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Author Topic: Why do people need to use Bitcoin for Money laundering?  (Read 1551 times)
libert19
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September 13, 2018, 04:05:18 AM
 #361

It turns out that bitcoin is a terrible tool for money laundering. The trouble is that all bitcoin transactions are tracked so if they want to catch you, they can go back into the system and figure out who you are.

Bitcoin bypasses the banking system, but my personal experience is that at least in the Pearl River Delta, that there is less dirty money in the bitcoin ecosystem than in the traditional banking system, which is one reason the Chinese government tolerates and even encourages bitcoin.
I have not heard the Chinese government encourage the use of bitcoins. All governments don't like bitcoin. But some governments forbid bitcoin by a strong-willed decision and some governments take a wait-and-see attitude. They do not prohibit or permit it. Fake money laundering using bitcoin invented banks to fight its main competitor.

I have heard cases where government official were involved in using Bitcoins it's just that they don't want common to people to get into, since it would be harder for them to track and tax.

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bitcoindusts
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September 13, 2018, 07:30:29 AM
 #362

I think that crypto is using for every thing if we talk about the money laundering or terrorist attacks then the first name comes bitcoin and crypto and it is not the problem of crypto but people if use it we should use it for good purpose.

Indeed Rashid. There is a big distinction between money laundering and bitcoin being used for illegal activities.

You see, money laundering is illegal money sent out in concealed transactions (usually overseas) so that the money comes out clean in another form of fiat currency and then used to purchase legal property and assets or simply spent legally. Whereas the issue with bitcoin is not illegal money (unless of course if the money used to buy bitcoins are from an illegal means), rather pseudonymous transactions that are then used for illegal activities.

As sad as it may be, these are part of any cash system, even if we go back to bartering, activities as such will always spring out somewhere, somehow.



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kamoto
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September 13, 2018, 02:35:07 PM
 #363

Well ... I do not know all the reasons, but I've heard about such a funny thing ... in general in some countries (even today) bitcoin is ... nothing. Really. Somewhere at the legislative level, this is money. Somewhere it is considered property. And in some countries, crypto-currencies are not something at all. Therefore, you can transfer money to "nothing" and already by law you are clean.
yogeshkale
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September 13, 2018, 05:42:28 PM
 #364

Bitcoin is easy to use for money laundering never anyone trace and doesn't know that who is the owner of bitcoin. Bitcoin is a most effective tool for the money laundering because of its decentralized and untrackable.
Nissan-GTR
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September 13, 2018, 05:51:13 PM
 #365

Between 2004 and 2010, HSBC laundered Billions of Dollars for the Mexican Drug cartels and nobody blinked an eye. After

7 years of doing this, they got busted and they paid US$1.9bn in fines. {This could be recovered in profits, within a few

weeks} Most people saw this as a slap on the wrist for the people who were involved with this. Not one person working for the

Bank got jail time for doing this.  Roll Eyes  https://observer.news/featured/5-years-ago-hsbc-fined-record-us1-9bn/

Ross Ulbricht, was sentenced to life in prison without parole for creating and running Silk Road, which allegedly facilitated

the sale of $250 million worth of drugs.

                                    Why are we seeing such double standards, when Bitcoin is involved?


Well, we can say that Bitcoin is a very accessible platform for the criminals to take advantage and made this as a way for them to gather more and more money who will catch up to the bait since Bitcoin supports anonymity and we can say that criminals these days doesn't come only having a knife, it comes with an excellent ability with regards to technology so double safety must be practice.

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Alex31207
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September 13, 2018, 06:57:32 PM
 #366

Bitcoin is not anonymous.If you really want, then the chain can go to the right person.There are many other anonymous coins through which you can launder money

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megalith07
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September 13, 2018, 07:12:15 PM
 #367

The most utilized cash for money laundering is the USD not BTC. They simply needed to cut down BTC or at any rate direct it since they are ensuring their advantage. They have such a great amount of money in USD. They additionally needed to cut down BTCso that they can get it efficiently.
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