Prosecution would be easier since transactions are publicly displayed if this happened with bitcoin. Also, with a lot of chain analysis tools that the governments are developing all this time for events such as this, even if they are to employ the use of mixers on their schemes, those funds would still be nabbed ultimately. It may not be on the chain itself but rather on the exchanges in which they would be withdrawing the money.
It's sad that officials still have the heart and the guts to do crazy stuff like this as if they are the only ones having a hard time. It's disgusting. Similar thing is happening here in the Philippines, I think, wherein the department tasked to distribute said cash aid reported 93% of the funds were already distributed while the majority of the citizens are stating otherwise.
Topic: Government aid being scammed. If the same had happened through bitcoin? - page 2. (Read 372 times)
September 09, 2020, 09:21:30 AM
September 09, 2020, 09:03:52 AM
Theoretically, if Bitcoin was used, it could have been more transparent if they were required to report all the addresses and amounts used, but it would come with a risk of hacking or false hacking. Governments are pretty bad with cyber security, their servers get hacked quite often, now imagine if they used Bitcoin and their not only data, but their funds were also stolen. Another problem is that corrupt government officials could steal the coins and then claim it was a hack. In either scenario, there's zero chance of retrieving coins.
They can always track the transaction in bitcoin and cryptocurrencies as the transactions is transparent in the public ledger, the problem is when the authorities didn't even know what the blockchain is and how to use it. How come could they tract transactions in that way? That is why some government have already hiring blockchain experts to help them with issues regarding these. If government isn't really concern about this new technology, lots and lots of people will just fall to frauds.
September 09, 2020, 08:52:16 AM
Theoretically, if Bitcoin was used, it could have been more transparent if they were required to report all the addresses and amounts used, but it would come with a risk of hacking or false hacking. Governments are pretty bad with cyber security, their servers get hacked quite often, now imagine if they used Bitcoin and their not only data, but their funds were also stolen. Another problem is that corrupt government officials could steal the coins and then claim it was a hack. In either scenario, there's zero chance of retrieving coins.
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September 09, 2020, 08:32:06 AM
It is not about what if this has been done through bitcoin or any other cryptocurrency, but how people can be honest to distribute the funds to people who needed. No matter what currency will be used, if people still corrupt the funds, that will happen many times. I don't think the investigation can found the other funds that have been lost if the officials are not honest and transparent with everything that they found in their investigation. It is hard to manage people's funds because if the officials can not do the jobs, corruption will be there.
September 09, 2020, 07:42:18 AM
In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks.
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
While the transactions weren't publicly available in this case because they are banking transactions, there's this centralization and the basic principles of how banks work that allowed to identify the people and accounts behind the scam and made it possible to retrieve some money. If it was all done in BTC, the transactions would all be there for anyone to see, but there would be no way to reverse them or to make the scammers give that money back. With no ID tied to Bitcoin wallets, I really don't think this could play out better than it did with banks. That much data just would not be available to the authorities if the money was sent in BTC. My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
September 09, 2020, 07:21:56 AM
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
If this fund distribution was sent via cryptocurrency, I think it will be more transparent and the Government could have mitigated such fraud at the soonest possible time, but I doubt it since the delivery mode of funds is not the real issue here but its the malicious acts of Government officials who have connived to make this fraud possible.
As with any Government financial transaction, checks and balances should be always implemented and audits should be done honestly by officials with utmost integrity. Also, any form of corruption should be dealt with harshly to discourage other people from doing the same thing all over again. Imho.
September 09, 2020, 06:52:31 AM
Now to the question about if it were to be in a situation of bitcoin while the amount cannot be recovered like the way they can from bank accounts but that would not have been needed in the first place because on the blockchain, everyone can see the source of the money and where its going to settle and whoever or whatever its being used for. In that case, on verifying the identity of the farmer and establishing their wallet addresses then it can go directly to their wallets and except the sender moves it to another account, we all know its not reversible which narrow down the culprits.
First of all I don't think that in a country like India where the status of Cryptocurrencies is still unclear, Bitcoin transactions will be used to transfer funds for farmers and if in future the government decides to do it then it will be possible for them.The reason is the lack of knowledge about Bitcoin and Crypto wallets. Here many farmers are still not having a bank account and those who are having are struggling to use it. In these type of situations it will be very difficult for the government to teach them about the working of wallets.They will easily lose their private keys and the money they received. September 09, 2020, 06:02:33 AM
I regret that a good project like this one that intended to benefit the Agriculture sector that is hard hit by the blockade due to Covid has fallen into the hands of scammers.
Fortunately a part of the funds were recovered. For there to be transparency, you have to take care of the way the plans are created and take care of every detail, not place intermediaries. Only employing the right people for this type of project and definitely blockchain and cryptocurrencies have proven to be safe and transparent.
Fortunately a part of the funds were recovered. For there to be transparency, you have to take care of the way the plans are created and take care of every detail, not place intermediaries. Only employing the right people for this type of project and definitely blockchain and cryptocurrencies have proven to be safe and transparent.
September 09, 2020, 04:38:31 AM
In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks.
