Topic: Is cryptocurrecy a money laundering tool for criminals? - page 2. (Read 160 times)
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.
The possibility is high. Bitcoin supports anonymity of users. This feature allows anyone to make transactions regardless of legality and without the government regulating the transactions, criminals are free to do whatever they want. This is one of the disadvantages of bitcoin and the sad truth is we cannot control it, no one can.
According to this article, "The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing."
https://www.reddit.com/r/IAmA/comments/80ow6w/im_bill_gates_cochair_of_the_bill_melinda_gates/
According to this article, "The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing."
https://www.reddit.com/r/IAmA/comments/80ow6w/im_bill_gates_cochair_of_the_bill_melinda_gates/
You need to brush up on your knowledge. Bitcoin has supported user privacy, but has always been, at best, pseudo-anonymous. Bill Gates and Melinda Gates may have said so accurately with the knowledge at the time. But if Snowden thinks that Bitcoin is not suitable because of its public, transparent, distributed ledger, then he is only demonstrating Bitcoin's most basic feature. He thinks it's even a flaw.
And tell all the alphabay and silk road criminals who got caught how anonymous Bitcoin is!
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.
most of the large exchange is already using the kyc / anti money laundering process, so the paradigm of crypto not monitored by the government is wrong.
The possibility is high. Bitcoin supports anonymity of users. This feature allows anyone to make transactions regardless of legality and without the government regulating the transactions, criminals are free to do whatever they want. This is one of the disadvantages of bitcoin and the sad truth is we cannot control it, no one can.
According to this article, "The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing."
https://www.reddit.com/r/IAmA/comments/80ow6w/im_bill_gates_cochair_of_the_bill_melinda_gates/
According to this article, "The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing."
https://www.reddit.com/r/IAmA/comments/80ow6w/im_bill_gates_cochair_of_the_bill_melinda_gates/
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.
I feel this more reason why the government of some countries are clamouring to have control over cryptocurrency and most especially blockchain, but i think blockchain is more advanced to be used as a tool for money laundering, since any transaction made with cryptocurrency can easily be traced. Even if this is not that feasible, the person might likely use an exchange while converting the cryptocurrency to fiat. He would have done KYC at the exchange, which means if there is any report of money laundering made, he can easily be apprehended through the details provided.
I think it is not case for every currency but i really agree with you that there are money laundering circulating and effecting market.
For any modern technology, you can find many applications. The fact that technology is used unfairly is the problem of people, not the technologies themselves. In our country, for example, they want to block telegrams because they can be used by terrorists. But they are also using words, it is impossible to forbid communication because of this.
Cryptocurrency is only a digital coin. It depends on the person using it. If criminals used crypto for the illegal transactions, that doesn't mean that crypto is a tool for money laundering
This is one of the dumbest analogies I have read. If cryptocurrency is used for money laundering then tell me is cash also not used for it? Does that makes cash a tool for criminals to launder their money? You need to look at crypto with how it can change the world and get out of your mentality.
These are all empty words. At fiat currencies the crime too was, is, and will be. And not only with cash, but with plastic cards too
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.
Even if it is an anonymous coin, bitcoin and crypto as well is not just a mere money laundering tool for criminals. Blockchain as a whole is created in order to aid transactions online without the need of a third party. It is also supposed to be used as an alternative way to pay besides fiat but the fact is that users(most of them) use it in speculation. What can you say about fiat then? I think they are used more in illegal dealings rather than crypto. 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.
Are you confusing blockchain with money laundering via coins with value? Blockchain is an amazing development us as humans have created. Transparent, not vulnerable to attacks (albeit flaws in the blockchain and quantam computers) etc. yes- btc and monero specifically is used by people to purchase drugs online and move money around however blockchain as a whole is developing into the new internet.
Hi, I`ve got absolutely limited knowledge on the problem of money laundering. I`ve read on the problem in mass-media. As far as I know , two local cryptocurrency industry organisations are planning to set up a combined self-policing body in response to growing concerns about the security of cryptocurrency marketplaces in Japan.
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.
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