Bitcoin Forum

Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency...
What can be the remedial step to address this concern.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

That's bullshit. They can't accept the fact that cryptocurrency is revolutionary. Fiat money has been used in money laundering for all these years. They have been using for illegal deals. Now cryptocurrency is the problem? How funny does this sound!

That's kind of not true! There's no denying of the fact that it's easier to launder money using cryptocurrency. Especially with features like coinjoin or mixers, it can easily hide the trail of dirty money. They you have Decentralized exchanges to convert the money into desired cryptocurrency or p2p trading to desired fiat money. Also we have NFT market now which is the biggest playground of money launderers to convert their dirty money to white.

I am not saying that cryptocurrency is being used for such activities but I am just trying to point out that it is quite easy to do compared to banking channel or fiat. What this lady is proposing is to have a global crypto framework to regulate the illegal usage of cryptocurrency. That kind of makes sense! But it's extremely difficult to happen in reality!

They are already tracking people and if there is any frauds involved they can always try and retrace everything to the fraudster. At the same time fiat is used more in the illegal transactions because it does not leave any backlog as well, one must understand that bitcoins and other cryptocurrencies is honestly way better and safer. You need to attach your bank account, your aadhar card and your tax card as well making it way harder to hide. They need to employee people who are good with cryptocurrencies in the government therefore It's all about change, accepting it and making sure they are taking all the right steps.
Fiat and other things also have the same problem, the best you can do is to make laws and follow up on that if there is any complain.

That blame always stands against Bitcoin, nothing new. But government can't control money Laundering in fiat as well. A lot of crime organizing through fiat, just a problem if it organizes through cryptocurrency. It's true that dealing with crypto is an easy way and has to admit about Money Laundering. It doesn't mean that crypto isn't useful compared with Laundering. Criminals are always criminals, doesn't matter what currency they have been using. Rather than blaming cryptocurrency, the government should concentrate on how to prevent crime.

Exactly my thought, all those Vices wasn’t Pioneered by Crypto-currency and I see no way that this issue should be handed over to Crypto-currency in terms of blames, take for instance that Crypto-currency is put away, this would definitely not bring an end to money laundering, scam and other vices that are eating up the world as a whole.

yes. Since fiat currency has being using for money laundering no one complain and condemn or regulate fiat currency. Now they want to make bad name of cryptocurrency. As source and fastest way of making money laundering. Government don't like the success of cryptocurrency. And more depriving bitcoin it legacy by framing news every time and it is helping bitcoin to grow more. This world is so corrupt that nothing can hold it. Bitcoin that makes things easier every day.

I don't need to judge if the news comes from India and China, based on cryptocurrency news there is no positive side that stands out but both media from that country are a source of trouble from FUD news to deceive the crypto community, but we are wise in judging all news so that it is nothing more than bullshit news.

Another day another kind of criticizing or elaborating the cons of crypto which we cant really evade nor avoid such thing because there are people who do really make use of crypto for that kind of benefit due to its characteristics and same goes for fiat as well.They had just made out some elaboration or giving out some focus on crypto too much which is sad because this would show up some negative publicity.

For us who are main supporters then we do ignore these kind of words or stuffs but for those who dont have knowledge or zero about it will likely to believe with those claims
but well the truth would prevail and they would possibly make out some u-turn later on.

More excuses from central governments, trying to cover up their own glaring mistakes by attacking bitcoin. We see what you’re doing & we see right through it. Bitcoin is the future of finance, adapt or die boomers.
I can guarantee that fiat currency is the main facilitator of illicit finance across the entire world. I’d be surprised if even 1% of illicit finance is done using bitcoin.

This does not make sense and just a baseless statement and I will not take it seriously, we all know the history of money laundering and how the traditional currencies are the most used by criminal elements in carrying out money laundering since cash traditions can not be traced forever unless it goes through the banking system or through the blockchain. Cryptocurrency most especially Bitcoin is more of an anti-money laundering agent since all its transactions can be traced on the blockchain.

actually money laundering, terror financing and other reasons are reasons that are often put forward by the government to corner crypto because this problem also occurs in fiat and other property in money laundering carried out by corruptors, here we can see the government's helplessness in deal with the problem .... because if you ask yourself again whether the existence of a crypto ban will make corruptors and terrorists stop ...?

The issue is that if those worries actually were made in good faith I think we could have a discussion about it, but we know that governments do not really care about that, what they want is to find a way to ban bitcoin and cryptocurrencies in general.

Something similar is now happening with the supposed worry from environmentalist groups and politicians that want to ban POW coins because they are bad for the environment, when we know they do not care and saying such thing is nothing more than a defamation campaign against bitcoin.

There's no need for any remedial with that.

It's been so long since bitcoin has been thought only about those negative activities and usage of it. I don't know who's educating that person but he really needs to take some background about bitcoin.

From a person who really knows what bitcoin is. Those illegal use of crypto isn't only being done through it. He should be mindful that more are happening with cash.

yes, they just make the crypto name look bad and make people withdraw all their investment. the existence of crypto does not interfere with the existence of fiat. and crypto being the latest evolution of fiat, if the government is afraid of the existence of crypto I think this is just bullshit. crypto has given the best in its role to improve the economy of society.

Criticisms had been happening as early on 2015 or something like that when bitcoin is really making out some attention on where government and other no coiners or traditional investors would really

be saying something bad which do focuses about money laundering and terrorism or something like that and this wont be enough on hindering overall adoption and we could really compared it out

on previous years compared up to this present.They would really be pinpointing into its cons which is something very common words honestly.

Look, we'll always have this criticism even though Bitcoin is, and will remain so in the future; more transparent than cash. It seems daft to me to criticism Bitcoin so much on the one hand, because of the illegal activities that occur with it, but then on the other hand give cash the benefit of the doubt. If we looked at the ratio of crime funded via currencies, cash would likely be leading. Although, that headline doesn't exactly grab the attention of people, so of course Bitcoin being the new emerging currency, but at the same time a technology a lot of people don't quite understand, that headline grabs the attention of the most people.

There's nothing we can do about it, it'll always be the case. Just got to ignore it, and carry on. Obviously, crime does occur with Bitcoin, but not any more so than fiat. That's the truth of it, and my argument would be at least with Bitcoin there's a public ledger, which should deter criminals from using it.

If he really think that laundering terror financing is the biggest risk with crypto then he is a delusional person. Fiat money can also be used in terror financing.
Personally, i think that we can't point out which risk is the biggest as using cryptocurrencies contains a lot of risks. Maybe the three most concerns imo are :
- Losing the Private keys.
- Decentralization (Yes it's a blockchain feature but for large population users there is No third part to solve issues like with traditional transactions)
- Hacks.

Different person speaking but same old mud thrown at BTC. It's the same story peddled by most Government officials or regulators all over the world.

They have been regulating centralized platforms that deals with cryptocurrencies and imposing taxes so what exactly are you worried about? Mandating these exchanges and wallets to feeze suspucious accounts is all they could do.

Over a period their was blaming of the bitcoin and cryptocurrency.Money laundering was keep find of new methods to scam the government.They found the crypto currency at the last and it’s not the first one.Even their is no crypto currency,the money laundering people will do via Awala.Trade of certain things for the replacement of money.

I do not really understand the point of discussion in regards to bitcoin being used for illegal reasons. I have talked about this before a million times, fiat is used for these illegal stuff as well. I think the point is that people who dislike bitcoin just looking for a reason to dislike it. They already do dislike crypto, so when you tell them like a billion dollars is scammed every year, they will cling unto that and talk about that while missing the fact that hundred times of that is scammed in fiat. You can say drugs can be bought with bitcoin and they will focus on that and miss that drugs can be bought with dollars as well, whatever you give them as bad thing about crypto, they will eat it up because they believe its bad before you tell them and that is the main reason they will repeat the bad thing and ignore all the good it has done. You wouldn't find them talking how great crypto is because we donated 100+ million dollars to Ukraine.

absolutely true! and up until now, money laundering has high percentage when it comes to fiat. so why not start busting those money laundered via fiat? crypto is just a new player in this market. and if they compare the money laundered via fiat vs crypto, i don't think crypto will have significant contribution on this fraudulent activity. they can always see negative aspect of this technology if they want to but if not, maybe, they will start enjoying the benefits brought by crypto esp to its people.

