Bitcoin Forum

According to the world survey: https://www.loc.gov/law/help/cryptocurrency/world-survey.php

Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism.  Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws.  For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.

I think the market is out of control so the government never wants to legalize crypto because the risk can be very high if they use BTC to do bad things. At the moment, we still don't know what to do to catch criminals using BTC because everything is anonymous and that makes investigating agencies very difficult to handle. I personally don't like this but this is the truth and we have to learn to live with it

Yes,cryptocurrency can be used in money landering, terrorism and in any illegal activities since bitcoin was created. And that is the reason why other people dont want to learn about this technology, cause the first time they hear about this is all about scam,frauds and something like that. And this is the reason as well why government dont want to fully-legalized in using cryptocurrency.

I understand this, this has been spreading a lot in the last few years, all transactions are anonymous and that is why money laundering is done so much.
This is also the reason why governments in some countries dislike crypto and blockchain technology, every transaction does not become transparent and it is quite risky.

Like fiat currency too. In much higher volumes

Oh well, they can have all the regulations in place, but it's going to be difficult to stop crypto in it's track. I would admit that it is being taken advantage of criminals around the world, but on the other side, crypto is like a saviour for countries like Venezuela, Argentina and Zimbabwe who's into financial turmoil.

So there's a lot of cons, but there's also some positive things that crypto can bring to a country or to majority of crypto enthusiast.

Good thing there was no terrorism, money laundering, tax evading, and other such stuff before cryptocurrencies were invented. Damn those coins which give the majority of people a greater financial freedom, and only some of them a way to finance illegal activities, which they did with fiat money before that, anyway.

I got confused half way through your post. Guess you are being sarcastic.

The irony is obvious but many do not understand. The community isn't making much effort to educate the ignorant ones who need cryptocurrency the most. Those who understand will keep using the "real thing".

Fiat also can be used to carry out money laundering exercise. Why government is solely concerned a out cryptocurrency is because they're afraid it will liberate the masses, it will give financial freedom to mng that the government can't handle.

That was base on a survey i think most of those countries that was survey has no existing laws that include cryptocurrencies to do appropriate measures againts illegal activities like money laundering, terrorism financing and other forms of illegality involving cryptocurrency. aside from doing KYC's on crypto users the space should be regulated in accordance with the existing laws of any country to avoid those problem in the future.

Crimes do exist even before cryptocurrency were not created and this means that cryptocurrency has nothing to do with such crimes however, after being created it also created a new problem and possible crime involving crypto. As for my opinion there are terrorist because they are against the government where they belong, it has a low percentage where crypto were used to transact with its victim. There are already cases where crypto is used for money laundering simple because it is very difficult to track.

Yes its one of the reason why the goverment hate cryptocurrency because it has no control on the transaction, cryptocurrency is being used on the illegal transaction on deepweb like buying drugs, illegal firearms and etc but theirs an advantages for having cryptocurrency like fast and convinience transaction of one person to another.

I was shocked at reading this article https://all-stocks.net/analysts-disproves-cryptocurrency-money-laundering-article-by-the-wsj/ by @Lipsa Das. For the first time I was confused and was thinking how much true is this? But later on when I read the whole article got the point. But my question is how to recover this situation and back cryptocurrency in a good position?

Just a fool government who make cryptocurrency to change their money fiat, see your last statement. If those reasons are the factor who make government reluctant to accept cryptocurrency and I'm sure it can be solve easily. The government have to obligate to their citizen who has bitcoin to fill the KYC when they use cryptocurrency so as they can see all of their transaction in real time and they catch the people who make a suspicious transaction.

More than that, I got some news who from some government who intend to create their own cryptocurrency that use blockchain. Such as China and England if I'm not mistaken who are planning to create their own cryptocurrency because their government are scared with utilization in the future who will irritate their economic. Moreover if the libra coin has been launched in the future their money fiat will be disturbed.

I am having a hard time deciding if you are being sarcastic or not. Crime will not be completely stopped if bitcoin transactions were regulated, it is not the major source of financial crimes.
Some would even argue that the transparency of blockchain transactions makes it a more difficult means of money laundering.

If crypto is been used by criminals as tools for buying weapons of mass destructions where would you put fiat? any valuable item or things can be used to by any god damn thing you want, i can swap my gold for guns if i want, lets not make crypto and blockchain tech look bad because of the bad people, any improved technology will always face such acts by bad people

EVERY SYSTEM OF CURRENCY CAN BE USE TO TERRORISM AND LAUNDERING!
is this new subject to the world? we have FIAT, like cash and check and all of those were used to give the terror groups to finance.
So is this an issue for cryptocurrency? every bad ways will get sh1t to gain goods.

I don't know why people decided to help in spreading FUD like this, what I want to ask is how many people here have sued Crypto for Laundering money or terrorism before or now. Fiat is still the king when it comes to doing bad things like this, so stop helping this people to build FUDs like this

This may be one of the bad benefits, and yes it is easy for us to lose our balance due to fraud in crypto world. But we can use positive benefits, bad things can be prevented if we follow the rules and be vigilant, other than that it might be a mistake and this applies also in the world besides cryptocurrency.

The most popular way of making transactions in the dark web. Unfortunately, there are such people that are using crypto currencies to get away from taxes or to fund terrorism, thats why there would be no space for crypto in everyday lives, if there would still be privacy coins.

Still fiat is mostly used by those people who do illegal act like this. such news regarding for crypto being  a channel only represent that everyone can use and learn the process, this system  needs not to be incorporate with illegal things generally, same with fiat system where transactions can be done with how you wanted things to be accomplished.

There's no need for this to be taken that far it won't break anything and it's up to the govern bodies that will handle this cases.

not all the bad things that are given by cryptocurrency, I think if about money laundering and terrorists, it's only a small part, we can see the positive impact that crypto gives.so the reason the government will not legalize cryptocurrency I think is inappropriate.
and if we only see from the negative side then we will never get the positive things.

