Cryptocurrency, KYC and Terrorism

[1207Lmcin]

many people say that there is a big connection between cryptocurrency usage and terrorism. but i dont think so. i dont think they really needs cryptocurrencies to make transactions. they have many other ways to send money.

It is a trading method that terrorists think is safe. Think about it with anonymous currencies, which will be an effective way of paying.

And the issue of KYC, if it were me, I would choose decentralized platforms.

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[samycoin]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

That's why im really careful to choose the project that I invest and do a kyc because in crypto many frauds and scammer, it's really important to be vigilant because we don't know what the exact plan of that fraudsters

[Mr.ZODIAC]

And yet, guys, I see that each of us does not exclude the possibility of abuse by the bad guys cryptocurrency and the opportunities that the cryptocurrency market provides.  Based on this, it can be assumed that the requirements to provide KYC are well founded.  But I adhere to the opinion that there must still be restrictions for such conditions, when it comes to not large sums of money, there is no reason to demand to provide documents and prove your identity.

[Hamphser]

it is necessary to fight the cause, not the consequence. the causes of terrorism lie in other factors. the KYC procedure will not affect terrorism in any way, any scheme can be bypassed

Terrorism are already there even without crypto they can use even fiat, so I think crypto currency should not be a reason of saying escalating terrorism for their monetary needs. KYC is not a guarantee to avoid terrorist using crypto for money laundering because they can still manipulate documents if they want to.

A strict procedure of KYC is needed if they really want to stop something like a terrorism laundering money just to fund their malicious activity. I agree with you on that - that terrorism is already in there even without crypto because someone might be funding them by using fiat.

[BennyK]

Due to the issues arising from submitted KYCs, I prefer to study the project very well in order to know its authenticity before I submit my details. Due to regulations in some countries and for verification purposes, KYC cannot be eliminated entirely in crypto.

[rosepetals]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

You have a point mate,some of the campaigns that  I participated before asked to do KYC but I really feel unsecured because of our personal data and documents being send to them.We don't even know what they will do with our personal data that makes me alot worried that is why I don't join campaigns that needs KYC.

[Spaffin]

In any case, we must accept the fact that KYC is now demanding from us Wherever there are such requirements.  It is in this format that cryptocurrencies will be legalized throughout the world, so that government agencies can control the possibilities of illegal cash flow.  So somehow we will have to provide passport information.

[romero121]

Cryptocurrency, Terrorism and KYC will be interlinked in a very simple way. Terrorism is funded in terms of cryptocurrency and this isn't possible to track the flow of fund due to the lack of KYC. This is how everyone who is against the cryptocurrency used to describe about cryptocurrency. We can't deny there is no illegal or fund transfer to terrorism taking place through bitcoin but this isn't the only channel through which this is taking place. It is a proven fact, majority of the funds for terrorism is transacted in terms of USD. KYC could reduce the use of cryptocurrency on terrorism, but that'll affect one of its feature that's highly required for Cryptocurrency.

[Apaxy]

Cryptocurrency, Terrorism and KYC will be interlinked in a very simple way. Terrorism is funded in terms of cryptocurrency and this isn't possible to track the flow of fund due to the lack of KYC. This is how everyone who is against the cryptocurrency used to describe about cryptocurrency. We can't deny there is no illegal or fund transfer to terrorism taking place through bitcoin but this isn't the only channel through which this is taking place. It is a proven fact, majority of the funds for terrorism is transacted in terms of USD. KYC could reduce the use of cryptocurrency on terrorism, but that'll affect one of its feature that's highly required for Cryptocurrency.

If we want to have a good future for a cryptocurrency market and live in a safe world, then we will have to accept the loss of anonymity.  There is no other way out, since the state will be able to harm each cryptocurrency user when it fights against terrorism.

[AjithBtc]

Previously, there was no cryptocurrency, but there was more terrorism. Now I do not hear in the news about the big terrorist attacks. Probably they bought Bitcoin for $ 20k. 

Even before cryptocurrency into the world there was terrorism all illegal activities taking place around the globe, but those happened through the traditional system. Once after the innovative cryptocurrency through the blockchain technology it was quite easy for them to fund terrorists and other illegal substances.

This is what made most countries have a negative thinking over bitcoin. Till date bitcoin used for terrorism and other illegal activities were very small compared to traditional fiat particularly USD.

[sarmrakib]

Actually a scammer always try to pretend as a real person .We have t expose them .He could come out any way but there is many way to identify them .I think KYC should be a way to expose them .Most of the time scammer and terrorist try to being anonymous if they go through with kyc it could be tough to them to scam. So i think it could be a better way to protect both terrorism and scam.

[Polo7]

Kyc was not started by cryptocurrency it has been in existence for a long times and banks, institutions etc uses it to identify individuals.
I don't have any problems with kyc and I think so should everyone the real issue here is initial coin offering icos the sector is infested already and if there is a target to get people's identity through kyc am not surprised is through that area.
 We can not avoid kyc complete but if we avoid joining and sending our details to entities we not sure off then at least it would be mild

Kyc Don't keep terrorism Away lol.

U guys know If u are big buyer of Bitcoin nobody Don't ask kyc.

Large Otc buyers Can remain private all their Information.

WHO said one of this Otc buyers Not terrorists??

Lol,  funny isnt it?