  This type of event has existed for a long time, smuggling and money laundering is a very strong and difficult business to control, with the arrival of these virtual currencies such as Bitcoin, it gave a new direction to these criminals now in a certain way it facilitates them meet your goals.
In its process for the regulation of cryptocurrencies, India will have to keep its guard up, I believe that it should reinforce the security of these financial transactions, with due care to prevent the further expansion of this type of crime. In order to legalize this digital asset, it is extremely important to be aware of all the negative alternatives that may or already exist with the intention of monitoring and taking action.

We've already get used into this kind of issues which is mainly attaching with money laundering and keeps a focus on crypto rather than on fiat which had been used by ages in terms of these kind of negative or illegal

usage which is something not really new specially on media exposing off some bullshit information or news around which do really give out some hindrance towards crypto or Bitcoin simply.

They wont stop until they would project out bad image in cryptospace on which they are focusing about this illegal aspect.

This is a concern that has been debated and discussed many times, in fact addressed to a certain extent. KYC in relation to AML has been in implementation. Although there are still centralized exchanges that are allowing unverified users, the limit is greatly reduced already. KYC is also strengthened. Not only is it asking for a complete name and address, there are more documents and processes required as well. This is also in line with anti-terrorist funding. I think these steps are enough for launderers and terrorist funders to avoid using registered crypto companies. It seems the finance minister is not kept updated.

This is way too cheap to say all or most of the money laundering come from bitcoin and cryptocurrencies, so before cryptocurrencies, there was no money laundering and no financial crime at all? that's wrong, and bitcoin and cryptocurrencies are just tools this tool can be used in bad and good ways depending on the user and the purpose of the user, just like a knife, a knife can kill a man, also a knife can be used in surgery to save a life. I think people Sitharaman should think more and stop saying such things about bitcoin and cryptocurrencies.

How does it help them more than cash would? Surely, using cash with no trace at all, is better than publicly broadcasting that x address sent to y address. Isn't that the very thing that criminals are looking to avoid? I think this is often just brushed over by the media, but cash suits criminals much more than cryptocurrencies in general. The only cryptocurrencies which are facilitating more than cash would likely be the ones which are truly anonymous, but Bitcoin is far from that.

Honestly, I'd like to see some numbers on this, because lets say Bitcoin is one of the largest contributors to illegal activities, how would they be able to determine that if its anonymous? They wouldn't be able too, they would be acting upon assumption for the most part. Obviously, those involved with Bitcoin know that Bitcoin isn't completely anonymous, and therefore as above isn't exactly the best approach for criminals.

Also, absolutely right. Cash will, and likely will always be the go to for criminals. The only exceptions to that will be cryptocurrencies like Monero, that are more anonymous than Bitcoin, which I probably would agree could potentially be a problem.

Government will always look for what  to say bad about cryptocurrency. Before the existence of cryptocurrency morning laundry,  fraud has been hitting the world, even if their should be no cryptocurrency today a lot of criminal activity will still on. Government fails to see and talk about the advantages of cryptocurrency but will always criticise it.

Fiat has been the same with crypto that has been used for money laundering and yet they aren't saying anything about it?
Well, the Indian government has a negative stance with regards to Bitcoin. I mean they aren't supporting it but not banning it as well.

Overall, nothing new with this. Fiat has been used for illegal purposes and now Bitcoin or crypto in general has been used as well. Best thing to do is to just ignore what they are saying and just move on.

Do they have complete statistics of the illegal use of fiat currency when compared with cryptocurrency?, that its transaction is transparent and is on chain which can be traced, to a system that no one knows how many in circulation , anyone can load up his bag with fiat and do whatever  , All this stories is to are just to fight against the technology, and I don't think It can stop Bitcoin at this level instead the news will help to creating more Bitcoin's awareness.

I don't see a problem here even if it was proven, what has been their stand about Money laundering, terror financing with the Fiat money, or are they saying this doesn't exist? this is just one of their ways to keep trying to justify a Ban on Cryptocurrencies.

For all the people in the cryptocurrency scene who would prefer to ignore it altogether, there is a valid concern by politicians and financial officials that it can be used for illegal purposes. If we ever want to see cryptocurrency go mainstream, there is going to need to be a realization that ownership has to be traced as much as possible and this is not a bad thing. Unfortunately anonymity is always a magnet for criminals, because it allows them to move ill gotten gains with impunity, but in reality nobody should fear declaring their ownership of crypto. I understand that is not true for countries that have banned it, but encouraging a transparent environment in countries that allow it will start by owners submitting to KYC documentation. Anybody who moves money into and out of crypto on a regular basis will do this as standard, it's also true for people that buy it regularly through credit or debit cards - so little really changes.

Money laundering is really a huge hindrance for cryptocurrency to go main stream, fully. Although there's much more easy to launder in fiat form but will government ban their currency? Or foreign currency just to fight against it? I dont think so.

Its okay to do things for prevention but at least try work on it. If other countries tried and do regulations even accepts it as legal tender, why not the others? There are lots of advantage and benefits a country can get accepting crypto in terms of remittance way,of transfer. Instead of focusing on the bad side why not the other way around.

They cant provide since it cant really be traced in the first place and they would not love to accept that fact which fiat had been used through ages about money laundering which they wont really be

putting a focus on and just like said that media does have big impact on showing off bad image on crypto with just those false information or making out some blame without even looking
on what fiat is been doing.
Its not new and they've been doing this for years and if you've been here then you would say that these sentiments are really that pretty common.

Just because its a regular thing and not a big deal in the fiat world, doesn't mean that we should be caring about it in the crypto world. We just continue to either ignore it in crypto, or we start to care about it in the fiat world, world can't have it one way or the other. Just because they see crypto is used for money laundering, they started to bash us and tell us that crypto is used for bad stuff while ignoring about the fiat worlds horrible stuff. I just have to say that money laundering can't be ignored but there is nothing people can do, there are times when criminals are caught, but its rare and it will continue to be rare unfortunately.

This has been discussed many times that bitcoin does not support  Money laundering and terror financing. History will tell us that fiat currency are the major source of terror financing. Bitcoin blockchain transactions are transparent and it is not feasible to do Money laundering on bitcoin blockchain.
Governments just uses these excuses so that they do not have to make cryptocurrencies legal.

India has been quite hostile and yet very confusing towards cryptos for years. They kept introducing bills, first banning some activities with cryptos, then allowing them back, and also bills that never passed but were largely negative. And there were different statements made by different officials, which makes me think that there's no consensus, no united governmental crypto attitude, but overall it's wary if not negative, even though there might be some proponents.
This concern is as old as cryptos are, and it's been discussed many times how nobody suggests banning any sort of fiat, even though each of them is used to some extent for illegal purposes, and how cash is more untraceable than cryptos, and yet there are very mild regulations of it.

Aren't these illegal activities already happening when cryptos haven't even been brought into the system? Money laundering is an issue we are facing now for decades, even after hundreds of measures implemented by the government themselves these things are still happening, and trust me these things will continue to happen even if cryptos don't kick in, it's just lame excuses made by the government to discourage cryptos. If they are so concerned about money laundering or terror financing why aren't they straightaway banning cryptos? why are they taxing it at 30% and earning revenues from it?