I believe it is used for those stuff however we cannot prevent it. No names, all anonymous and you ssend money to someone, what a perfect way of doint trade between bad people. I really do not know if this can be prevented but I really don't think so. People will continue being bad and make payments using blockchains anonymous technology.

Since Bitcoin was created, cryptocurrency could be used in money laundering, terrorism or any other illegal activity. Nothing new. But we can't blame crypto or bitcoin. Humans are those who choose how to use it. Even a stick can be used for murder. And what? Should we forbid sticks too?

All currencies can be used for criminal activities including fiat money and I think Bitcoin cannot be blamed if it is used for criminal acts. Bitcoin is just a tool and the user is responsible

Actually, some of the people in the politics are using it. It is just based on the article that I read last month, It is said that they are using it because many of the government people doesn't know about cryptocurrency and they are not noticing it and also the money is untraceable.
I am not tolerating it of course. I suggest that the government should be aware of this. Money laundering is a serious case and can solve corruption.

Ripple (XRP) can be a solution to the fight against money laundering and other fraudulent schemes. Due to its strong centralization and wide payment capabilities, this currency is already well accepted by the world banks UniCredit Group, Standard Chartered and other industry monsters.
In the future, the development of new updates may become the basis for turning XRP into the most transparent and legal aggregator of crypto-related transactions, although such centralization contradicts the basic canons of cryptocurrency.

In my opinion, other large projects must also participate in the fight against money laundering and other fraud schemes.  This XRP step deserves appreciation and deserves to be an example.
The government has so far tried to prevent and eradicate acts of money laundering and other crimes.  By enforcing rules for the official cryptocurrency market, the market must request KYC for each registered member.  That's good, and I also agree.

Yes there is a big possibility that crypto that crypto can used as instrument in terrorism and money laundering because all we know that we can transact online transactions easily and private even an illegal transaction so it is great instrument in illegal tramsaction so the government did not fully support and most country are against in crypto.

Money laundering and terrorism is nothing that comes with blockchain technology. This point is important. If you have enough money and you are strong enough you can do it very easily with fiat money.

There are still drugs, terrorism, prostitution and gambling in the world. It is not nice to mention the names of the cryptocurrencies together. Because they really have nothing to do with it. As long as people are bad, it doesn't make sense to put all the blame on blockchain technology.

Cryptocurrency is just limitless when it comes to transferring money, the settlement is sometimes faster than sending through a bank or another third parties indeed but doesn't mean it can be used for money laundering or terrorism funding that easily. The fact that blockchain is so transparent making it hard enough to do money laundering even there is Anti Money Laundering (AML) program alongside with KYC. Recent news I heard exchanges are slowly trying to delist any privacy coins.
If the govts are talking about money laundering I'd suggest them to take a look at their hard cash and see whether it's as transparent as crypto or not.

Anything that can make their identity and transactions hidden will definitely be used in illegal things that is why cryptocurrency is used by many criminals or terrorist. The very reason some governments bans it. This is the disadvantage in the advantage that cryptocurrency gives to many, the fast, smooth and easy transactions. We must not be tempted to do illegal since we can earn from it in a legal way like to buy and sell or to invest. Its much fulfilling to have cryptocurreny profit from our own skill not from illegal activities.

i have received 1 trillion of PMNT from unknown sender and i read that the developer lives in iran as the statement from the release in article that the service works as helping people with their business on consequence of ban policy from USA for iran and related parties with them...
i am not afraid that the transmission of funds to put me in threat of being accused as part with terrorist lines... but the ledger works with different one as the listing with the exchange that i can not work to request for withdrawal with the funds as with the account...

i guess also that this trick worked as they chase of me for the startup projects as i am now still working with the running modification of service with the tasks of online social communication and dating with the name of DOGEM..

if anyone can help me to cash out the funds as available with my account then he would receive of minimum 25 percent with the money to be delivered to my banking account in indonesia..


waiting for your answers/comments

viva chesster
bandung indonesia

Yes, many government spoke about that. And in some point this claim is right that illegal transaction is made by some bad people. But those who spoke about that should know banning things would not work. They have find a better way to solve this problem.

Yes. Crypto, bitcoin was initially used as a legal tender in the dark web world before coming to the surface internet. The decentralized and obscure nature of the teach has made it difficult to track and that makes the government frown at it. Currently, many Exchanges and projects now require KYC to allow a user trade because of these government regulatory laws

People do crimes no matter if we regulate it or not, well basically, cryptocurrency is a currency, and if people have enough ability and knowledge to manipulate and conduct social engineering, it might also lead to money laundering and terrorism. The way to prevent such act relies on us, though, the fact that there is no safety in internet, we might as well reduce the risk of ourselves being involved in it by being responsible crypto users.

This problem has been addressed in the past, irrespective of all the adverse problems thrown into cryptocurrency it continues to live because it is not true.

Yes, crypto has been used for those activities every now and then, but money and cash has been used for those, and for a much longer time.

If you criticize cash and say there should be no more cash because it's being used for illegal activities everybody laughs, but when it's crypto they feel it's right to criticize it.

I get sick any time i see people making an accusations regarding cryptocurrency been used for money laundering and terrorism.  These two crime acts existed long before cryptocurrency had even been thought of.  And moreover, all transactions made of the blockchain network are public and can't be deleted. This means that all transactions can be easily traced. Blockchain technology can be used to track and catch these people easier and faster if you know where to search.

What is being invested in the concept of global money is completely unclear to me. In any case, no state would ever switch to using only cryptocurrency. Each state will always use its national money and along with them will allow the circulation of cryptocurrency, however, it will not actively support it.
A decentralized cryptocurrency for circulation within each state will necessarily be subject to regulation, including with the aim of combating the laundering of dirty money and the financing of terrorism. Therefore, the FATF already on June 21 announced its recommendations on this matter and more than 200 states are obliged to introduce them into their national legislation throughout the year.

