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Bitcoin Is Not Used by Organized Crime Syndicates Says Hong Kong Government

Bitcoin is often accused by regulators, governments and central bankers as being a tool for money laundering by criminal organizations, usually without presenting any evidence. A new report from Hong Kong, a major international financial hub and nexus for trade between China and the whole world, spells this out clearly.

No Evidence of Money Laundering

The government of Hong Kong has published on Monday its 2018 Money Laundering and Terrorist Financing (ML/TF) Risk Assessment Report. The paper examines threats and vulnerabilities facing the city with regards to the recommendation of the Financial Action Task Force (FATF), the inter-governmental body that sets international standards on combating ML and TF.

Addressing the issue of bitcoin, the report reveals that Hong Kong Police Force monitoring indicates no apparent sign of organized crime or ML/TF concerning the trading of cryptocurrencies. Moreover investigations and intelligence do not suggest cryptocurrencies were used or intended to be used in other prevalent predicate offenses (e.g. drugs, dutiable goods smuggling) or terrorist financing. “The threat level is low.” The government did find, however, that cryptocurrencies have been used as a pretext in Ponzi schemes or as payments for cyber criminals, mostly blackmailers using ransomware.

Read more: https://news.bitcoin.com/bitcoin-is-not-used-by-organized-crime-syndicates-says-hong-kong-government/

In other words, this report actually says that false rumors are spreading about the crypto currency again in this regard. In an attempt to cause the non-acceptance of the crypto currency and denigrate it, rumors have been circulating about it for a long time already that the crypto currency is used by terrorists and other criminals. Using it by cybercriminals is not so much a threat to the world.

The government of Hong Kong has sent a clear signal to the world exonerating bitcoin as a digital currency used in perpetuating crimes like money laundering.
Recently some countries had clamoured for regulations and total ban in the use of bitcoin linking it to being used for money laundering without establishing a cogent fact to back up such claims.

Crimes are occurring every now and then, and never stop till now
(people using legal tender to do it since olden days and many are still untraceable). Many old big big crimes until now haven't resolved yet. There are ways to do it...without Bitcoin. Just people want to do it or not only