US, EU, and now India (I'm sure there are others) all attempting to blame terrorism funding on crypto. You're seeing a commonality when large countries begin to focus on the same false narrative that crypto currency somehow is a national security threat. There isn't a need to address the matter -- terrorism will exist with or without crypto currency.

This isn't a large issue, merely speculative and just being used as an excuse shove down regulations. As long as they can sell the public a false sense of safety, they'll be okay with anything. Terrorism is a great excuse.

Yeah, if he says so, but I'd say the biggest issues governments have with crypto is the lack of control they have over it, as they can manipulate FIAT curencies left and right, but here they don't have any grasp. And this is not be being a conspiracy theorist, but controling the flow of money is a sign and a show of power, and they don't wan't to lose that.

One thing we are certain is that the Indian government has no idea what they should do with the entire cryptocurrency space. If they ban them completely then the number of companies that started a business around the cryptocurrency space will leave the country and there are different voices coming from the ruling party which is contrasting from one another. And now the 30% tax is forcing majority to leave the country either way.

It wont really be that much of an issue since their economy withstood without crypto's existence on the first place and no surprising that government would really be having that kind of mindset and

impression towards crypto which is something not that surprising which they do always look negative in speaking in crypto and there's media who do really love to show off lots of negatives.
Dont be in concern because the truth would prevail and people wont really be that dumb on not to notice out on what are the benefits that we could actually get.

This.
People thinking that crypto are used by money launderers should consider reflecting on what's even happening outside of it. Even scams outside crypto were in fact happening. Using the digital payments here in my country like GCash were being used also to scam people and those are even verified accounts and they are simply just getting away with it.
"But crypto transactions cannot be reversed"? Sure,  back then I was scammed around $10 which is a lot in here and what did they do? They just froze the account of the scammer, but my money? Poof gone.

Concern of illegal use of crypto?

Are we to stop here? Definitely No.

Concern of illegal use of hard drugs;
Concern of illegal use of fire arms;
Concern of illegal use of abortion pills;
Concern of money laundry by politicians;
Concern of environmental pollution by fossil vehicles;
Concern of deterioration of Ozone layer;
Concern of illegal use of internet;
Concern of illegal power consumption;
Concern of illegal minting of fiat;
And so much Concern.

Scammers are everywhere, not only in crypto but a lot are still happening in fiat.
If we will be defeated by the thought of illegal activities brought by these scammers,
we won't enjoy the benefits offered by crypto and blockchain technology.
It is you, as a user, who should take care of yourself and do your own due diligence before sending any penny to these people.

The usage of bitcoin and other cryptocurrencies were found high within India in recent years. Before that if there is nothing as money laundering, terror funding, and other illegal activities then I do agree. Here it is different, purposely they doesn't want bitcoin to be used around. That's the only reason and if we examine the investment of Finance Minister Nirmala Sitharaman she'll also be having bitcoin and other cryptocurrencies in her portfolio. This is how the Indian politicians act.

I think this issue is not new anymore. Why is he resurrecting it? Is he using this excuse to ban crypto? We know India, they have been in the controversy of legalizing cryptos. He thinks this only happens to cryptos but what about on other payment methods, fiats? The cases of them are much more when compared to cryptos.

The remedial step to reduce or to possibly stop the problem is by implementing KYC and it's actually happening now. KYC still continues to get adapted on cryptos. There is still a way though if a criminal really wants to commit such crimes. They can do something to bypass those KYC and there's also decentralized platforms that don't require any KYC.

From the start the government has always been saying this, they always make statements that Bitcoin is being used for illicit activities and the rest of other illegal stuffs. There are some of them who believe that Bitcoin is a currency that is being used on the dark web.

It’s not that I’m doubting whatever they have to say, in every rumor there’s a little bit of truth in it, so if they are really saying such thing there is the possibility that Bitcoin can be used for such, but it is also used for a lot good more than the bad. And we also know that this is not as bad as Fiat, because there are also so many people who are making use of Fiat currency for such same activities as well.

This had been an issue ever since.  Funny how they keep on saying this kind of stuff when they can't address that this is also the biggest concern with fiat.


This had been a problem even with fiat.  I think the decentralized blockchain is the actual remedy for these since all the transaction is transparent.  Government and even the public can track down all the transactions on the blockchain and the government doesn't want that.  They don't want to expose themselves and how they irresponsibly spend people's money to the point of laundering them.  So they twist facts with the help of mainstream media and point the blame on cryptocurrency.

They would always come up with whatever lame excuses to make sure that they carry out their plans. But this one is not really going to work. and why I’m happy about cryptocurrency is the fact that it is decentralized, that way the government can’t really do anything about it. If they really want to take any action, it is going to be only for centralized exchanges which operates with Fiat and are also being controlled by the government. And as for the issue of being used for money laundering and the rest of all that, people can do such things, but we still know that anyone who tries such can still be caught if the government are really out for it.

I don't believe...... this is a classic reason for crypto which is usually heard from causing red lights to live.... because as far as I know the government shows its inability to deal with the crisis about corruption and terror in its country so this reason is published to the public. public even though all valuable assets can be tools of dirty people to do it all

Funny but this is majority of the countries are dealing with cryptocurrencies right now. They never look it as a digital currency that can be a great alternative for fiat, but always a threat that can be used mainly for money laundering and other illegal acts. They never admit that its always fiat that is involved in most of the illegalities in different countries. Not surprising why crypto is still very hard to be accepted and adopted as a reliable currency.

these shit politicians are despicable people, they steal millions of dollars from their poor people, they take FIAT money and launder money, they are corrupt so heartless that they have no mercy when they steal and have the courage to say that money laundering is the main problem of cryptocurrencies? Do these old corrupt politicians use cryptocurrencies for money laundering or do they use fiat? The answer is quite obvious: they use fiat to launder money. the government of india is looking for nonsensical arguments for not accepting cryptocurrencies in india. this is my opinion.


It is true that many governments said this in the past, but in my opinion the government of india is acting this way because they do not like cryptocurrencies, there have already been several statements from them speaking ill of bitcoin

This kind of news will always spread and rise up. We have been facing this situation for more than years, since the past time.
Money laundering, criminal transactions, drugs, terrorism, and many more uses accusations are against Bitcoin.
Is that true?
Probably, there is some parts of the Bitcoin that are used for those. But, are they all used for those?
of course not. That is only a few parts of it. Like we also know that money is also used for the similar transaction, money laundering, terrorism, criminals, and more, moreover money may be more long ago used for these kinds of bad transactions.
So, what's the matter again? As long as the benefits are much more than the cons, why not using? We cannot see a thing only from one side.

What else is new! They should try and come up with something more related to recent advancement in the crypto space. Like Fiat is not use for the same reasons they are accuse crypto of (some people are Laundering fiat at present but they are more concerned about crypto). Even before crypto become a thing, money Laundering, terror financing and has always been a concern for the government, it didn't just start with crypto.
They should try a more suitable excuse.  :-\

I think the biggest takeaway here is, What is the difference in what they are complaining about with cryptocurrencies with what Fait has been used for and is still used for in this contest? The reason they are still mum on Fait being used for Money laundering and terror financing is that seems like the better option instead of crypto since they have been able to point to crypto in this regard and the more reason we should adopt crypto since it is more traceable than fiat in crime-fighting but no, they will rather want to have it banned because of what it represents.

Its always been a concern without a real concern. We mean its really funny to raise a concern of illegal use of crypto in a nation where it is already banned from years. The Government actually tries to trick people by saying why they haven't legal the use of cryptocurrency and gives the reason that it might bring economic instability and it will give rise to dirty money. But the reality is that still crimes are going on and fiat money is being used for it.

They are never going to stop trying to push this narrative as it is one that worked for them many times in the past, however I think they have found their more suitable excuse already, and the latest campaign against bitcoin and its energy consumption is proof of that.

