Topic: Fiat vs Crypto in money laundering - page 4. (Read 655 times)
It's game over for criminals who used or plan to use crypto to embezzled money from illegal sources or stolen funds, you are been watched, once your address get blacklisted it's over, crypto is no more a safe place for criminals and I'm happy about it
Crypto is not in big circulation as how Fiat is today and again it's more easy to launder money using Fiat than crypto, many thought crypto is the best place to launder money but no they are wrong, any wallet address of any project can get blacklisted once their is a sign of embezzlement or illegal funds in the address
Not all of the people of the world know cryptocurrencies so they have to transact with fiat or cash. And that's the reason why fiat is still the medium used for money laundering and there were reports that even the banks were involved in some cases.
But I think those people that have intention to do money laundering looking to cryptocurrencies now. But with the intervention of the government and applies the law to the exchanges, asking for KYC, they will have the reference if they suspect someone.
Even though using cryptocurrencies for money laundering is way better and easier than using fiat money, those criminals have to exchange back to fiat money anyway. The reason is that cryptocurrencies aren't popular everywhere. However, we have to admit that the freedom and no laws of the cryptocurrency market creates a great chance for criminals to do their things. But I think those people that have intention to do money laundering looking to cryptocurrencies now. But with the intervention of the government and applies the law to the exchanges, asking for KYC, they will have the reference if they suspect someone.
This is an obvious win since fiat has been used a long time ago. Bitcoin or cryptocurrency only emerged 10years and still early to compare those two. Many will be biased about this comparison cause your comparing a long time event on fiat versus 10years of crypto.
Its not a good view but the ratio should actually be like that. I will be shocked if bitcoin shows more than money laundering than in fiat.
True, the comparison is basically not commensurate, although now crypto users are already very numerous and even almost the same as fiat users in the past, but this is not very comparable compared to now, because 10 years is a very short time for cryptocurrency.Its not a good view but the ratio should actually be like that. I will be shocked if bitcoin shows more than money laundering than in fiat.
Hi guys I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. Refer them to this article on ccn
Fiat Money Outpaces Bitcoin 800:1 for Money Laundering
https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
Of course, Fiat is in every corner of this world so I expect Fiat to be the best choice for money laundering and other illegal activities more than what we can find in crypto space crime, not everyone embrace crypto yet as we all know it, there are over billions of people who aren't using crypto yet Fiat Money Outpaces Bitcoin 800:1 for Money Laundering
https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
Why this should be surprising? Fiat is used for everything thousands times more than Bitcoin. Even us, Bitcoiners, overwhelmingly use fiat more than BTC, with maybe some few exceptions. What you should compare is share of legal use vs illegal, for both Bitcoin and fiat.
But Bitcoin isn't a good tool for money laundering, all transactions are public and permanently recorded, if you try to use mixing, it would only bring more suspicion.
But Bitcoin isn't a good tool for money laundering, all transactions are public and permanently recorded, if you try to use mixing, it would only bring more suspicion.
Not even surprise about that. Fiats are way easier to use in money laundering although cryptocurrency has been used by those criminals already lately but they probably convert it to fiat anyway. The statement in an article link given by OP makes sense;
Criminals are also more familiar about fiats than crypto thus having some doubt to use crypto in fraudaleny acts.
Quote from: https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process …
While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk…money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”
While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk…money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”
Criminals are also more familiar about fiats than crypto thus having some doubt to use crypto in fraudaleny acts.
Not all of the people of the world know cryptocurrencies so they have to transact with fiat or cash. And that's the reason why fiat is still the medium used for money laundering and there were reports that even the banks were involved in some cases.
But I think those people that have intention to do money laundering looking to cryptocurrencies now. But with the intervention of the government and applies the law to the exchanges, asking for KYC, they will have the reference if they suspect someone.
But I think those people that have intention to do money laundering looking to cryptocurrencies now. But with the intervention of the government and applies the law to the exchanges, asking for KYC, they will have the reference if they suspect someone.
Much proof is not really necessary. The fact remains that fiat is used more often that crypto. How much in percentage of the entire world population is actually using crypto? It does not even reach 5%.
It logically follows that fiat is much more abused in terms of illegal activities than crypto. That tirade that crypto is used for money laundering and other crimes is just coming from those who are against the growth and development of crypto. They must be the ones who will be affected if fiat is going to lose its use because of crypto.
It logically follows that fiat is much more abused in terms of illegal activities than crypto. That tirade that crypto is used for money laundering and other crimes is just coming from those who are against the growth and development of crypto. They must be the ones who will be affected if fiat is going to lose its use because of crypto.
This is an obvious win since fiat has been used a long time ago. Bitcoin or cryptocurrency only emerged 10years and still early to compare those two. Many will be biased about this comparison cause your comparing a long time event on fiat versus 10years of crypto.
Its not a good view but the ratio should actually be like that. I will be shocked if bitcoin shows more than money laundering than in fiat.
Its not a good view but the ratio should actually be like that. I will be shocked if bitcoin shows more than money laundering than in fiat.
Of course, it's pretty obvious that fiat has been abused by criminals more than ever as compare to crypto. And not that all criminals are using crypto as well, they would rather deal using fiat and cash because that's why they deal for years now. So I doubt that they will change their tactics because crypto can be a good way to hide their assets, it's not.
