Is cryptocurrecy a money laundering tool for criminals?

cherryganda

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Quote from: Fairy_90 on March 24, 2018, 03:12:02 AM

The crypto carries the dream of an anonymous coin, not controlled by any government, and this makes it a dream for criminals. The fact that the FBI took control of Silk Road has made it clear that it is unacceptable to overturn the law.

Just a piece of cake again!
Why is this an issue if even without cryptocurrency it is already a virus.
FIAT is the start of every shit not just with criminals but even corrupt government.
Technology is getting better and faster that's why crimes too.

sourish

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The criminal faction is an entity by itself not limited or focused by any one medium, and we cannot blame crypto for something so pervasive in most venues of life, finding unimagined paths we cannot foresee.

Rosscy

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Many public misconceptions about the many uses of Bitcoin by criminals, but the thought is wrong thinking. This thinking is caused by the many people who think that Bitcoin is anonymous, when in fact Bitcoin is so opposed to it, all Bitcoin transactions are very transparent and everyone in the world can see the Bitcoin transaction. This is why Bitcoin is the wrong way if you use it for things that are not true.

In my opinion, we should be more careful about our mindset for Bitcoin, because much evidence has shown that Bitcoin brings many positive effects. Internet and Bitcoin are just devices that 'bad guys' and 'good people' can use. Fortunately, the world is filled with more people in the category of good people than bad people.

stefany101

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Maybe it is possible that cryptocurrencies will be the new way or tools of criminals of laundering money , because cryptocurrencies are using new blockchain technology that can transfer money without signing in bank accounts. It also a virtual money that can be send or transfer with other crypto users using addresses only.

hikky22

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Quote from: Fairy_90 on March 24, 2018, 03:12:02 AM

The crypto carries the dream of an anonymous coin, not controlled by any government, and this makes it a dream for criminals. The fact that the FBI took control of Silk Road has made it clear that it is unacceptable to overturn the law.

Partly yes, but they did it without cryptocurrency, and even if the cryptocurrency disappeared (which I doubt very much), they will continue to launder money in other ways.

LeroyBro

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Quote from: Fairy_90 on March 24, 2018, 03:12:02 AM

The crypto carries the dream of an anonymous coin, not controlled by any government, and this makes it a dream for criminals. The fact that the FBI took control of Silk Road has made it clear that it is unacceptable to overturn the law.

That is not crypto's main function, but it can be used as money laundering. But on the other hand though, so can cash. Wink

Weawant

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Yes and that one has been long concerned by the proper authority since they cannot easily sue the criminals who's been using this digital money and we are been affected with this since we will brought up from its bad record since government will think bad about it. But lets pray that cryptocurrency will not be banned on any new country around so that we can still earn some benefits with it.

darksanya

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it's ridiculous. simply the controlling bodies should have a reason to take up arms against crypto-currencies. they do not like this anonymity. criminals as engaged in shadow transfers, and will continue. yes, someone starts using the crypto, but first of all you need to think about the prospects and benefits from it.

iigor

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Money laundering is one of the big issues with crypto.
We all value the anonymity and privacy, but I believe this can be abused by criminals. This is one of the reasons to think about regulations and a way to prevent it.

musta5a

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Quote from: Fairy_90 on March 24, 2018, 03:12:02 AM

The crypto carries the dream of an anonymous coin, not controlled by any government, and this makes it a dream for criminals. The fact that the FBI took control of Silk Road has made it clear that it is unacceptable to overturn the law.

is cashed used only by criminals? Is it the majority of the transactions? Or is just tiny neglectable unavoidable part of it? I believe the latter. If you don't like crypto, just go elsewhere

amrulshare

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indeed money laundering and cryptocurrency is one of the most common things because of the anonymous nature of cryptocurrency. however, not everyone uses cryptocurrency as a money laundering tool.

manlyxman

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I think Bill Gates also said something like this and he got a lot of flack for it. Prety much everything can be used for criminal activities, cash, computers, etc.