This is something that is resonating with a lot of people of today that are worried about the environment, so they are trying to make people repudiate bitcoin by arguing that it spends a lot of energy while they lie about the source of that energy, the actual energy consumption of the network and the energy the banking industry spends as well.

The indian government should live up to their billings rather than giving excuses by putting in place tight security measures that would prevent and checkmate any form of crypto money laundering or terror financing with cryptos, this is a global issue that had been existing for years though via fiat, I think the government should work with crypto exchanges in ensuring that whatever means used by those culprits to launder money is blocked and rendered ineffective, I believe this is one the major way of tackling this menace which is the sole responsibility of the indian government.

Its normal that they would tend to cover up on whats currently happening sticks to fiat system that we do have currently which is normal that they would really be hiding it in the first place.
Not surprising for government to always be having criticism against crypto which they would really emphasis to that but they arent really that minding or mentioning about fiat.
So people who are supporting crypto would really just simply ignore these things.

Before the advent of cryptocurrencies, fiat was the only tool for criminals to launder money and we did not see any complaints about fiat. But with the arrival of crypto in their country, they started to clearly blame the Indian government for not liking crypto and they attribute all the evils to crypto. I think they should find a way to stop crime rather than find a way to ban crypto because if they ban crypto they can make sure that criminals stop laundering money.

Can you solve the the whole World complex problems? Apparently no, money laundering is what has been invoke a very long time ago and this is found on every aspect of the world economy system, so why India perplexed with this, are they the decentralized entity of bitcoin that has to monitor the situation of AML in bitcoin transaction, whereas there's a whale alert system on the block chain that raises an alert on any suspicious transaction of large amount of bitcoin, India should understand that their regulation does not exceed the coverage of tax payment service on cryptocurrency and let the AML perform their role on Fiat, bitcoin is more secured than Fiat.

Money laundering and terrorism using all the mode of Fiat for their activities.The government of India didn’t blame the Fiat at that time.The cause of the action is terrorism and people who involved in money laundering.Before terrorism used hawala for the transaction of money ,it can’t be fully captured by any government in the world.Now the technology cause leads to use of bitcoin by those people.

That's true but they are trying to get rid of fiat cash as well because of this. In the future proof of funds and proof of source will be a big thing and everything seems to be heading there. Proofs can be done with zero knowledge to guarantee privacy but there will be requirement to prove everything.

These people never do research, and just because they lack control over the people's money find ways to keep them restricted. People too believe in such statements without analysing the truth. In particular the people believe in media and doesn't do their own research. The estimated amount of money laundered globally is around $800 billion - $2 trillion in the form of USD. The same when compared with bitcoin which is around $8.6 billion and this is a 30% increase this year. All these years this is what happening, but politicians always tries misdirecting the people.

I think they have research, they and we all know that Bitcoin and crypto are revolutionary are the future of currency. Government benefits will be reduced when they accept crypto, so they will find enough reasons not to accept cryptocurrencies and seek to prevent anyone from using them. After imposing a 30% tax on crypto-related activities and is now accused of being a tool for criminals to launder money. In the near future, they will continue to give any reason to eliminate crypto from their country.

They can always find a negative aspect in crypto but it won't deter from its people to get involved in this market. And before crypto was born, illegal activities via fiat have been rampant already, and yet, the government can't contain it. How much more in crypto? If these scammers will use crypto, they will and they can get away with it. So instead of banning or prohibiting the entry of crypto, maybe, just accept the fact that it is only one of the options of these scammers to screw people. You can't expect this market to be perfect. And to get something out of it, just accept its existence and regulate the market.

Yes, I agree with that but somehow crypto currency is kinda giving a bad name to some people because of these people laundering money. All I can say is that both fiat and crypto has its own pros and cons so I think a better regulations would fix this perhaps plus you mentioned the whale alert which I think it's easy to bypass if someone knew what they were doing.

More and more days are coming if the government continue to do their job they will get to almost all crypto project that somehow making a change just like how these NFT project been doing.

Good and bad people exist everywhere. There will always be evil-minded people who may use bitcoin illegally or do tasks which are not allowed by using crypto (or fiat).
Bitcoin and crypto will have both the usage, positive and negative. Many people use crypto fairly with no bad intentions. Governments should focus on how can they leverage crypto for these types of people. Instead, they focus on the illegal usage of crypto and think about how to ban crypto to prevent this money laundering crime.

When a system cannot beat the one ahead, they’ll definitely bring different excuse that will shatter the progress of the other. Money laundering has been in existence for several years before the introduction of cryptocurrency. They never found a way to deal with that but today bitcoin is taking its pace in the digital world and global financial sector which the citizens are utilizing and getting a means of living as it does not support centralization, this is now a problem to them. How inhuman this People can be because of their self interest.

This is not an excuse to disregard the benefits of using cryptocurrency. They’ll always be  good and bad people who uses the little opportunity to scam people or for their personal gain. This is everywhere, it shouldn’t be attached to cryptocurrency.

One thing I know about India is, the nation is one of the worst hit by black money. There are only 3% people in that country who are paying the taxes every year which means huge sum of people do not even bother about the national development.

Yet it’s surprising how the nation is bloomed with huge tech and modernisation.

However, crypto is something their finance minister is not able to digest because it will promote more money laundering in the country and could destroy the financing badly.

May be that’s why they are concerned.

I wish to be very realistic and sincere about this topic. We cannot because we love bitcoin and cryptocurrencies and begin to denial some real facts and issues surrounding our economy and immediate environment.
Though the minister was not specific in her statement that she's referring to cryptocurrencies but she implied it. Then, her claims are right. See what she said
If a currency is used continually for laundering and for financing terror, it is a very big problem to the economy. Bitcoin has the tendencies to be used for the above two crimes. But then what can we do?

We should first understand that laundering, smuggling, financing terror are not problems that bitcoin brought. These problems have long being in existence before bitcoin was invented. So, they are not bitcoin problems, just that bitcoin can be used to promote them anonymously.
First solution is for government to restore morals in the economy and then fight crime.
I cannot advice that bitcoin should be regulated because it cannot be regulated.

I think some group of people are trying to discourage bitcoin users in the country because it will be difficult for terrorism to use bitcoin to commit evils in the country.  I believe bitcoin users can never involve themselves in money laundering and terrorism because they understood the reason why bitcoin was created by Satoshi. I think India government will not listen to this news until they carry out their own research to know the type of people that committed such evil in the land.

That's a very lame excuse. Cryptocurrency has its challenges, so is Fiat currency. Is money laundering,  financing of terror and other fears highlighted not currently taking place with Fiat money? Why attribute it only to cryptocurrency? Before the emergence of cryptocurrency, billions have been laundered and will continue to be laundered.

The only aspect you need to do is to educate the politicians about blockchain technology and how they cannot get away with crime that easy. A country who is corrupt to the core according to the reports needs to understand that by implementing blockchain they cannot take bribe and if money laundering and terror financing are the biggest concerns they need to implement blockchain technology.

This is not the first time the cryptocurrency industry has heard this misconception when it comes to criminal activity and terrorist financing. But the reality shows a different picture. Chainalysis reported (https://blog.chainalysis.com/reports/2021-crypto-crime-report-intro-ransomware-scams-darknet-markets) last year that criminal activity accounted for only 0.34% of all cryptocurrency transactions ($10.0 billion in transaction volume) in 2020. That is a lot less than many assume, and the number may be even lower in the last year.

For me, I think crypto and blockchain technology hold promise not only as a form of currency and for money transfers, but also for other industries, and I see this technology playing a significant role in the future. Some examples would be digital identity, payments and contracts, governance and elections, banking and insurance, ecommerce, and much more. But the biggest market for blockchain, as well as cryptocurrency, is yet to be seen. I believe we are at the beginning of a long-term wave of disruptive innovation.

