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Author Topic: Pot kettle black  (Read 66 times)
stulloyd79
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August 04, 2018, 04:39:20 PM
 #1

So, after Venezuela did it, I guess it's becoming the trend now for countries to turn to crypto in attempt to avoid international sanctions and be able to move money abroad and bypass the restrictions. Doesn't that go hand in hand with the claim that Crypto is the choice for criminals? Or is it that when Governments do it it's not a crime? Haha
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crypto-bit456
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August 06, 2018, 07:13:54 PM
 #2

I guess you are completely ignoring the part that these cryptos are currently helping them to fight problems like inflation and I think once they are recovered they will definitely come up with ways of regulating it so that no illegal activities can take place. For now, let's just hope for the best.
TheBitcoinBadger10
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August 06, 2018, 08:50:40 PM
 #3

All the good deeds will come with some bad news that is very natural. But, if using Cryptos are solving major problems of their nations and government then I think it is totally up to the government on how they would like to handle the illegal dealings.
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August 06, 2018, 09:44:07 PM
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It becomes really funny how it becomes very convenient for Governments to use it but frown on the little guys like me and me. That being said, i think what may be happening in Venuzuela is more shady that meets the eye. High inflation etc and yet the people in government lead such extravagant lives.
gentlemand
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August 06, 2018, 09:48:13 PM
 #5

There's one small problem with these 'sanction evading' cryptos. No other country or entity wants anything to do them. India has already told Venezuela where to go when it attempted to get them to use the Petro.

The same will go for the Iranian one. If only one party in a trade believes what's being exchanged is worth anything, no trade will happen.

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August 07, 2018, 04:07:44 AM
 #6

I still don't get how these countries think they can evade sanctions by "creating" a cryptocurrency.
for example we are talking about a trade between countries, if  the other country is willing to do it despite the sanctions then they will do it with fiat and if they are not willing to do it then using another form of your own centralized fiat with a different name is not going to change their mind!

when a country creates a new cryptocurrency (like Petro) they are just printing more of the same money they have been printing for years but now instead of using paper to print, they use digital form.
using something like bitcoin is a different story though. because it already exists and being used and being decentralized can mean you can freely use it. although it would be traceable so that part of the problem still exists since both countries wouldn't be able to hide their trade from UN.

dothebeats
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August 07, 2018, 07:44:42 AM
 #7

IMO, as long as a country doesn't break the rules regarding fraud and whatnot, it's fine to create their own crypto, especially if it saves them from a potential economic disaster looming. However if the country uses crypto as a means to circumvent sanctions and regulations, they should be called out for it, and those in charge should be held liable for such actions. No one should be above or manipulating the law no matter how bad the shape of the economy is for a certain country.

Another important note to consider is the willingness of the other party to receive a payment in crypto irregardless of the trade valur they are working with. If the other party does not accept such a proposal, nothing will be completed and accomplished.

GoldOrBTC
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August 07, 2018, 03:44:54 PM
 #8

Crypto is not the choice of the criminals. It all lies on the uses of the people. If we want to use it for the merit, then it will be for our good. If we want to abuse our privilege, then that's our loss. It's the people's fault, for turning crypto like this.
Evan_Smith
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August 07, 2018, 03:51:15 PM
 #9

So, after Venezuela did it, I guess it's becoming the trend now for countries to turn to crypto in attempt to avoid international sanctions and be able to move money abroad and bypass the restrictions. Doesn't that go hand in hand with the claim that Crypto is the choice for criminals? Or is it that when Governments do it it's not a crime? Haha
Criminals love traditional cash. This doesn't stop us from using cash. It doesn't make cash inherently bad. It's similar with crypto. Criminals may us it, but that doesn't mean it's bad. As far I understand, crypto can actually be more transparent than cash is. If there are no restrictions on transfering Bitcoin, you can't very well break them, can you? You can't violate a law that doesn't exist.
LateMoveR52
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August 07, 2018, 04:10:10 PM
 #10

If one country follows something good, it is obvious that the others will try to follow suit and the same will be said for the negative ones also. Crypto has helped a lot of counties for the better. So we should be rash to call it a currency only for the criminals because someone has abused this privilege.
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