And When u as poor loser will Not report Ur small taxes too irs.. Or u Don't do kyc u are terrorist and tax evader


So dumb

[Pab]

Terrorist are using cash often.Terrorist are using dollars euro whatever currency
It is just excuse to disturb cryptocurrrencies movement
Blockchain is public.any transaction is visible and stored in blockchain
I can understand basic KYC in a case of licensed exchanges but what guarantee i have that my personal data will be not sold to terrorist or any others.
We really need blockchain service what will protect our personal information

[Ausgewielt]

As investors, we should really research in advance about the project that we want to invest. A lot of consideration that must be taken before investing. But perhaps most of us are only focus on benefits offered without caring about important matters relating to the project such as the legality,  ideas, team background, and technology used. Indeed need further evidence about wether there is some ICO that funds terrorism activity or not. In local news in my country, bitcoin is used for funding terrorist recruitment via social media.

[spike420211]

I think cryptocurrency is an ideal way to transfer money in which you can remain anonymous. So all the dark things, such as sponsoring criminal gangs, buying illegal goods and so on, will use cryptocurrency as a means of transferring funds. Will the identification procedure help against all this? I don’t think, considering how many documents are illegally sold on the dark net.

[hahay]

I think cryptocurrency is an ideal way to transfer money in which you can remain anonymous. So all the dark things, such as sponsoring criminal gangs, buying illegal goods and so on, will use cryptocurrency as a means of transferring funds. Will the identification procedure help against all this? I don’t think, considering how many documents are illegally sold on the dark net.

Agree, but that is just a negative view for most lay people about cryptocurrency, because we know that crypto has many other advantages which of course are not always used only for crime and other crimes.

[BorisWCR]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

It is better to ensure ignore KYC instead we fall in risk through ways of terrorism or other. We are highly responsible towards our work functionalities when we are dealing with any projects in crypto platform and better to act with caution before falling in risk.

[freedomgo]

I think cryptocurrency is an ideal way to transfer money in which you can remain anonymous. So all the dark things, such as sponsoring criminal gangs, buying illegal goods and so on, will use cryptocurrency as a means of transferring funds. Will the identification procedure help against all this? I don’t think, considering how many documents are illegally sold on the dark net.

Agree, but that is just a negative view for most lay people about cryptocurrency, because we know that crypto has many other advantages which of course are not always used only for crime and other crimes.

Indeed, why do people look only on the negative side of crypto, there's no system and currency that is perfectly design for legal transactions only, even the fiat that we are using now are also widely use to finance terrorism, so that should not be new with crypto.

But then, it's the authorities job on how to minimize this illegal transaction, they will be in control and they can carry out their job if they will fully regulate the crypto space, and I'm in favor of that possibility.

[Tylev]

I think cryptocurrency is an ideal way to transfer money in which you can remain anonymous. So all the dark things, such as sponsoring criminal gangs, buying illegal goods and so on, will use cryptocurrency as a means of transferring funds. Will the identification procedure help against all this? I don’t think, considering how many documents are illegally sold on the dark net.

Agree, but that is just a negative view for most lay people about cryptocurrency, because we know that crypto has many other advantages which of course are not always used only for crime and other crimes.

Indeed, why do people look only on the negative side of crypto, there's no system and currency that is perfectly design for legal transactions only, even the fiat that we are using now are also widely use to finance terrorism, so that should not be new with crypto.

But then, it's the authorities job on how to minimize this illegal transaction, they will be in control and they can carry out their job if they will fully regulate the crypto space, and I'm in favor of that possibility.

And how many crimes are committed with the help of cars or, say, kitchen knives. However, it never occurred to anyone to discuss them prohibition. Any invention of mankind can be used for the ultimate purposes. However, because of this, we should not give up technological progress.
Do not treat a person as a potential criminal. Let everyone do their own thing. Finding felons is the task of law enforcement.

[freedomgo]

I think cryptocurrency is an ideal way to transfer money in which you can remain anonymous. So all the dark things, such as sponsoring criminal gangs, buying illegal goods and so on, will use cryptocurrency as a means of transferring funds. Will the identification procedure help against all this? I don’t think, considering how many documents are illegally sold on the dark net.

Agree, but that is just a negative view for most lay people about cryptocurrency, because we know that crypto has many other advantages which of course are not always used only for crime and other crimes.

Indeed, why do people look only on the negative side of crypto, there's no system and currency that is perfectly design for legal transactions only, even the fiat that we are using now are also widely use to finance terrorism, so that should not be new with crypto.

But then, it's the authorities job on how to minimize this illegal transaction, they will be in control and they can carry out their job if they will fully regulate the crypto space, and I'm in favor of that possibility.

And how many crimes are committed with the help of cars or, say, kitchen knives. However, it never occurred to anyone to discuss them prohibition. Any invention of mankind can be used for the ultimate purposes. However, because of this, we should not give up technological progress.
Do not treat a person as a potential criminal. Let everyone do their own thing. Finding felons is the task of law enforcement.

Like crypto being a tool for crime but this technology has a lot of purpose and therefore it should not be stop or ban, those countries who bans crypto are poor countries who doesn't understand the how useful crypto is. Without bitcoin, blockchain will not be invented and with blockchain alone, it makes transactions faster, transparent, and cheaper, these are the features that people should enjoy.

Also, if bitcoin will be use as a universal currency, this will bring fairness to the world as things will be transparent.
Any government cannot fool their people anymore by printing money to increase in the circulation.