Really a widely discussed topic, combating crime is the solution, it doesn't matter if they use crypto or use Fiat, the wrong issue is wanting to make the use of crypto look bad and that consequently it is part of embezzlement as technology, thing further from reality, it is something like if criminals use a cell phone to help them in their misdeeds.

Each country must offer better sources of income, better priorities for entrepreneurs, alternatives for creating companies, fair taxes and even if all this is done, criminals will exist but on average they decrease, this is what countries with a better quality of life do and as a result low crime rates.

It's funny how people are quick to give bitcoin and cryptocurrencies a bad name when in reality fiat is the number 1 culprit when it comes to illegal trades and what not. Let these guys stop this hypocritical behavior in the name of protecting their personal interests in fiat!

But overall if a non bias comparison is done between fiat and btc I think fiat will be found widely used for illegal stuff as its readily acceptable unlike btc.

I just get annoyed when I heard people talking about the crypto can be used to sponsor illegal things, I don't know if those illegal things are not been don with fiat currency, the funniest part is that even before we know about bitcon or cryptocurrency, fiat currency have been use for illegal activities, so I believe any illegal activities that crypto can be used for then fiat currency can also be used for it, I believe by now people should stop talking about the illegal things bitcoin is used for because fiat can also be used for it.

These are mere distracting news that does not affect the use and price of bitcoin. Almost all countries now have bitcoin in their reserve, even USA has over 6 billion worth of bitcoin which China, Germany may not be an exception. Biden Election had funding from bitcoin and no one saw it as a money laundering asset. Lets be careful the conspiracy theory in the bear that might prevent small holder from spitting portfolio

How is it about fiat?
How many crimes using fiat so far?
Well, we cannot deny that crypto is also probably used for any criminal and also money laundering. But, it doesn't mean that crypto is at fault at all. This will depend on who using the crypto itself. And if we blame crypto for the fault, how is it about the fiat that is so far used for crimes? I think that it is much more fiat than crypto.
But once again, the hater will always hate, whatever the additional and fact. Once they hate crypto, they will try to spread FUD again to the world without going to notice the benefits of cryptocurrency so far for their citizen

Even before the existence of bitcoin there is illegal activities and people are used to it through the traditional fiat. When something better gets innovated people go for it. In such a way small percentage of people moved from the traditional fiat usage towards bitcoin. This is used as a way to mislead people that bitcoin is for the bad and there is nothing good. It is our responsibility to know the truth.

I thought indian authorities had already overcome this issue with cryptocurrencies, since they were ok in taxing people in 30% on crypto gains. :)
But well, you can never blame a lifeless object for human bad actions or criminal behavior. Actually, this whole situation becomes very confusing, because I'm not sure what the worse part of it is anymore: the money launderers or the ones who attempt to collect 30% in taxes from their own people who just wanted to adopt bitcoin for raising their financial life standards a little bit in a poor country which lacks infrastructure and opportunities.

Fiat currency being Government backed currency, the government doesn't want its currency to look bad.  Instead of admitting that there are lots of illegal things happening under their nose, they tend to point a finger and blame their incompetence on others and they found Cryptocurrency as the best fit for it.



They just don't want to admit that non-privacy cryptocurrency is one of the better solutions to avoid illegal stuff since transactions can be tracked in an open blockchain.

Money laundering and terrorists have existed since before crypto existed, why is crypto now involved, if it is true that crypto is a place for money laundering, the government can investigate it thoroughly if they want to be patient in looking for all the data. For security reasons, an exchange will definitely provide user data, which is impossible if the exchange does not cooperate with the government

30% taxation is already that a harsh step or event for those crypto enthusiast who do lives out on this country but cant really be blamed nor get surprised for government to always have that kind of stance towards

crypto on which they would really be having always that kind of impression that it is really bad on any angle or simply they couldnt really just let their citizens on ending up dealing on something that cant be

traced nor cant be controlled or for them not to be able to monitor.Those reasoning are just pure alibis i would say.

The government are just making things look like only bitcoin is been used used for illegal activities, you will think before existence of bitcoin there was no illegal activities then, we all know that all this illigal activities started before 2009, so we shouldn't make things look like all this illegal activities started after the existence of bitcoin.

There is a war of perceptions going on. We see the governments are finding the excuses to ban crypto. Be it in china, or Russia the ban is being enforced, sometimes its in name of illegal activity and sometimes its about environment. Lawless lands will have their finace channels. The poppy in afghan for Taliban, the drugs in Columbia. All are dealt in fiat currency. But governments want us to believe crypto is bad. They will keep cooking such stories.

India has so many other things to be concerned about. I would think that this would be further down the list of things being needed to be taken care of.  Nonetheless when are people going to start realize how bitcoin is the least of theirs worries when it comes to coins doing well at hiding things. Their own fiat currency is first off the biggest worry follow by privacy coins like Monero. This feels more like a boogie man than anything to me.

I think we should count it all joy because in so doing it has taken nothing away from bitcoin but rather an added advantage as it help publicile bitcoin the more, i think its pretty good as bitcoin is one of the 3 most search words on google and the more they speak against the more the adoption and awareness.


All these oppositions doesn't move an inch from what bitcoin is and has come to offer, fiat is no where to standby with bitcoin because the most branded name all over now trending is bitcoin, this is same as the opposition received from bitcoin mining and energy consumption neglecting the disastrous natural resources mining and purification that almost cause the whole world into ransom in environmental pollution and global warming.

They're just trying to cover up their tracks by attacking bitcoin, in my opinion. They're merely making up stories about bitcoin to get people to cash out their money. I believe he should learn more about bitcoin and assess what he is about to say; otherwise, his statement will be rendered meaningless. Bitcoin has been in existence for over a year, and the government's attempts to ban it have failed. ::)

You want to think of remedy to this issue? Lol...this might not be possible!
The aim of the creation of Bitcoin is to make it decentralized, so how do you intend to shift the blockchain from decentralization to centralization that will enable the government to have charge of all transactions. It will be difficult for this problem to be handle effectively and stopping the use of Bitcoin for illegal stuffs can not be stopped. We should have it in mind that everything that has advantage do have disadvantage so we need to be prepared for it. It is decentralized so the government will have to take extra miles to have control of this issue.

Some people try to look different but it doesn't matter. Money is just a medium. No one can say that there is no money laundering or theft in the traditional system. If fiat money is accessible to everywhere in the world then why not crypto currency? Now we are living in the modern age so today or tomorrow fiat will be changed. Here i think crypto is the perfect adoption. So it will be legal all over the world soon.

This is why the government has been fighting hard to regulate the cryptocurrency market so that they will able to know where every transaction is going to and where it’s also coming from. To me it seems like they are close to doing that, they have a strategy and they are starting to apply that strategy, and that’s through the centralized platforms.

I have not really heard of any news that cryptocurrency was being used for funding terrorism. But if the government really wants a solution for this, then I think that regulation is still the only solution to this. Or has there been a better solution than that?

People should be the first set too be blamed for, even before cryptocurrencies /bitcoin scam's started other types of Scammers and scamming have been on ongoing swirling around.
Privacy should be one thing every one should make a responsibility, and keep a high level of security.
Dating scam's, debit card scams all have been ongoing, people with retard minds won't grow as they want too blame everything on Bitcoin and Crypto Currencies.
Avoid giving trust to people you barely know online this is the first guide to secure your self from scammers and your fund's.

Without a doubt the governments are now using a new approach to try to discredit bitcoin in the eyes of many people, after all being conscious about the environment is something that it is important today so they are trying to exaggerate the danger to the environment that adopting bitcoin will cause if it was used massively.

