Government's corruption using Coins

[ahmad21]

I was just wondering, what if Government officials will store their money from corruption in the Cryptos? What if they'll invest all their money in bitcoin so that no one will know about that corrupted money? Will it be possible? Is it really safe for them to use the virtual currencies a store house of their evil money? Because rather than having bank accounts, putting it on a wallet or investing all of it on cryptos will be safer. I want to hear your opinion.

Well good morning Sir! what you have been wondering is already into business. You might not be very well aware but most of the government officials might already be doing such acts to save themselves from scrutiny. This is a large criticism of bitcoin and cryptocurrencies that they entail such a culture of anonymous payment where even a criminal can get away by storing its money in digital form.

[Profstein888]

The thing is, the corrupt government officials are very smart, they can even hide all their assets from any banks by making secret bank accounts, those accounts may named to different people, or whatever, but if it is really true that the money will be discovered ising banks, then there is no corrupt officials right now. But they always make a way in order not to be discovered. And it is easy for them to invest their assets in bitcoin because they are already safe through banks. And one thing, the Government didn't know that the money invested in bitcoin was from corruption. Because if it passed through banks that means it is clear and no problems at all.

[pureclckr]

I was just wondering, what if Government officials will store their money from corruption in the Cryptos? What if they'll invest all their money in bitcoin so that no one will know about that corrupted money? Will it be possible? Is it really safe for them to use the virtual currencies a store house of their evil money? Because rather than having bank accounts, putting it on a wallet or investing all of it on cryptos will be safer. I want to hear your opinion.

Not only the government official,many of the millionaire inverse their money in bitcoin.Millionaire had became billionaire by investing their money in bitcoin.Bitcoin is the safest one to inverse your money.I don't know the corrupted money are invested in crypto currency.But it is possible to do that.

Yeah this is happening. And government officials have been using bitcoins as a shield to save up their black money. They are not allowing us to use them for raise in our financial positions but on the other end they themselves keeping their lines safer. They prefer to turn their black money into official and legal currency where no one can check them and they managed successfully.

[maianh09]

If a government releases its crypto, it may be considered a new step forward, but it is risky. The total amount of supply's fixed, so the number of people who own too much will make the value go up, the people in the government will be the most benefit from it.

[Nikkolodeon]

There's no point of using Bitcoin to hide corruption since Bitcoin is only pseudonymous and if the corruptor buy the bitcoin with centralized exchange or/and link their bank account, they're doomed. Even worse if the whole process was done with unsecure connection.
They should use full-anonymous coins such as Monero with secure connection and use decentralized exhange to hide their asset well

Also, the government can use 3rd party tracker such chainalysis to track down the coins and notify to all legal bitcoin services/exchange to notify government once the tainted coins is deposited to their services/exchange.

Correct! I was about to say the same thing. Converting money in to bitcoin through a centralized exchange will not help them to hide the dirty money trail and it will be easier for the government to catch them quickly. But anonymous currency like xmr or deeponion will be an ideal choice. Also while coverting they should make a cash deal instead of using any bank account. This way the trail can be hidden, otherwise, everything will become public.

If it is easy to catch them, then why is it that there are still corrupt government officials as of today? They must have caught a long time ago if it is easy right? That means that they are smart enough to outsmart everything just to hide their money. They have so many ways just to hide it. If they can't catch it from the banks how come they can catch them from crypto wallets that has so many ways to hide money? One thing is they can create many accounts and spread all their assets. Besides no one knows that it is a corrupted money yet. So it will be really difficult to catch, it is never easy. As you may know, some of the police or higher ups are puppets of corrupt officials. I just hope that this won't happen because it will be a bad thing for every country.