Bitcoin Forum

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

Hi, I`ve got absolutely limited knowledge on the problem of money laundering. I`ve read on the problem in mass-media. As far as I know , two local cryptocurrency industry organisations are planning to set up a combined self-policing body in response to growing concerns about the security of cryptocurrency marketplaces in Japan.

Are you confusing blockchain with money laundering via coins with value? Blockchain is an amazing development us as humans have created. Transparent, not vulnerable to attacks (albeit flaws in the blockchain and quantam computers) etc. yes- btc and monero specifically is used by people to purchase drugs online and move money around however blockchain as a whole is developing into the new internet.

Even if it is an anonymous coin, bitcoin and crypto as well is not just a mere money laundering tool for criminals. Blockchain as a whole is created in order to aid transactions online without the need of a third party. It is also supposed to be used as an alternative way to pay besides fiat but the fact is that users(most of them) use it in speculation. What can you say about fiat then? I think they are used more in illegal dealings rather than crypto.

These are all empty words. At fiat currencies the crime too was, is, and will be. And not only with cash, but with plastic cards too

This is one of the dumbest analogies I have read. If cryptocurrency is used for money laundering then tell me is cash also not used for it? Does that makes cash a tool for criminals to launder their money? You need to look at crypto with how it can change the world and get out of your mentality.

Cryptocurrency is only a digital coin. It depends on the person using it. If criminals used crypto for the illegal transactions, that doesn't mean that crypto is a tool for money laundering

For any modern technology, you can find many applications. The fact that technology is used unfairly is the problem of people, not the technologies themselves. In our country, for example, they want to block telegrams because they can be used by terrorists. But they are also using words, it is impossible to forbid communication because of this.

I think it is not case for every currency but i really agree with you that there are money laundering circulating and effecting market.

I feel this more reason why the government of some countries are clamouring to have control over cryptocurrency and most especially blockchain, but i think blockchain is more advanced to be used as a tool for money laundering, since any transaction made with cryptocurrency can easily be traced. Even if this is not that feasible, the person might likely use an exchange while converting the cryptocurrency to fiat. He would have done KYC at the exchange, which means if there is any report of money laundering made, he can easily be apprehended through the details provided.

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

The possibility is high. Bitcoin supports anonymity of users. This feature allows anyone to make transactions regardless of legality and without the government regulating the transactions, criminals are free to do whatever they want. This is one of the disadvantages of bitcoin and the sad truth is we cannot control it, no one can.

According to this article, "The main feature of crypto currencies is their anonymity. I don't think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing."

https://www.reddit.com/r/IAmA/comments/80ow6w/im_bill_gates_cochair_of_the_bill_melinda_gates/

most of the large exchange is already using the kyc / anti money laundering process, so the paradigm of crypto not monitored by the government is wrong.

You need to brush up on your knowledge. Bitcoin has supported user privacy, but has always been, at best, pseudo-anonymous. Bill Gates and Melinda Gates may have said so accurately with the knowledge at the time. But if Snowden thinks that Bitcoin is not suitable because of its public, transparent, distributed ledger, then he is only demonstrating Bitcoin's most basic feature. He thinks it's even a flaw.

And tell all the alphabay and silk road criminals who got caught how anonymous Bitcoin is!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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