And if I am honest about this I think this is a decent strategy to slowdown the adoption of bitcoin, however if at some point the economy gets so bad that hyperinflation strikes the world people will soon stop worrying about that and instead they will have to worry about how to avoid fiat destroying their wealth, and at that moment bitcoin will be an option they will use regardless of its environmental impact.

If cryptocurrency is legalize all over the world, it's very obvious that the values is going to reduce in all ramifications. Indecencies that it will be regardless like Gold marketing trading, so what's keeping bitcoin threading over the continent, it's because some countries values it development and some countries rejected to legalize it, so the argument and the speculation castigation intro cryptocurrency industry today is making it to come to reality and also making it to be popular more.

currently now tracking is being done to apprehend some illegal bitcoin movements and its a big step towards avoiding bitcoin from being labelled with these kinds of laundry scenes. hope we can arrive at a bigger solution to get it solved once and early, its going to be difficult so it might take some time. fiat is also being used to launder but not as easy as bitcoin.

As difficult as it is difficult for bitcoins to be misused for money laundering, they can still be found, because from the government that requires KYC for exchange, from there all data can be tracked, indeed this is a dilemma where on the one hand crypto is anonymous, but on the other hand because of KYC, in the end the movement crypto can be traced. but at least with the current rules, it can give crypto some wiggle room for legalized trading

I don't understand one thing. If a terrorist uses a M249 SAW light machine gun to murder scores of people, are you going to arrest the terrorist, or the manufacturer of this machine gun (FN Herstal)? Same with cryptocurrency as well. Crypto is just a medium and we can't expect all of the users to follow the rules. These arguments are applicable for fiat currency as well. Even now fiat is 100x more likely than cryptocurrency to be used for illegal dealings. But I have never seen anyone arguing for a ban on fiat currency.

Terror financing and money laundering is happening with fiat for centuries but no one is pointing on banning fiat. Just like fiat, crypto is double edge sword which has both good and bad usage. The only reason why government ignore fiat and focus on bad usage of crypto is because decentralized crypto is not under there control. Its really that simple.

I believe the major problem the world is facing now is caused by the government's political naiveness which they believe is knowledge because the problem the world is having now all started through political error and the same thing caused the conflict between Russians and Ukraine. Besides, the something leads to the government printing more fiat every year.
Th sad part is that they ignore all this and focus more on innovative technology like cryptocurrency when their incapable was the reason why Satoshi introduced Bitcoin.

Yes, KYC limits the chance of online theft abusing the potential of cryptocurrency but it does not make all crypto transaction movement to be traceable although making crypto transactions to be private requires some extra effort but the needed effort is what some people don't understand.
I also hope you understand that not all crypto exchanges support the KYC implementation.

The only remedial step that will satisfy most governments, who currently have pretty free rein to view and monitor every transaction taking places with banks in their jurisdiction will be full traceability of funds. That means data sharing across the world on the scale of the current financial system, where it's possible to identify all inputs and all outputs to the system back to particular people (in theory). That is what every politician or official is talking about when discussing full transparency required around cryptocurrency and it's unlikely they would settle for any less. To be honest, that is required in order to match current existing financial standards which are fairly hard but not impossible to evade.

Dont be surprised on trying to oppose on things which they do see that it could really be able to be free out of their control.They dont like on something that they could get hold of and despite
on being beneficial then they would be always having to find any issues or complaints against a particular thing whether it is really just too dumb for them to point out considering that
we could really make out some comparison in between fiat which we could really say that there's too far off gap in regards to that on which its really that bullshit
thing on where they do really push it out.

Exactly. Cryptocurrency is outside their control and unlike the case with fiat, the government officials can't create money out of thin air with crypto. All the other arguments are secondary. Here in India, a few days back the government actually asked the VPN providers to share the IP details of customers from India. Can you believe this? I am using a VPN in order to hide my identity. If the government knows from which IP I am accessing the VPN, then what is the point in using this service at all? Authoritarian behavior from the government is on the rise and this is not restricted to the case of a few countries.

This is simply blatant accusation with no actual proofs and if the actual find the illegal transactions only with cryptocurrencies then how these terrorist group and illegal transactions happened before 15 years? Stupids can tell anything so anyone with common sense can identify and ignore them.

What is your main concern in this matter mate?  looks like you are most affected when you did not even bother telling us what this has to do with you?

please specify your concern but I see it is another BS government accusation .

Indian government is still somewhat flexible with crypto, in my country its altogether banned. People are arrested even for mining bitcoin in my county, can you believe this? Even in countries where crypto is allowed, government ensures that its through centralzied exchanges from where they can keep eye on it and collect taxes.

I guess they should find a remedial with fiat money first before they tackle into crypto. Since fiat currency has long existed but fiat could still be used with illegal purposes including money laundering.
Now, If they think Bitcoin's decentralisation and anonymity creates underground financing illegal activities. Then that remains a theory If it's not proven yet.
Nevertheless, this could only mean one thing. They want to have a control over the people who's into cryptocurrency. To make things short they're finding a way to monetize people who's trading with crypto.

Exactly. Crypto, as well as any other technology, is a double-edged sword. It can be used for both good and bad things. This is no different than the Internet where anyone can do anything they want. It'll be up the government to enforce the rule of law in order to prevent as much criminal activity as possible. What I see is just another excuse from governments to stop people from using crypto altogether. After all, they don't want to lose control over people's finances. The more crypto is adopted worldwide, the less dominance Fiat will have.

Expect to see constant opposition against crypto/Blockchain tech because of its decentralized and censorship-resistant design. We shouldn't be worried about this as long as decentralization wins in the long run. Who knows if crypto manages to live alongside Fiat for generations? Just my thoughts ;D

that's just an excuse, I think Fiat money is also very often used for things like that. after all, it is a reason to resist the development of cryptocurrencies. I feel that crimes that are used through crypto, can also be committed on Fiat and that happens very often.
however, I have often heard that India is not very fond of cryptocurrencies, so I think this is a common thing from India. as long as they are still not pro with crypto, then something like this might happen often. Besides, if it's a money issue, I think it could be a potential crime.

This just shows that India has not tried to find the right way to regulate cryptocurrencies and is almost confused, showing extremely “indecisive and aggressive” management that it just insists on change its value instead of finding ways to adapt and grow.  In most cases have said the development of bitcoin & crypto is inevitable, their problem is to seriously consider, whether to accept or not, each country must come up with a way to regulate.  instead of threatening and hurting "development"

Unfortunately, you live in a country where cryptocurrencies are completely banned, but what the Indian government is doing shows that they are also looking for ways to get their people to give up using cryptocurrencies altogether.


This is bound to happen when a country accepts crypto because they don't want to be behind the world but if they don't find a way to control crypto their power will be diminished. We live in a world where power is concentrated in the government, so don't expect too much of total freedom, there will always be regulations when cryptocurrency is widely accepted.

It's really a matter of concern that Bitcoin and other Cryptocurrencies are being used used rapidly for illegal activities like money laundering, funding for terrorism.And it's one of the major reason why Governments restricted using Cryptocurrencies.

This is true for any country as well, not just India. I mean there are so many concerns all over the world, even the fact that the world is basically heating up, think of it like fever, and we are the thing it's trying to kill as well to get better. All those "world will end if we do not get carbon zero!!" things are a lie, world will be fine, we will die, that's the point.

If you can't turn the world into a place that humans can survive and just let the world kill us because we are polluting it, then I am sorry but crypto illegal usage is nothing compared to that, not even 0.01% importance of what climate change will do to us in the near future.

Well.. what to say? The situation in your country is just shit. If people are getting arrested for just keeping a few lines of code (that is what Bitcoin is) in their laptop, then I have to say that the country is pretty fucked up. Here in India, most of the trade occurs through P2P platforms such as LocalBitcoins, and the government has no means to track the trade. There are a few centralized exchanges, but they are constantly harassed by the government agencies and people are not very comfortable in using them. The governments around the world needs to understand that authoritarian behavior will not lead them to anywhere. We are living in the 21st century. The politicians can't expect us to dance as per their whims and fancies.

