Government's corruption using Coins

[avikz]

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.

[vergel24official]

Corruption might be happen through bitcoin because of its anonymity. Government officials can hide their corrupted money in bitcoin. It is easy for them to hide their identity.

[TheGodFather]

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.

That’s one way of looking at t and by our knowledge in bbitcoin there is a possibility that this is actually happening right now and especially on the data that we have on how bitcoin is banned due to the nature of how it is viewed by our officials that this is bad and that this is something wherein they would have to really prove a point that they would still need to have data to support that even with the shady transactions that can be done in bitcoin that it can still be solved and traced

[Maryverycool]

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.

I think now many corruption of government officials have already done so, they use bitcoin to money laundering, this will increase the difficulty, corrupt officials, so someone is for this reason the bitcoin trading is prohibited

[bocyaj]

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.

[AVAMONEY]

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.

It's not that simple to do corruption using crypto currencies, experience was teach us how BTC-e was seized by the FBI.
The main reason was money laundry activities. Currently, almost all exchangers apply the KYC rules, where we must use the original data with provided scanned document to verify the account. so that it can conduct trading and withdrawing balance in large quantities.

[Baimovic]

I think if corruptors just save in the wallet only, it will be easy for interrogated, but the difficult is when crypto is already used for transactions, it will be difficult to track.

so,  this issue is to be attention by any country that will legalize crypto, the government must make strict rules for crypto law, so can to prevent or minimize crimes such as corruption.

[Kambal2000]

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.

Corruption is just like a normal word for now since there is no country who does not have any corruption, and here if they will corrupt coins then it is a normal thing, they are corrupting the earnings of people here in crypto by imposing a tax.

[vendy86]

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.

i think its very possible.no need talk corruption,rich people even try to hide tax using crypto.because goverment cant trace them at blockchain untill they hit exchange and withdrawal their money.

[1Referee]

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.

The problem with parking illicit capital in altcoins is the lack of actual confidence in them. Bitcoin is like Gold. Despite the fact that there are more precious metals, people in most cases always go for Gold, and in this case they will always prefer to have their capital parked in Bitcoin. The only thing they might end up doing, is using Monero as a first step to get rid of any potential taint, to have it later converted back to Bitcoin through decentralized exchanges. And yes, I do believe that OTC is the most preferred way to either sell or buy Bitcoin in this case. I wouldn't even be surprised to find out that OTC volumes have significantly surpassed the volumes on exchanges at some point. People more and more move away from centralized services, which is a good thing.

[Ms Emi]

It is possible, you from the government and asking for advice? 
Bitcoin doesn't care where the money came from when you buy them, but be careful not to withdraw them in the future at once since it might catch some attention from any government employee or the bank itself for the large money withdrawn at once, then they will report you and you will be listed for money laundering.

[Shenzou]

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.

This would be called moeny laundring, for many years courrupted govermment officials and scammers have tried to put their moeny either to hide their corrupted moeny or to escape taxation, so they offshore their profir by investing in forigner companies or stocks or they invest in gold, with the cryptocurrency becoming more and more popular and bitcoin having such high price, it comes to no suprise that some will try to use it for frauding and money laundring, but it is still risky because of its volitale price, and this where the govermments's fear comes from the cryptocurrency.

[squatz1]

There are certain instances, like in South Korea where officials state that they're going to be banning bitcoin, or imposing strict regulations --> the market crashes due to the news, these officials buy massive amounts of coins, the statement is retracted and then they made a good amount of money. They didn't get away with it, but I wouldn't doubt that it's happening all around the world.

Insider trading is possible with anything though related to government. It's probably easier for them to influence whatever they want in FIAT and then deal with FIAT.

[JL421]

If seriously why act like a dumb shit they are already using bitcoin to store their black money in fact there are many who have already bought bitcoin and easily hid there black money from the government
Government complaining that bitcoin is scam but in reality they itself are saving there future

[cosmoo]

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.

It is possible for now. But in future cryptocurrencies will not be anonymous I guess. And I really hoping for that.

[nandamo]

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.

Hmm.. Yeah? I think they will invest or put it in a wallet so no court or government can trace if this person have cryptocurrency, because it is decentralized.

[joebrook]

They may use cryptocurriences to held the money that they have stolen but it doesn't deny the fact that people will know that the money has been stolen, only that they can't trace the stolen money to the person who who did it in the first place.

[fokinlipat]

I bet some of them are having their money in cryptos already, but those people usually have many ways to hide their money, like creating societies with front men and making different international transfers through tax havens.

In my country, I can guarantee that this is happening on a very large scale. Let me explain how it is being done by a local politician who is quite popular in  my area. He collected the KYC for residents in his locality saying that he will get certain election cards made for them which will result in privileges for the people. he then used these KYC documents to open bank accounts and  register accounts on different bitcoin exchanges in my country. Most of the money he earned through corruption is invested in these accounts.

[BelieveInBTC]

Cryptocurrencies give us freedom but we have to pay a price of it - lack of control of criminals. We won't be able to track money anymore since transactions are anonymous. There is no method to distinguish illegal payments from legal ones. I think taht is the biggest flaw of anonymous payments. However, governments have been collecting more and more data about us only because they wanted to protect us from criminals. Let's see what they will think of this time.

[A1exander]

I am pretty sure they already do this. While bitcoin is not truly anonymous, it may be enough to break an obvious link or disrupt an official investigation so they could not be caught red-handed.