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
This is an unfortunate thing to happen in a country when government is trying to ensure that the economy is bouncing back but now the corrupted individuals have find their ways to penetrate the system and divert the funds for their own personal use.
Now to the question about if it were to be in a situation of bitcoin while the amount cannot be recovered like the way they can from bank accounts but that would not have been needed in the first place because on the blockchain, everyone can see the source of the money and where its going to settle and whoever or whatever its being used for. In that case, on verifying the identity of the farmer and establishing their wallet addresses then it can go directly to their wallets and except the sender moves it to another account, we all know its not reversible which narrow down the culprits.
September 09, 2020, 03:50:21 AM
Quote
Just think, the same being done with bitcoin. There'll be transparency in each and every transaction, but the funds send to those fake identities can't be recovered back.
Definitely it will be impossible to track the transactions and recover the money back but that is not my point. In the country like India where the large part of population is still very unclear about what Bitcoin is and don't feel safe to work with it. If Bitcoin will be used in such type of scams then how they will be able to trust it ? Even after the ban is lifted by supreme court, there is no strong government support for it. I have read somewhere that the government is still trying to take some measures in order to ban Crypto trading. Such scams will just add fuel to fire which will have a negative impact on the future of Bitcoin and on the future of emerging crypto enthusiasts.Also, with btc, even if there is transparency, it is hard to recover the funds because they can send it to untraceable addresses like using mixers. But with traditional method like fiat money, they still have the chance to recover it, just determine who are the culprits in this corruption. And sue them, and they can return what was stolen.
September 09, 2020, 03:35:23 AM
Quote
Just think, the same being done with bitcoin. There'll be transparency in each and every transaction, but the funds send to those fake identities can't be recovered back.
Definitely it will be impossible to track the transactions and recover the money back but that is not my point. In the country like India where the large part of population is still very unclear about what Bitcoin is and don't feel safe to work with it. If Bitcoin will be used in such type of scams then how they will be able to trust it ? Even after the ban is lifted by supreme court, there is no strong government support for it. I have read somewhere that the government is still trying to take some measures in order to ban Crypto trading. Such scams will just add fuel to fire which will have a negative impact on the future of Bitcoin and on the future of emerging crypto enthusiasts. 
September 09, 2020, 02:49:35 AM
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy.
I think the government in your country, don't wanna do it.Reason:
Aid is channeled to farmers in the form of cash (rupees), that's better, it's just that the application for channeling funds must be changed to the highest security methods of hackers.
Your government knows, Crypto/Bitcoin is very sensitive from its price movements, when it goes up and down, who wants to take risks, of course there is nothing.
For that, any direct cash assistance that is carried out by the government must be accounted for in writing and in real time, for any expenditure of funds that want to be distributed to the recipient.
I think your government won't accept headache medicine, You know what I mean, dealing with the law.
September 09, 2020, 02:30:23 AM
Uhh Idk if I converted it right but 110 crore equates to around $14m - $15m? Is that correct? Anw to answer your question, if this has been done through Bitcoin, there'd be no remedy needed imo. Transactions are pretty transparent, and there'd be unique id's for everyone via wallet addresses, so I doubt there'd be an issue. Even if they still did the same tactic where addresses from other towns where added, it'd still be pretty easy to trace once someone notices something, as well as it being easy to actually identify who was the perpetrator.
Yes, in terms of USD it is around $14-$15 million. As you've mentioned there'll be transparency in each and every transaction. Here what's been done is the addition of more number of fake beneficiaries, and more funds have been transferred to those accounts. As this is been done through banks they've identified and recovered the fund with the support of banks.Just think, the same being done with bitcoin. There'll be transparency in each and every transaction, but the funds send to those fake identities can't be recovered back.
September 09, 2020, 12:27:58 AM
Uhh Idk if I converted it right but 110 crore equates to around $14m - $15m? Is that correct? Anw to answer your question, if this has been done through Bitcoin, there'd be no remedy needed imo. Transactions are pretty transparent, and there'd be unique id's for everyone via wallet addresses, so I doubt there'd be an issue. Even if they still did the same tactic where addresses from other towns where added, it'd still be pretty easy to trace once someone notices something, as well as it being easy to actually identify who was the perpetrator.
Yes, in terms of USD it is around $14-$15 million. As you've mentioned there'll be transparency in each and every transaction. Here what's been done is the addition of more number of fake beneficiaries, and more funds have been transferred to those accounts. As this is been done through banks they've identified and recovered the fund with the support of banks.Just think, the same being done with bitcoin. There'll be transparency in each and every transaction, but the funds send to those fake identities can't be recovered back.
September 09, 2020, 12:08:29 AM
Uhh Idk if I converted it right but 110 crore equates to around $14m - $15m? Is that correct? Anw to answer your question, if this has been done through Bitcoin, there'd be no remedy needed imo. Transactions are pretty transparent, and there'd be unique id's for everyone via wallet addresses, so I doubt there'd be an issue. Even if they still did the same tactic where addresses from other towns where added, it'd still be pretty easy to trace once someone notices something, as well as it being easy to actually identify who was the perpetrator.
September 08, 2020, 11:57:52 PM
In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks.
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source : The Indian Express
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