Authorities in my country say that money laundering will be more easier with crypto then with fiat. Though money laundering is in full swing with fiat but authorities have no objection on that. Its natural and with time hate among government bodies for crypto will increase not lessen for an obvious reason.

I am aware that Bitcoin has been used by people engaging in illegal activities and it does bother me. However, I have never done anything illegal with crypto so it’s not that relevant to me personally. I guess I’m concerned it gives the entire crypto space a bad reputation when this kind of thing happens. I fear people may start blaming BTC over a few bad apples and that’s potentially bad for long term investors like me.                                                      

If stating that bitcoin can be lead to money laundering. And the basical thing that makes government to infringe combat with bitcoins is the understand of using for terrorist to survive. because money laundering is easy everywhere and before Bitcoin existing people has been performing money laundering with different styles and tactics. Government hate bitcoin because they don't know the root. And government like to have domination over thing that is moving well

There is also concern of illegal use of vaccine and no one is alarmed by that. Concern for illegal use coercion and we see that in what Russia is doing in Ukraine. My concern is for those who want to always make crypto look bad so they can discredit it. They have tried so hard enough a long time on this but have not been able to stop cryptos and it will continue to frustrate them.

People can say anything and that's their right.
We need to just ignore those news which are done to get fame and importance.
We ourselves know the value and features of Bitcoins, so it will be really worthless if we debate on such a topic.
Everyone needs to understand that each and every thing has both faces, the ministers are only looking at the bad face of the Bitcoins and cryptos.
They don't know that due to the decentralized nature of Bitcoins, soon it will bring revolution in the world.
Excited to hear other people's thought on this.

I wouldn't say they are accusations. I mean crypto is known to be used for money laundering and even funding terrorist organizations like ISIS, there is no denying that and it has been proven so far. The thing is, if crypto didn't existed, would these things not be done in fiat anyway? Or isn't it done with fiat even right now? Not like crypto just replaced fiat in this sense, we are talking about basically taking over the whole situation as a whole. No, it just created an alternative and that is it, nothing more.

This is why I believe that we have to realize the purpose here is not to show what bad things crypto could be used for, we know it could be used for bad things, but these same bad things are done with fiat as well, or there are so many good things done with crypto as well and ignored.

Basically, even though we all know that the government is opposed to cryptocurrency, there are some evil people who use it for fraud, taking advantage of people with little knowledge of cryptocurrency and scamming them, while others use it to divert large sums of money so that they cannot be tracked. We simply hope that those who use it illegally do not result in a permanent prohibition on the use of cryptocurrencies in some countries that have yet to embrace it.

The function and use case of bitcoin as a currency can be said to be the same as fiat currency. These two currencies differ only from the idea that bitcoin is decentralized and fiat is centralized. Governments worry about bitcoin's potential to be used for illegal things, while they seem to forget that for hundreds of years fiat has been used more for the same thing. The government's fear of bitcoin is only about their inability to control and that is why they are always looking for reasons why bitcoin is placed as a bad currency.

This is fact!

They do really make out focus on having those discrimination or tending to be that negative into something which they dont really like.They do really give out some emphasis into its cons rather than on focusing or praising its benefits or pro's in short.

Its not surprising for governments behavior on having this way since crypto is totally against their preference which it would really be normal that they will really be showing off against or making debates
or issues  which are really focusing into the negative part.

Is this something new?

Basically what they say is based on assumption, if they can say these terrorist group were funded by cryptocurrencies then how they are going to prove their claims, if they didn't prove then its not a valid statement. And they are talking like people were dying due to car accidents so we are going to ban all the cars so that people can now live safer. ::)

I have a simple question that if crypto is that bad then why governments are allowing centralized crypto exchanges that do KYC and has no objection on centralized crypto like XRP, tether etc. There point is very clear that since they can't control decentralised crypto like BTC, they are banning it.

Can't deny that some people use crypto/Bitcoin for their illegal activities. But, I don't just understand why some people will put the blame on crypto which in fact, fiat money is also been used before and until the present time. They finger point everything to Bitcoin and ruin it because of their personal interest, indeed, they want to control Bitcoin as they see huge money out there. It is not the reason for them to protect the people but what they want is to put influence in the crypto market.

So governments can control the centralised cryptocurrencies like Ripple and tether? Yes technically possible though but it need order from the government and not going to happen always. The same applies to centralized exchanges as well no matter what the cryptocurrency is the user data will be shared with the government.

he said that cryptocurrencies were used for money laundering and terrorist financing but he did not say that fiat had been used first for money laundering and terrorist financing.  this world will never be fair, let alone the government, they will find ways to destroy things that can interfere with their interests.  but we don't need to pay attention to this news because FUD about bitcoin like this has been around for a long time.

I think that is one of the oldest fears regarding Bitcoin and other cryptocurrencies, that is used for illegal and criminal activities. That was especially pointed out at the beginning
But I think that with time this has changed and that many people are aware now, including governments, that Bitcoin is not criminal currency and that they are probably not more misused that amy other fiat currency, especially when it comes to money laundering
So just use your comon sense and don't believe every bad thing you hear about crypto.

Exactly, the concern is for those who use it for bad and illegal activities and knowing how the media always like to capture and loud the negative side of things even though one thing has nothing to do with the other, btc will end being the target, they will make it look as if btc is the culprit. Unfortunately, no one can control what people do with their btc,  even centralize fiat, people still finds a way to use it for illegal activities. It is the nature of human.

This illegal use of crypto can only be stopped or minimized by strict regulations. Governments first need to legalize crypto and then make strict rules and regulations so that people are not encouraged to do crypto scams. If few of the culprits are giving heavy fines, the rest will not even think of scamming people.

My position on this is very irreverent, being from a country where a government pretends to manage everything is something that teaches certain types of people to learn to evade any prohibition that is imposed by governments, however there are many ways that ban crypto you can get many tools like VPN, not using traditional local banks, and not letting KYC on every thing or body that have connection with government.

A government cannot track every step that people make in crypto, if I would be careful not to use Binance, because Binance usually has a certain weakness against governments, I would go for an exchange that gives me more confidence like Kucoin, Bitfinex, Kraken , some of those that are much more private and that handle somewhat considerable volumes, but I would never use crypto where they identify me with my data, I would do everything with VPN and in addition to that I would protect myself with protocols analogous to those used to enter to the dark web.

Due to the anonymity of cryptocurrencies, it makes it easier for criminals to launder money compared to fiat I think this is justified.


It's not that they don't protest, they really don't have a way to completely stop the criminals from raging.
It's all just an excuse to justify their hatred for crypto, they don't like bitcoin but can't find any good reason to get rid of bitcoin so they will assign any crime which can. The ultimate goal remains to prevent people from using cryptocurrencies.

Money laundering? Seriously, we're now blaming cryptocurrencies for that? For years, people were creating offshore companies or even non existent ones just for show in order to launder money for decades. Cryptocurrencies have been around for a few years compared to fiat, but suddenly they are to blame for everything.

Yes, I don't deny that they're being used in illegal activities, such as the darknet markets whatsoever, but they're certainly not accountable for this world corruption.

Well, for entities that do not agree with crypto assets, they generally defame it and want to leave it bad at any time to sabotage the use of people in these worldwide. According to these to the illicit activities that digital currencies lend. They practically start from the moment they present anonymity since large or small amounts of money are transferred without any information, purchase and sale of weapons, drugs and not to mention cyberattacks and money laundering...

It may be that some other activity is carried out in these forms of payment but in general these entities that do not accept it do not want them to continue in this path that they are going through and now less seeing that more countries join the adaptation of cryptographic assets.