That is a figment of people who are against Bitcoin, of people who do not understand Bitcoin, of people that are not enough educated. Bitcoin is pseudo anonymous and you can always track the transactions...

They are only talking about the negative side of crypto currencies in which it can be use freely by money launderer and terrorism, in which we cannot deny it as crypto currencies can be used by anyone.

Other reason why the government will not take the risk in accepting crypto currencies is they are afraid that they cannot tax the crypto currencies and they cannot earn from it. But for those open minded government, they are taking the risk in accepting it as they know the capability of crypto currencies in the near future.

Okay, let's imagine this survey is accurate then ban crypto currencies everywhere (impossible BTW),will all the terrorism and crimes stops?

No right! then blaming cryptos for something which is in control of government is stupidity.

yes, crypto is used for illegal things, but i bet, fiat money has been used more in the last 20 years to do illegal things. even with gold, silver and other things illegal activities were paid.
as soon as something has value, it is also used to pay for illegal things. it has always been that way and will certainly stay that way.

And do you know that american dollar is the most used currency for such illegal activities. How many people know it? And still they use USD and still is a worldwide accepted currency, so where is the problem?

Cryptocurrency to be used in money laundering and terrorism? Uhm, I think this is what people who are actively against cryptocurrency say just to create a bad image for the coin. If you ask  me, Money and other fiat currencies have been used in money laundering and terrorism too, and you don't see people going about trying to bring these down. I think people who are against cryptocurrencies should come up with a better point that these.

Whatever, i am tired of hearing this over again, fiat is been used in money laundering and terrorism before blockchain technology was created and now digital currencies take over  and introduce better means of payment so terrorist organisations and crime syndicates can use it as well, this doesn't mean that it was created for bad people to use.

This is what people and the government say when they want to go against and attack cryptocurrency. It is an agreed upon fact that even before the existence of cryptocurrencies, money laundering and terrorism has always been a major crime, so cryptocurrency is not what is being used to foster these crimes. More energy should be focused on the crimes to tackle them, rather than spreading negativity on crypto.

We all know that they are existing type of crime even before the era of cryptocurrency but we need to accept also that cryptocurrency is the top most used type of currency in doing illegal activities like money laundering and terrorism because it is so easy to put your money in cryptocurrency and pass it to another person without looking suspicious.

Anything valuable can be used to exchange any goods either weapons or bombs its left for those doing the exchange, this doesn't have any thing to do with crypto, bitcoin can be use for means of payment thats all there is to now, what ever anyone wants to use their bitcoin to buy shouldn't be any of our problems

yes it is indeed true, why the government is worried about the presence of cryptoqurrency because of fear of being misused for money laundering such as terrorism funding, drug transactions, and other illegal transactions. and I think this is a major problem why the government does not legalize cryptoqurrency in every country.

it’s just that the government is afraid of losing a very big profit. regular money is now being used to finance all these bad things in the same way, but regular money is still legal

This is actually happen a long time ago and still now. There are many scammers and hackers that are using bitcoin in order for them to get money from their targets without being traced. Cryptocurrency transaction could not be monitored so easily. Also, I read a news before that bitcoin is the mode of payment for purchasing illegal materials also in the internet.

Bet they're just looking for a reason that would make it relevant for them not to accept cryptoccurency. They're just using it as an excuse because first of all, government don't want cryptoccurency. Regardless of what kind of currency you are using, there will always be money laundering and/or terrorism and other criminal activities.

Don't make crypto look bad because even with physical cash, there are still cases like that. It's just easy to have transactions since it's decentralized. If a government would create one, obviously its in centralized. But it's not crypto who has to take all the blame because it's the people who abuses its use.

But still, we can't deny the fact that some of the cryptocurrency users today are using crypto in different illegal activities. It is one of the realities we need to face. And as much as we hate to hear it because it makes such a bad image to bitcoin and other cryptos, it is really happening now. The criminals, terrorists, and drug syndicates are also adopting the use of this kind of technology to make their transactions at ease and their identities are hidden.

Because of that, we can't blame other people to think negatively about crypto though this issue has the same principle with our own money (fiat). It's also use for this kind of stuff, and yes, even before crypto has been invented.

Money is not actually a bad thing. It only becomes bad when it is used for illegal activities. It's the reason why money is defined as the root of all evil, but it is not the evil itself, it's the people who are because they choose to use it that way.

Cryptocurrency is like a blade, there are good and bad sides.
It must be admitted that the negative side of cryptocurrency can be used as
money laundering and terrorism. But don't focus too much on the negative side.
Because there are still many positive sides to cryptocurrency that we can see.

For me cryptocurrency is a miracle that can change my life.
Therefore as much as possible I want to do something that makes crypto
looks positive in the eyes of the world. Then the negative accusations against crypto can
disappear slowly.

99% of the cryptocurrencies aren't even big enough to be able to cover transactions of a single super market let alone want to be used in money laundering and terrorism that are handling billions of dollars at a time. not to mention that majority of altcoins are indeed shitcoins that lose value in a blinking of an eye. no money launderer would ever want to suddenly lose a huge percentage of their money.

they still stick to using USD because it is the most reliable currency for illegal activities with the most stable value.

The security check procedure that can be gotten Fromtge usual money transaction has made money launder are vices look the way of cryptocurrency but still I there would be father measures put into cryptocurrency

Money laundering and terrorism has been a major problem even before the introduction of cryptocurrencies, thus the major task remains with various government to monitor all forms of transactions via cryptos by ensuring compulsory complaint to KYC  this will enable the authorities consigned to track any form of illegal transaction by questioning the origin and the source of the fund.
We are all aware of the threats posed by ISIS, BOKO HARAM, AL QUEDA etc these are major terrorist organization that needs funding for their dastardly acts and to carry out their operations of course they might divert to using cryptocurrencies to transfer funds for their day to day activities.

Indeed, today there seems to be a very big problem in laundering dirty money obtained by criminal means, as well as financing of criminal organizations, which is a very big problem in the world.  This situation can be resolved only if state structures control the cryptocurrency and at the same time each owner will provide their passport data.  I believe that this requirement will be mandatory for all cryptocurrency users.