Profuter

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Quote from: PetrovichCoinMaster on March 25, 2018, 07:01:11 AM

It is absolutely certain that cryptocurrencies can pose a danger such as aiding and abetting terrorism and drug trafficking, money laundering, etc. Cryptocurrencies can be sent in any quantities and anywhere in the world. And it's scary.

with ordinary money as if this can't be done?) cryptocurrency certainly simplifies all these actions, but I think over time people will find ways to deal with it.

Allan Ramanda

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Quote from: Fairy_90 on March 24, 2018, 03:12:02 AM

The crypto carries the dream of an anonymous coin, not controlled by any government, and this makes it a dream for criminals. The fact that the FBI took control of Silk Road has made it clear that it is unacceptable to overturn the law.

indeed it is a shortage in the world of this crypto. the government does not support crypto currency. so you must be smart if you want to trade in the world of crypto. because the crypto world is freedom, there is no law that applies to crypto. if you are smart then you will succeed, if you are not careful, then your own risk.

cryptorTUX

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Quote from: Fairy_90 on March 24, 2018, 03:12:02 AM

The crypto carries the dream of an anonymous coin, not controlled by any government, and this makes it a dream for criminals. The fact that the FBI took control of Silk Road has made it clear that it is unacceptable to overturn the law.

Of course that bad guys will try to keep up with technology and thus evade some things, but did you know that majority of people involved in cryptocurrency is not laundering money and doing bad stuff. Of course money laundering will exist, it exist with fiat currencies today with cash and bank accounts. You can't blame nor stop people from doing this as it is available, blaming and turning all on crypto because of this is nonsense. Cash is also money laundering tool for criminals, what about that?? Oh and by the way if you live in USA, did you know that you funded ISIS and other organizations by paying taxes to government? Well, glad you know now I guess we should all end up in prison for that, but wait I am not in prison hmmm..

balrog

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Well , I agree that some cryptocurrencies can be used as laundering tool , but false and offshore accounts are used as laundering tool in all over the world for a long time . So what , who cares about it ? And note that amount of laundered money by those different laundering tools even can't be compared . (I think the amount of laundered money via crypto is less than 1% of total) . I think this problem is greatly exaggerated to create additional pressure on crypto , because banks and traditional financial institutes feel potential threat to their monopoly .

Piskeante

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YES, it's used for criminal activities. That said, so is money.

But goverments cannot control "black" money. It has always existed and it will always will. But, as cryptocurrency is based on anonymity, if you happen to get control of it by regulations and laws, all transactions can be controlled, so more money can be controlled, and more people also.

Moreover, you can tax it as an asset. Destroying crypto is a Win-Win Scenario for banks and governments that's why we have a bear trend that will be very difficult to get rid off, if not impossible.

Armstand

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Quote from: Murloc on March 25, 2018, 07:59:21 AM

It is a payment (or maybe a money transfer) tool for criminals but not laundring. They have to sell all cryptos for fiat and then buy whatever they need. At this point criminals can be easily cought by the police because their money are not really laundered. To launder money with crypto they should create some crypto related service. Do you believe that for example Poloniex was opened to launder drug money? No? Then you got the answer for your question.

This accusations may only happen depending on the teams objective and we can easily notice now if there are any chances that they want to do illegal activities, we need to be more cautious in everything we join with.

ICO Lancer

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Cash can and is used for money laundering as well, so I don't really see your point.

Of course, crypto is somewhat easier because a lot of people use it to buy drugs off the dark net but still. Cash is also used to buy drugs and such.

pidie

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according to my understanding curyptocurrecy not as a money laundering tool, the purpose of cryptocurrecy is made to be able to help online transactions without the need of parties when. but it depends on the users of cryptocurrecy with their own goals, especially if the criminals want to do money laundering not only with cryptocurrecy but also with a plastic card or with cash.

Topic: Is cryptocurrecy a money laundering tool for criminals? (Read 184 times)