Well in my country crypto is now having a bad image because cryptocurrency is used by some scammer and now having a bad image, but i already explained to my friends that crypto is legit and the only problem is that crypto is used by scammers and because of this bitcoin image is now becoming bad. But people will know soon and bitcoin image will surely cleared in the future.

This should not be of any concern to you or to me. People who are making news about how much energy bitcoin uses, or how illegal activities uses crypto, and many other bad sides of things that are irrelevant to us are just after making bitcoin look bad and nothing more.

I personally do not feel any responsibility over this because it is clear to me that bitcoin is not something to care about like that if you are doing it the right way and not use it in any bad ways. And this means that we should be capable of ignoring it since fiat has been used for bad stuff at all times. I mean it is said that majority of dollars have cocaine traces on them, that is how much it is used, so there is really no reason why crypto should be blamed for it now.

Criminals use Fiat more than crypto for money laundering activities. But governments keep pushing the narrative that crypto is used for illegal purposes in order to lure people away from it. Can you imagine what will happen if people began using crypto on top of Fiat? Governments and central banks will lose power, putting an end to bureaucracy for good. These entities still want to stay in power, so they'll do everything they can to spread misinformation and false propaganda against crypto in order to minimize its use in the mainstream world. As long as decentralization prevails, there should be nothing to worry about. Who knows if crypto gets to live alongside Fiat for generations? Just my thoughts ;D

It infuriates me when people claim that cryptocurrencies are the root of all evil. I fully understand that they are used in illegal activities, such as buying/selling drug substances, guns, illegal accounts etc. on Darknet markets, however, fiat is still the primary currency being used for this kind of illegal activities. Alright, ban cryptocurrencies to avoid such incidents, because that should do it!

Up until today, fiat has still the largest illegal activities going on.
Some people are just highlighting the bad aspects where crypto can be used in fraudulent activities.
But these same people are not seeing the reality that fiat is still the major means of these illegal acts.
It is like accusing bitcoin mining of consuming much energy, whereby, other big companies can continuously waste energy.
It is now up to the people how they approach on these things, are they going to be discouraged because of this misleading propaganda?

Whatever things that government doesnt really like then this is where they do really shoots or places out issues and criticisms which is not really that something new.
They would be focusing on illegal things to be attached just to make it look bad specially into those people who doesnt know crypto which is really safe but
sooner or later they would really be that able to realize on whats the truth but there are people who do really believe on what media or government
do say but we shouldnt bother out ourselves because people would find out no matter what on whats the truth.

Does cryptocurrency have illegal process of using it? If bitcoin should have illegal form of using it that should be money laundering and importation of high drugs to the country without the awareness of the government, and it going be those people in the government that will use it to spoil the good reputation of cryptocurrency because I'm seeing government like group that hate cryptocurrency and the group

We all know that money laundering can not be stopped and the government should not use that means to criticize Bitcoin that it is supporting money laundering. We know that fiat is the major concern but bad people choose crypto because it is be secure and safer for them. That is not the reason why cryptocurrency was created and hijacking it be bad people for there businesses should be used for criticism

It seems absurd to me that they always blame cryptocurrency when it is one of the safest economic systems, however, nobody talks about the money laundering carried out by NFTs, where everyone leaves with clean hands.

Illegal use of currency is not only related with crypto currency but it is a general problem with all types of assets. However, the government has full authority to check such problems. So, due to such problems we should not demotivate traders using rumours.

It's just an effort from governments in order to spread FUD (fear, uncertainty, doubt). After all, they don't want people using crypto on top of Fiat. I've said that many times already. You and I know that Fiat is heavily used for illegal activities (not crypto). Which criminal would want to use something as widely unpredictable and unstable as crypto itself?

Considering that most merchants and businesses accept Fiat, there's every reason to ignore crypto in the first place. I'd prefer crypto to be as distant from criminals as possible in order to get the green light from governments worldwide. It's a good thing major cryptocurrencies like Bitcoin and Ethereum are transparent by design, else they would've been completely rejected by the government by now. As long as decentralization prevails, nothing else matters. Just my thoughts ;D

It certainly is a coordinated attack against cryptocurrencies. Crypto is extremely new to be liable for even 5% of conducted illegal activities. There are certainly ongoing activities in the Darknet, revolving Bitcoin, but that's just the tip of the iceberg. I never claimed myself that it's a replacement for fiat, these two could easily co-exist, with a few regulations probably, I don't get why governments are so negative regarding their adoption.

Being optimistic isnt bad but it should really be on  that point on where it should really be realistic because fiat couldnt be replaced no matter what and as long government does exist then it would really be staying

up through ages which is something that in default.Speaking with critics then its just normal because they would really be throwing lots of issues and arguments about its con's without

even trying to emphasis the con's of fiat too which had been a tool on ages.

money laundering and terror financing and the like, are not new things, in fiat circulation it can be done and it often happens, especially with crypto which clearly has no one to regulate and control, it is very easy to do. but the state must not be negligent and can use everything to be used, so money laundering and the like, which can harm state revenues and theft of state assets and can disrupt the stability of state security not occur. the state needs and continues to make regulations and rules that allow the apparatus to be able to exercise control through policies made with legal regulations. there will always be a mechanism that can be made so that the state does not happen something that is not desirable.
so there is no need to worry too much if the regulations can be applied of course as a good citizen will not want to do something that is prohibited.

Of course. Governments don't want people using crypto because it removes their ability to control money. With a decentralized system as crypto/Blockchain tech, it's nearly impossible to confiscate, freeze, or even manipulate someone else's account at governments' own will. It's the first time in history where money gets separated from the state. Just like the Internet, crypto is a double-edged sword. People can use it either for good or bad things.

As much as crypto is claimed to be used for illegal activities, the truth is that Fiat is the one used mostly for said purpose. It's all an effort from governments to drive as much people away from crypto as possible. I wouldn't worry about what they're saying against crypto as long as it works as intended. Just my thoughts ;D

I didn't even open the article, I'm just surprised that still nowadays there are people saying that bitcoin is used to laundry money etc etc when it's completely traceable through the blockchain. It's probably one of the worst ways to laundry money, seriously.

I'm not sure if that's the only reason to be honest. In my opinion, ignorance is also to blame, lack of knowledge often leads to these kinds of conclusions. I don't believe that any of those people in governance actually know what cryptocurrencies are, but just see what they want and simply stick to that.

Cryptocurrencies are relatively new, thus it's pretty normal to see such kind of behavior, since politicians are usually of older age, who have lived during a completely different generation.

To be honest, I would also call the cryptocurrency itself gray. Many want to use this as an opportunity to make a profit without taxes.

where and were is cryptocurrency is been misused and misunderstood, it is people who tried to condemn the the use of cryptocurrency generally, cryptocurrency don't have illegal function or anything that related with illegalities from the size i understand the basic theories cryptocurrency. Their is when i hear that cryptocurrency is the easiest way of making smuggling money to another country but i find it very unreasonable

Before we could derive on a conclusion in this manners why not let's put ourselves in the shoe of those crypto companies that had exuberant tax impose on them, the government make demand of a tax rate beyond the capacity of people, this has been one of the  gear factors to manipulations by evading the payment for it, let's make things realistic, something worth affordable by the citizens, and not an extortion in disguise.

There is an adage in my country that states that if you want to kill a dog, you just give it a bad name. You would say the dog did this and did that all because you want to get rid of it. Anti-bitcoin forces would always give Bitcoin a bad name because they want to get rid of it. Money laundering, terrorism financing and other illegal financial transactions have been in existence before Bitcoin, hence Bitcoin at least is not the originator of such crimes. Although, Bitcoin can be used for some of these antisocial practices but statistics has shown that using fiat and other banking services is indeed the main tool for crime financing and money laundering.