Currency is neutral and can't be good or bad.

You actually can blame people for being ignorant it takes 5 minutes to do research on any topic in today's world. We have a library before our very eyes and in this age of knowledge and technology, there is no excuse for ignorance of any kind.

Thinking crypto is being used to fund terrorist activity is pure paranoia and is ridiculous. Just looking for a place to pass the buck.


Exactly thank you. They go on and on about money laundery but have such low withdraw rates. They want to control us not protect. People who launder money do so in massive amounts not the amounts we trade in.

Not a surprise that cryptocurrency could a be tool for illegal activities but for how long due to the fact that cryptocurrencies can be trace and its more transparent than banks. So I guess criminals and launderers will refrain from using it in the future.

Bitcoin and any other currency is a tool that is used to fund whatever purpose is needed just like the regular money.

The same I was thinking about some days ago. There is nothing positive without its own negative side. Cryptocurrencies most especially bitcoin and ethereum will make it so easy for financiers of terrorism to move funds with no trace and money laundering will become so easy and untraceable.

Before the advent of cryptocurrencies, fiat money was still used for illegal activities like money laundering or terrorism ... I think this problem is not entirely due to the appearance of electricity money. While this has been happening for years, all transactions are anonymous and it's hard to control so the government doesn't like it, so they think cryptocurrencies are bad or illegal. I know cryptocurrency has many shortcomings but you can't deny the positive values that cryptocurrencies bring.

I know of any currency that can support money laundering and terrorism, but in terms of features and security, crypto is probably the most appreciated when it creates anonymity and security for participants, the scope of crypto operations is not in the control of banks and governments, it is easier to want to launder money and support terrorism. But I also won't complain or blame crypto when the purpose for its use depends on the users, bad guys are people who want to take advantage of its features to commit illegal acts

Money laundering was popular for money years. Terrorism existed ages ago when there is no word “crypto”. You can finance terrorism with many different ways, pay with usd or gold. Maybe valuable stones.
Crypto also can be a payment method. What crypto investors want? Accept crypto as a payment method is one of the aim.
By the way it is important the ratio of crypto at terrorism. 
I do not think so terrosit leaders using crypto regularly. 
If you wanna stop terrorism block usd and gold before crypto

mainly for such cases anonymous cryptocurrencies are used but not BTC and ETH. anonymous cryptocurrencies are used in the darknet and that is why they now have problems and they are losing their positions on large/legal exchanges

USD is the most common ways for money laundering I guess, imagine a paper money that leaves no traces is considered safe from money laundering meanwhile blockchain which leaves traces forever in form of txid is deemed to be a money laundering vulnerable that's just wrong in so many ways.

Government should focus on solving the money laundering in their respective fiat or national currency rather than trying to make up a negative opinion regarding cryptocurrency while their traditional paper money is the one that's widely used across the globe.

Perhaps this Crypto is a free market, there is no law. Because of that, bad guys can use these to launder money and terrorize. This is a huge problem for the market, perhaps in the future laws will be enacted to prevent these acts.

If you think about it, then you should not use cryptocurrency and you should not use the dollar and other funds. They are all used for this purpose. This topic has been raised so many times on the forum that I think many people only think about it. This is the reverse side of the coin of this technology, blockchain technology.

The government will never accept something that's out of their reach or that has no control to be a global money, just move on with that dream. These issues about criminality that tied up with cryptos is just an issue after all, onle really few cases found when criminality involves the usage of cryptocurrency.
After all, there's just no chance for crypto to be a global money if that's what you expected, even currently there's no such thing as a global money.
However, I do support the government only if they are really trying to fight against terroism funding and Money laundering properly by having regulation to prevent so other than blindly put the blame on cryptocurrencies which is rarely used for such a thing.

Now that is a challenge that must be faced, but that is not a strong reason for the government not to accept cryptocurrency as a method of payment in the future, the government must find a way to close the crime room by increasing system security, not just by rejecting it

To be used seems wrong
There’s a need to fight money laundering and terrorism without involving crypto currency
Because before blockchain and crypto currency; all those stuffs existed

Maybe just some way to spread fud and cause panic

Everything that has an advantage also has a disadvantage. I don't know why the governments and other anti-crypto agencies are always talking about the disadvantages of crypto and leaving its benefits behind. Before crypto, there was money terrorism and money laundering so why are they behaving as if it was crypto that brought all these bad activities

The risk of using cryptocurrency as a means of money laundering and terrorism is indeed quite large, especially in anonymous and widespread transactions, it is quite difficult to trace ownership if done by a professional person. Well, it all depends on who uses it. Cryptocurrency has other positive benefits, investment and high-value trading commodities, many people already feel the benefits. However, just like in general, cryptocurrency has the opportunity to be a tool for a crime so the government limits its legality. This is nothing new, as long as we can still use cryptocurrency even though certain aspects are limited, it is not a problem.

The problem here is everything that represents the good of cryptocurrency is at a disadvantage to the government. Even though these features are good from the perspective of a common man, they are anti-government and the government won't preach what will really set the people free from them. They prefer then to focus on just a single disadvantage of cryptocurrency and paint it all bad.

They are just making cryptocurrency a bad to the eyes of many people who dont have enough knowledge with cryptocurrency,
Even before that is happening and supported by FIAT and bank transfers, so there is nothing new!

What is money laundering in the eyes of the governments is freedom in the eyes of the people. We should ask ourselves if going against the law is always a bad thing.

Why does the government have a monopoly over money production? Why can't people use their own money? If bitcoin was a recognized money tender its mixing would be money laundering. Isn't bitcoin money? Maybe we are laundering money every day without knowing it but nobody tries to put us in jail because they don't care enough about bitcoin and cryptocurrencies yet.

Money laundering and terrorism even existed before the existence of cryptocurrencies. They were acting obvious to be against and discouraging people of using and investing to cryptocurrencies.