Criminals can make a lot of fronts and then uses it to launder money. And do we have statistics as to what percentage the criminals are really using crypto? It's all speculation. That's why when we heard arguments about Bitcoin and crypto being used often by criminals, then think again.
Criminals can make a lot of fronts and then uses it to launder money. And do we have statistics as to what percentage the criminals are really using crypto? It's all speculation. That's why when we heard arguments about Bitcoin and crypto being used often by criminals, then think again.
Fiat will be used as the money laundering because people use fiat for a long time ago. But if that person is open-minded with new technology and knows the function of bitcoin, they will try to use bitcoin because that can help them hide their identity, and they only give their bitcoin wallet to the victim. But for an illegal transaction, maybe they still choose fiat than bitcoin. But there is an illegal thing such as money laundering that is using bitcoin than using fiat money.
legendary
Activity: 2716
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
Well, before crypto, people also often did money laundering, so I wasn't really surprised when I heard about money laundering that was bigger than crypto. besides, it is very difficult to cover it. like when bitcoin was used for illegal transactions, yeah, before bitcoin people always used fiat for illegal transactions, even today. so, I guess people just think crypto is not so good because it can be a place for money laundering, but in reality, it happens to almost all mediums of exchange.
I think it is easier to do it on crypto but people tend to do it on how they know.
They are lazy or scared to try out new things that is why they still prefer to do it on Fiat.
Not that I am promoting to use crypto as a tool to do something illegal but it is just a fact some crypto platform doesn't require a KYC to be used.
It's true that using cryptocurrency to launder money is safer and easier than fiat because of it's aspects, But I don't agree with the statement that they are lazy or scared. First of all isn't it scarier to launder money than to discover and use cryptocurrency? Doing something illegal could put you up in jail that's why using crypto in money laundering could raise the possibility of not being caught. They are lazy or scared to try out new things that is why they still prefer to do it on Fiat.
Not that I am promoting to use crypto as a tool to do something illegal but it is just a fact some crypto platform doesn't require a KYC to be used.
I am sure that all governments know this fact. Fiat has always been used to launder money in the past. Until now, cryptocurrencies are not long past and money laundering has been around since ancient times and all governments know this but they lie because they do not want the spread of decentralized cryptocurrencies, governments love control Centralization and cryptocurrencies are not. This is not appropriate for governments, of course.
I think it is easier to do it on crypto but people tend to do it on how they know.
They are lazy or scared to try out new things that is why they still prefer to do it on Fiat.
Not that I am promoting to use crypto as a tool to do something illegal but it is just a fact some crypto platform doesn't require a KYC to be used.
They are lazy or scared to try out new things that is why they still prefer to do it on Fiat.
Not that I am promoting to use crypto as a tool to do something illegal but it is just a fact some crypto platform doesn't require a KYC to be used.
Fiat has been in exietence for ages so it might have a worst record but at ghe long run, digital currency will surely takes over since it is possible to remain anonymous during transaction and there are other tools that makes it possible to provide shield for transactions
It's not a major difference between the two kinds of loundring. In crypto, it's always less risky due to the characteristics of transaction while we can't avoid the tracability in FIAT. 
Fiat has been in exietence for ages so it might have a worst record but at ghe long run, digital currency will surely takes over since it is possible to remain anonymous during transaction and there are other tools that makes it possible to provide shield for transactions
Yes I do believe it so because fiat currency was the first to ivolve in money laundering compare to cryptocurrency.
But which do you think could be more safer to launder money the Fiat or the crypto?
Well if not because of KYC money laundering on crypto would be too good without getting caught and that is the reality. However, due to this KYC money laundering has been minize. Yer, we all know that we do not like KYC. This is not really we like to a decentralization system to be remain anonymous.
The fault of having this KYC are those who made abuses of cryptocurrency. This is why we are now having problems with the possibility of our important details that could be expose due to this KYC.
But which do you think could be more safer to launder money the Fiat or the crypto?
Well if not because of KYC money laundering on crypto would be too good without getting caught and that is the reality. However, due to this KYC money laundering has been minize. Yer, we all know that we do not like KYC. This is not really we like to a decentralization system to be remain anonymous.
The fault of having this KYC are those who made abuses of cryptocurrency. This is why we are now having problems with the possibility of our important details that could be expose due to this KYC.
Hi guys I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. Refer them to this article on ccn
Fiat Money Outpaces Bitcoin 800:1 for Money Laundering
https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
Fiat has already exist before crypto and crypto is touching its 1 decade this year and people who blame crypto caused by money laundering never try to see the fact. They were the crypto haters. Fiat Money Outpaces Bitcoin 800:1 for Money Laundering
https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/
That's a lot of ration between fiat compared with crypto.
Yes, fiat money laundering has been operating decades and decades of our existence. So the money involved is not comparable to crypto as it is very huge. If people will educate themselves, they will appreciate what crypto really is. But yes, we can't deny the fact that some people will use it for illegal activities. But these activities will always be there, with or without crypto. So why not look at the positive side of things in crypto? I guess the benefits that we are getting from crypto are being missed by many people who over criticized crypto as bad.
Jump to: