
And cryptocurrency is just a really sharp knife so it depends on the person how to use it

Kotone

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Quote from: daniel002 on September 20, 2019, 05:46:25 AM

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.

Not accept? That's like a false hope mate. Government are having a strict policy due to unregulated scheme and activity on cryptocurrency. Dont you think they dont accept because they can't accept as well, that this business can operate with minimal tax and fee? and businessman realize that, the government can't take advantage of this area over taxation. It's all about money, and those politicians are stalling everything for improvement and greater good if cryptocurrency.

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Quote from: xiboothrezi on October 19, 2019, 02:49:05 PM

These are rumours that have long followed the development of bitcoin. This is also used as an excuse by a government that does not support cryptocurrency to prohibit citizens from using it. In fact, bitcoin still exists, regardless of whether it is true or not, bitcoin can form a potential market capacity and continue to increase. News in the media is often hyperbole, even though there are other sides that should be reviewed in more detail, about how big the opportunity for cryptocurrency as an investment.

The opportunities can be seen even there's a lots of negative impressions regarding to crypto currency, people who are willing to take the risk without any hesitation will be guided accordingly, it's a matter on how will you take your chances even in a smallest part of it. Remember if you learned more then this negative Media exposure will not affects you to go further.

Perfect35

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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.

xiboothrezi

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These are rumours that have long followed the development of bitcoin. This is also used as an excuse by a government that does not support cryptocurrency to prohibit citizens from using it. In fact, bitcoin still exists, regardless of whether it is true or not, bitcoin can form a potential market capacity and continue to increase. News in the media is often hyperbole, even though there are other sides that should be reviewed in more detail, about how big the opportunity for cryptocurrency as an investment.

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Quote from: pundit on October 19, 2019, 01:58:37 PM

Quote from: daniel002 on September 20, 2019, 05:46:25 AM

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.

Although I am a good supporter of cryptocurrencies but I cannot deny the fact that it can be used in many illegal activities like money laundering and terrorism. Cryptocurrencies are decentralize in nature and it is very difficult to trace its transaction. With the evolution of many p2pb2b exchanges it is very easy to convert Bitcoin into local currency, be it within the country or from outside the country. I agree to this point as well that it may be the reason for govts to not legalize BTC. I hope this problem will be sorted out with some new update in blockchain technology.

They are sorting it out though which is why SEC is now tightening its rules, if they have to do it then they can find ways to regulate. But the number of countries becoming friendly to crypto is gradually increasing, that looks like uncontrollable at some point already. Governments many not legalize BTC but they may change their minds soon when cryptocurrencies are welcomed by some.

spadormie

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This is why regulation would still be the only saving grace in cryptocurrency. If you haven't know about this regulation thing, it is a way of SEC in controlling bitcoin. It acts as security for users of cryptocurrency. And I believe that this also helps in making the volatility less.

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Quote from: daniel002 on September 20, 2019, 05:46:25 AM

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.

Although I am a good supporter of cryptocurrencies but I cannot deny the fact that it can be used in many illegal activities like money laundering and terrorism. Cryptocurrencies are decentralize in nature and it is very difficult to trace its transaction. With the evolution of many p2pb2b exchanges it is very easy to convert Bitcoin into local currency, be it within the country or from outside the country. I agree to this point as well that it may be the reason for govts to not legalize BTC. I hope this problem will be sorted out with some new update in blockchain technology.

craZyLovE0916

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of course cryptocurrency can be used in money laundering and terrorism because that's what it was used for in the beginning. But now it's much better being used for normal reasons and uses.

Palider

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Quote from: Bagani on September 20, 2019, 06:27:19 AM

Yes,cryptocurrency can be used in money landering, terrorism and in any illegal activities since bitcoin was created.

Yes and also fiat money,
It also almost ruins life by misusing it. So it is just like crypto and we cannot prevent it as it is also difficult to prevent illegal activities caused by fiat money.

Quote

And that is the reason why other people dont want to learn about this technology, cause the first time they hear about this is all about scam,frauds and something like that.

So you mean it was introduced incorrectly to people so they believed it was a scan and should be avoided. Well you're absolutely right and the biggest culprit here is the media not giving people the news of real use of bitcoin.

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Money laundering and terrorist financing operations, they existed before the advent of cryptocurrencies. Cryptocurrencies can make it more difficult to control these activities today. But I believe that when governments around the world complete the regulation of cryptocurrencies, controlling money laundering and terrorist financing will become easier.

fosco333

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Not really, one cannot laundering the money if they submitted the KYC documents on their local cryptocurrency exchange because their money can be tracked. Peoples still doubting cryptocurrency because there are many scammers stealing other's money in crypto.

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Quote from: barabarian1 on October 19, 2019, 03:59:57 AM

yes this is the negative side of cryptocurrency that is commonly used for illegal transactions. the anonymous nature of crypto is very easily used as a tool to commit crime. this is why most countries in the world reject cryptocurrency. but in fiat money also often fraud like this. we cannot avoid this. I think the government should not only see the weakness of bitcoin. bitcoin also has advantages. with bitcoin money transactions will become easier, faster and cheaper. and bitcoin can be used as an investment tool. and bitcoin with its blockchain technology has provided a new breakthrough in technology.

Until now there is no specific solution to prevent this because this is how terrorists can exist in this market so it will be difficult to find them. This market has a lot of risks that you need to avoid when participating and it's best not to learn too much about how they work because this will put you in danger. In recent years, the number of hackers attacking this market has increased, and if you do not prepare good solutions, you will be a victim.

I don't like this but terrorism and money laundering can manipulate the value of Bitcoin anytime they want.

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Quote from: barabarian1 on October 19, 2019, 03:59:57 AM

yes this is the negative side of cryptocurrency that is commonly used for illegal transactions. the anonymous nature of crypto is very easily used as a tool to commit crime. this is why most countries in the world reject cryptocurrency. but in fiat money also often fraud like this. we cannot avoid this. I think the government should not only see the weakness of bitcoin. bitcoin also has advantages. with bitcoin money transactions will become easier, faster and cheaper. and bitcoin can be used as an investment tool. and bitcoin with its blockchain technology has provided a new breakthrough in technology.

Yes that's the darkside of crypto world as it can be easily used for funding terrorism, extortion for kidnappings due to its anonymous nature which helps us to avoid government implemented taxes for money transfers. It works both the way so we need to focus on positive side as there were terror funding, money laundering long before the emergence of bitcoin so those bad guys will find some or the other way to do what they want so we need to stop worrying about it.

barabarian1

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yes this is the negative side of cryptocurrency that is commonly used for illegal transactions. the anonymous nature of crypto is very easily used as a tool to commit crime. this is why most countries in the world reject cryptocurrency. but in fiat money also often fraud like this. we cannot avoid this. I think the government should not only see the weakness of bitcoin. bitcoin also has advantages. with bitcoin money transactions will become easier, faster and cheaper. and bitcoin can be used as an investment tool. and bitcoin with its blockchain technology has provided a new breakthrough in technology.

Samboo

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The move to put into practice regulations is very good for the entire crypto market amidst not only cryptocurrency allegedly involving in money laundering and terrorism, but also many deceit activities, like scam. The main concerns of regulators and authorities are that cryptocurrency maybe misused for terrorism and money laundering. So regulations must be in place to as to make cryptocurrency stable and more stronger.

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