It's hard for the gov't to take this battle because the people now are starting to realize that crypto's are for those who wants freedom, to those that who wants their money on their own without the intervention of any gov't body. But that's the solution they can do, regulation.

Money is used everywhere in the world. There is enough money around to pump coin prices.

Many countries argue that crypto to be used in money laundering and terrorism, in my opinion this is a wrong opinion, because until now  this has not been proven, and money laundering with crypto is too risky because prices can drop to zero.

The use of bitcoin for terrorism and money laundering is nonsense: that is, it is certainly possible, but this also applies to cash.
Indeed, in the end the bitcoin of the cash is much more tractable.
Moreover, it continues to be too volatile even for terrorists ...

Not the only cryptocurrency is used for illegal purposes like money laundering and terrorism, but also fiat currencies are also used for these purposes a long time before cryptocurrency's creation, and till now. So, it is up to the intentions of people to use the currencies (regardless it's crypto or fiat) on legal or illegal goals.

This argument now is getting so old. What about for centuries we have had FIAT being used for criminal activities and cash is being moved around as we speak. At least on the blockchain, you can trace transactions, but yes it might still be hard to catch a thief as it were. Governments want to use this as an excuse to outlaw cryptocurrencies and they will say it is being used for illegal means. They don't want to give control to the people, they want to control us, along with the central banks.

I do think one of the many hindrances of adoption of crypto include money laundering and terrorism. Kidnappers have demanded ransom in crypto (Bitcoin and Monero), also crypto has been used to keep stolen funds. Well, every technology especially digital asset like crypto is prone to have drawbacks. Many are insulting the decentralized nature of crypto with crime associated scenarios. I hope remedies are put in place to combat this in future.

Correct, even cryptocurrency is not discovered, money laundering is rampant already. Terrorist,corrupt politicians,illegal businessmen, drug dealers launders money before.  Cryptocurrency add a new channel or medium for this illegal activities as a means of transferring funds to cover and  hide their nefarious activity.

Thats why banks are very strict now, especially when opening accounts. They ask detailed info about your source of funds, and sometimes declined if you mention cryptocurrencies.There are some which requires KYC also. Its hard to trace, but government agencies task to monitor these illegal activities are doing their excellent job.

I think that we can not do anything with this because any currency will always be used for these purposes. need to fight with a crime but not money

This time in the crypto space is very crowded with KYC and AML implementation, and that's the only answer to eliminate more room for crypto to be used for a criminal act. But this only applied when it comes to the exchange site. We have no power to do that, and even the government is using the legitimate authority that owned to give pressure to the exchange site to control the input and output of the money to make sure if a criminal does not use that. You can't fight this thing, but it's better to prevent it.

Regulation is the only way, but this will not cover all of the places.
It caused by the dark web is not also not even touched by the regulation.

I have been seeing threads like these ever since I joined this forum in 2012. But till now no credible information is available linking Bitcoin with either terrorism or money laundering. Both these spheres continue to use fiat currency for almost all of their transactions. In the past, there were one or two incidents in which ISIS members tried to use Bitcoin to finance the terror organization. But they found hardly any support from the ISIS leadership, who showed little interest.

Money laundering is not very easy with Bitcoin due to various issues. First of all, Bitcoin is not as anonymous as physical cash (banknotes/coins). Also, Bitcoin-to-fiat and fiat-to-Bitcoin conversions are problematic (especially after the recent requirement of KYC verification from the exchanges. In short, neither the terrorists, nor the money launderers are interested in Bitcoin, as they have much better options. I have to admit that fiat cash is much better suited for these purposes.

The issue that cryptocurrency is used for terrorism or money laundering is an issue that is always used by people who hate cryptocurrency. I myself do not understand why people or media hate cryptocurrency even though they themselves do not understand what they write or say. It's better to ignore the negative news about the cryptocurrency market

I personally don't believe in these reports and believe they are just FUD created by actors working against crypto. In the first place, how does one attribute such transactions to illicit activity? There are so many privacy based altcoins out there, take Monero for example, that can easily conceal these things. Why would any "crypo-terrorist" knowingly use bitcoin which can be tracked? Theres lots of ways to cash out and conceal transactions and it doesn't make sense.

But don't forget that there are still p2p services who don't need any KYC but still can process the transaction. This kind of thing already been discussed many times, and everyone have their own opinions and interpretations of this negative things where crypto can be used. Same with Fiat where the value is being considerederys. The chance of using crypto illegally has the same concept once you use fiat for paying ransom or money from drug trades.

Centralization exchange divides their KYC verification into several teirs, if only in tier 1 exchange usually only asks email verification and ID is not difficult thing to fulfill, indeed funds that can be wd are not big as tier 2 and so on, what I want to say is that can be used for money laundering and terrorist financing activities.
Convetional banks are even worse because the transaction can only be known by he banks, different from crypto all of which can be seen on the blockchain so nothing can be hide it.
This has indeed become a global issue, but fiat can still used for money laundering or terrorist financing.

It is used for bad stuff too but it does not mean cryptocurrencies should be banned. Those people use everything in a bad way so it should not be a problem. There will always be someways to do bad stuff. Cryptocurrencies are the payment systems of our future. We cannot stop its development in time and in 10 years everyone will be more aware of them.

Not all cryptocurrencies are bad. Maybe only a fraction of the use of such.
But look at the positive impacts that crypto has given. and Crypto became popular as it is today but the government does not legalize crypto in my opinion strange.
Because Crypto is a technology of future transactions. See what are the positive impacts of negative impacts?

There was also terrorism and money laundering before the cryptocurrency was created. I would not prefer crypto, if there is no terror unless there is a crypto. Crypto gives people freedom and that does not mean it should be used for crime. If people had been dealing with these problems instead of dealing with crypto, maybe it would have been solved by now.

Every coin has two sides and other side of crypto or disadvantage beside from profits is that it is being used by criminals to committ illicit activities like terrorist activitiy is funded with the help of payment in crypto coins due to decentralized network and tracing transaction is almost impssible.But fiat is also used in such crimes so we cant blame a currency for this but people who commit such crimes are responsible.It is helping economies of the world to boost themself and rise out of financial crisis.So be positive on its growth.

The move to put into practice regulations is very good for the entire crypto market amidst not only cryptocurrency allegedly involving in money laundering and terrorism, but also many deceit activities, like scam. The main concerns of regulators and authorities are that cryptocurrency maybe misused for terrorism and money laundering. So regulations must be in place to as to make cryptocurrency stable and more stronger.

yes this is the negative side of cryptocurrency that is commonly used for illegal transactions. the anonymous nature of crypto is very easily used as a tool to commit crime. this is why most countries in the world reject cryptocurrency. but in fiat money also often fraud like this. we cannot avoid this. I think the government should not only see the weakness of bitcoin. bitcoin also has advantages. with bitcoin money transactions will become easier, faster and cheaper. and bitcoin can be used as an investment tool. and bitcoin with its blockchain technology has provided a new breakthrough in technology.

Yes that's the darkside of crypto world as it can be easily used for funding terrorism,  extortion for kidnappings due to its anonymous nature which helps us to avoid government implemented taxes for money transfers. It works both the way so we need to focus on positive side as there were terror funding,  money laundering long before the emergence of bitcoin so those bad guys will find some or the other way to do what they want so we need to stop worrying about it.

Until now there is no specific solution to prevent this because this is how terrorists can exist in this market so it will be difficult to find them. This market has a lot of risks that you need to avoid when participating and it's best not to learn too much about how they work because this will put you in danger. In recent years, the number of hackers attacking this market has increased, and if you do not prepare good solutions, you will be a victim.

I don't like this but terrorism and money laundering can manipulate the value of Bitcoin anytime they want.

Not really, one cannot laundering the money if they submitted the KYC documents on their local cryptocurrency exchange because their money can be tracked. Peoples still doubting cryptocurrency because there are many scammers stealing other's money in crypto.

Money laundering and terrorist financing operations, they existed before the advent of cryptocurrencies. Cryptocurrencies can make it more difficult to control these activities today. But I believe that when governments around the world complete the regulation of cryptocurrencies, controlling money laundering and terrorist financing will become easier.

Yes and also fiat money,
It also almost ruins life by misusing it. So it is just like crypto and we cannot prevent it as it is also difficult to prevent illegal activities caused by fiat money.

So you mean it was introduced incorrectly to people so they believed it was a scan and should be avoided. Well you're absolutely right and the biggest culprit here is the media not giving people the news of real use of bitcoin.

of course cryptocurrency can be used in money laundering and terrorism because that's what it was used for in the beginning. But now it's much better being used for normal reasons and uses.

Although I am a  good supporter of cryptocurrencies but I cannot deny the fact that it can be used in many illegal activities like money laundering and terrorism. Cryptocurrencies are decentralize in nature and it is very difficult to trace its transaction. With the evolution of many p2pb2b exchanges it is very easy to convert Bitcoin into local currency, be it within the country or from outside the country. I agree to this point as well that it may be the reason for govts to not legalize BTC. I hope this problem will be sorted out with some new update in blockchain technology.

This is why regulation would still be the only saving grace in cryptocurrency. If you haven't know about this regulation thing, it is a way of SEC in controlling bitcoin. It acts as security for users of cryptocurrency. And I believe that this also helps in making the volatility less.

They are sorting it out though which is why SEC is now tightening its rules, if they have to do it then they can find ways to regulate. But the number of countries becoming friendly to crypto is gradually increasing, that looks like uncontrollable at some point already. Governments many not legalize BTC but they may change their minds soon when cryptocurrencies are welcomed by some.

These are rumours that have long followed the development of bitcoin. This is also used as an excuse by a government that does not support cryptocurrency to prohibit citizens from using it. In fact, bitcoin still exists, regardless of whether it is true or not, bitcoin can form a potential market capacity and continue to increase. News in the media is often hyperbole, even though there are other sides that should be reviewed in more detail, about how big the opportunity for cryptocurrency as an investment.

It is just an excuse not to use crypto and then prefer it over other forms of currency, which in real sense have more lapses.
How many incidences of money laundering and terrorisms have been reported eve since its advent. None. Even if cryptocurrency is not alive, a lot would have  happened through others sources. So it should not be an excuse.

The opportunities can be seen even there's a lots of negative impressions regarding to crypto currency, people who are willing to take the risk without any hesitation will be guided accordingly, it's a matter on how will you take your chances even in a smallest part of it. Remember if you learned more then this negative Media exposure will not affects you to go further.

Not accept? That's like a false hope mate. Government are having a strict policy due to unregulated scheme and activity on cryptocurrency. Dont you think they dont accept because they can't accept as well, that this business can operate with minimal tax and fee? and businessman realize that, the government can't take advantage of this area over taxation. It's all about money, and those politicians are stalling everything for improvement and greater good if cryptocurrency.

Yeah, the existance of cryptocurrency is cannot be the reason there are a lot of crime out there because crime and money laundring exist long time ago.
And cryptocurrency is just a really sharp knife so it depends on the person how to use it

That's the truth.  I have a close relative who doesn't care to understand anything about bitcoin and believes everything she hears on the news about it, which I assume is mostly negative.  And if she did question news reports, she might realize that most drug deals, terrorism funding, and every other illegal activity has been and continues to be funded primarily with fiat currency, not cryptocurrency.  The media doesn't mention that, unfortunately.  Bastards.

Bitcoin can survive bad press, tho.  It has before and will again and it isn't exactly headed toward $0.  In fact it's far from that right now, so obviously traders and people interested in crypto are not influence by the news or the trivial fact that bitcoin might be used for illegal stuff.  It's a bunch of BS.

These are the fears of other governments who are not willing to accept crypto currencies as digital payment option as they are only limiting their discussions to it's disadvantages and they are not talking about the advantages of it.

Do you think other countries that legalize crypto currencies are all money launderer and full of terrorism activities? If they cannot expand their thinking then those countries that are afraid of crypto currencies will surely left behind as the evolution is keep on growing. The chance that crypto currencies will be the next means of payment is very big and fiat will fade someday.

If fiat currency can be use in both legal and illegal activities then it will be the same to crypto currency because they are the same money but just different platform but the good thing is their is regulation to counter the illegal use of it that is why i wonder of why some nations are close minded regarding crypto adaptation.

Yes, everything depends on the user. If the user uses it for criminal activities, then the user should not be the cryptocurrency blamed because crypto is just a tool.

In every sector or field around the world, there are bad actors who intends to misuse or use what has good intentions in a bad way. Even the legendary fiat currency still records issues on money laundering and terrorism funding. Terrorism funding and money laundering existed centuries before the inception of crypto hence cryptocurrency is not the root of these bad acts.

Very well said. Even if crypto is not here, money laundering and terrorism will still exist. So with the birth of crypto, those people just find another avenue to do those kind of unfavorable acts. So it is not really surprising that crypto has already infiltrated by those illegal activities. But are the benefits that we are getting from using crypto really outweigh those acts? I guess not.

It is possible for cryptocurrency regarding money laundering. especially if many countries who do not understand cryptocurrency can also be a target for corruptors to save their money on crptocurrency that has not been widely known by many parties.

Agreed, they can even track the bitcoin transfers until they can find a clue or link.
Just like what happened to an arrest of people who were running child pornography website.
Cryptocurrency can also be used to help in tracking down illegal activities.

Cryptocurrency could really be used in money laundering and different crimes but let's not deny the fact that even fiat is being used in illegal activities and terrorism. Any type of currency could really be used to commit different crimes and laundering so we shouldn't see cryptocurrency as a negative thing because it isn't crypto's fault but the way terrorists and criminals are using it.

Why not, in the cryptocurrency sphere, it’s impossible to track who and where sent a certain amount of money, and therefore many organizations that want to anonymously and quickly make money transactions they use cryptocurrency for this and most importantly cryptocurrency are accepted all over the world and therefore anyone can use cryptocurrency in terrorism and money laundering certainly goes through cryptocurrency.

What is so wrong to use crypto to buy weapons and launder money? same fate is happening with fiat as we all know it, if any government personnel is saying crypto is bad because of this means they don't want you to use crypto, its a pointless point to me, whatever they are using crypto for it all started with fiat

This is nothing but another excuse to ridicule digital currencies, it shouldn't be a problem since almost all exchange have KYC implemented and buy limits for those exchanges that allow free users with no ID, binance for example

Illegal activities have been the dark side of cryptocurrency long ago before it goes mainstream, criminals or people with bad intentions is using the decentralized network to transfer their money or buy anything online while hiding their identity to authorities. With their illegal actions the govenment became so hesitant on adopting crypto which is why they are trying to form some regulation to avoid this to happen in the future.

There is not wonder, that especially privacy coins are used for money laundering. They are not trackable, so people are very likely to save tax fees and other payments. Furthermore,  crypto is very popular among terrorists as well, for same reasons.

That's right, I've read (forgot when and where the source is) that "they" use monero coins as a means of money laundering or terrorist funding. These coins are most often used by "them" to transact on the black market compared to other coins.

Always the same old story of money laundering and terrorism. It is certainly possible that the crypto are used for illegal purposes, but this is also worth more for cash. Not for this reason it can be abolished, and in any case illegality does not depend on the payment method used.

Being possible for bad actors to use cryptocurrency for bad purposes does not mean cryptocurrency must be tagged with bad activities. The ideology behind the creation of cryptocurrency was not to be used for money laundering, drug trafficking, terrorism funding etc. Cryptocurrency was created to revolutionized the payment systems and structure we have in our businesses today.

Detection should be done because of course when terrorists want to withdraw bitcoin they need an exchange to sell bitcoin. and at this stage, the exchange should be able to detect suspicious funds or large amounts to make it easier to find suspicious funds and report

Misinformation is the reason why people in my community are afraid to cryptocurrencies because they got bad rumors about it. Most of the media are not favor to bitcoin and they are disseminating wrong information.

crypto and terrorism as well as money laundering I think that can happen because we know that bitcoin can be used by anyone and anywhere and maybe that is one of the reasons some countries forbid crypto currencies to be used in that country but it all depends on the intentions and objectives of the investors themselves in investing there may one day be an institution that regulates everything that happens with crypto currency investment

Cryptocurrency is decentralized which it cannot be controlled by the government or anyone else, that is why cryptocurrency is prone to illegal activities like money laundering and terrorism, which is bad for crypto because it is the reason why a lot of people are scared to invest in cryptocurrency.

Yes you are right we should not blame Bitcoin or any other cryptocurrency for terrorism and money laundering because it is all depend upon the people, and I think good and bad people are present everywhere as people even use fiat currency for money laundering and terrorism, it does not mean that fiat is currency is bad, cryptocurrency just need some regulation then I think it will be more valuable than fiat.

Indeed, crypto could be used in those awful things but so is fiat. Both are money, but is money evil? No, it's a tool and in the eyes of the government, it makes their job difficult because those criminals are anonymous under cryptocurrency. Yet, they cannot regulate cryptocurrency since it has been already established and have solid foundation in the market.

The fact is that with every new innovation, there would be those characters that would be seeking to use it for something nefarious, if we should follow the logic that Cryptocurrencies would be used for something illegal, then we have to admit to ourselves that money has been used for illegal activities since the dawn of time and we are still yet to outlaw the use of traditional currency.

It should actually be easier to find people funding terrorism and things like that if they use bitcoin since it is traceable by anyone. I am sure there are quite a few people intelligent enough to figure out where that transaction went and possibly track it to a person or location. They can fund terrorism with fiat or by bartering. Trading arms & drugs etc. There is always away. Closing these ways or trying to ban them won't help since they will just find other ways to do what they do. These are terrorists we are talking about they will find a way. Besides some of them don't care if you know who they are. If you cannot find them it does not help. Many terrorists expect to die during whatever it is they are doing and having people know who they are won't matter by that stage. There is much more to catching terrorists then just the money trails. It is mostly just an excuse the government will use.

yes you are right that is the reason most governments reject cryptocurrency. anonymous crypto can be used as a tool for money laundering, terrorism financing and buying and selling drugs. but in my opinion this is not the fault of cryptocurrency but this is from the user. bitcoin is made for the good purpose of being a solution during an economic crisis. not to be an instrument of crime.

It is very possible that this has happened to cryptocurrency and I am sure that when this happens we will get a loss because everyone's view of cryptocurrency is certainly negative. although not all of them do that but when lay people think crypto is a dangerous thing.when there should be such an issue there must also be an explanation so that they too understand

It is worth noting that the head of crypto global Ivan Molina was arrested yesterday, by the way they suspect cooperation with drug cartels and charge him with money laundering.
So, not only cryptocurrency in itself is a possible loophole for criminal structures, but also unscrupulous exchange and brick structures, because Ivan and crypto Global cooperated with a very large exchange, one of which was without Bitfinex.

I think it is now happening in our world. Because of the decentralized characteristics of cryptocurrencies, criminals and person who doing bad are using this opportunity for them to make transaction safely.

This is meaningless, fiats are used in money laundering and terrorism the most and any means of payment or something valuable can be changed for any thing else, this is so pointless and all i see in crypto FUD

We cannot avoid this, because it is decentralized, and can be mixed, cryptocurrency is the way they conduct illegal transactions. because of this, many governments argue that cryptocurrency is not recognized as a currency because it can be one way to launder money, terrorism, and others.

therefore the general public knows that this can be a place to make illegal transactions, but they do not realize that the money they use can also be used as an illegal means of payment, it all depends only on the user.

It is expected since transactions in cryptocurrency gives you anonymity. Fiats are also used in money laundering, indeed. However, the difference between fiat and cryptocurrency is big. Fiat cannot be banned in countries since it is legal and is regulated by the government, unlike in crypto, they can easily ban it with this matter.

Same with Fiat they are also using fiat whenever there's opportunities for them to take advantage and to hide the illegal works that they are doing, any available system or gateway criminals will use it for the sake of their illegal jobs. There's no way that this industry will be dragged to this issue especially that the access is very safe once they execute the transactions.

It can't be denied that criminals are also human who do have good insight with all available access that they can use to continue doing their business.

I agree with you. Terrorism, money laundering or any other such crime has nothing to do with tool being used but those who are using that tool. Everything has both types of uses; good and bad. Now good people use innovations in right way but evil minds go for the opposite. Fiat and gold have also been misused by humans in wrong deeds. Digital currencies are no different in this aspect. Humans can misuse anything.

The statement is tiring, like fiat is even not worse in this. This is the 10th year of celebrating bitcoin existence and uptil now, the rate of laundering through fiat is still the same, and cryptocurrency has only added little to it. This excuses giving by these countries is just a way to discourage people from the use of cryptocurrency when they are fully aware of the consequences it will have on the financial authority that they have on their own citizens, so they will rather prefer to use all these propaganda and force against bitcoin usage just to get people far away from it.

The understanding they lack is that people have proper understanding of the system and discouraging good people from the use of it will not totally stop the application from functioning, all these their statement and action will only encourage the launderer the more to use the system fully for money laundering. Instead of blabbering all these, what I really expect of them is to regulate it.

Its still happen even without crypto they can find ways how to make it much more secure since digital payment is already started around the world. But using blockchain  will make  it easier for them to use it to send transaction.

cryptocurrency is user-friendly so anywhere and anyone can use to transact, But if you think terrorist also use to transact. Obviously everyone use this platform and it is not a big issues in crypto market. Government can trying to avoid these kind of transaction, But government employees also cheat the money laundering so we can't say anyone because we don't know why criminals are transact using cryptocurrency.

This news has been talked about eversince cryptocurrencies started and there is a huge possibility that this isn't entirely a lie. Cryptos are decentralized and it is difficult to track people by just merely their transactions. This is one downside of decentralized currency and we are not in control here.

This doesn't say a thing, if we start listing the biggest crime syndicates and drug lords that are dead from pablo Escobar for example these people never used crypto to launder money, its all in fiat, why tarnishing the image of crypto when fiat have been used since day one of crime activities

This is an absurdity to believe that money laundering and terrorism are simply funded by crypto currencies or they have increase all this. If we just look 2,3 years back when crypto was not common, back then things were worst than now. Even then money laundering was common and there were numerous famous politicians that were enlisted in panama leaks because of their corruption. That was not done with cryptos.

The nature of cryptocurrencies is anonymous, decentralized and global, so of course it will be a great vehicle for money laundering and arms and drug trading. Because of this lack of control, most governments prohibit crypto trading, as well as strict KYC requirements on crypto exchanges.

There are now many regulation and the reason is to prevent money laundering and to protect the users from scammers. There are many greedy persons who taking advantage of the uses of cryptocurrencies.

Because of its peer to peer nature this certainly allows bitcoin or other cryptocurrency to be used for things that are illegal because bitcoin is not related to any financial institution or institution and transactions are carried out in a decentralized manner, so bitcoin is considered as safer to protect its users because of the bitcoin transaction system that hides personal data, but until now, it seems there has not been a single proven case if cryptocurrency has been used by terrorists or money launderers in my opinion, even though it should indeed be formed in each country a team that does regulate special regulations for cryptocurrency transactions occurs in the country, and so that at least will minimize the misuse of cryptocurrency against things that are illegal.

The concerns of States about cryptocurrency can be understood. It is indeed most often used for illegal purposes. But this should not spoil its image, because it in addition has many advantages. Therefore, it seems to me that over time crypto will find a place in every state and will be used by people.