Cryptocurrency to be used in Money laundering and Terrorism?

[Pamadar]

I don't know why people decided to help in spreading FUD like this, what I want to ask is how many people here have sued Crypto for Laundering money or terrorism before or now. Fiat is still the king when it comes to doing bad things like this, so stop helping this people to build FUDs like this

Still fiat is mostly used by those people who do illegal act like this. such news regarding for crypto being  a channel only represent that everyone can use and learn the process, this system  needs not to be incorporate with illegal things generally, same with fiat system where transactions can be done with how you wanted things to be accomplished.

There's no need for this to be taken that far it won't break anything and it's up to the govern bodies that will handle this cases.

[gaston castano]

not all the bad things that are given by cryptocurrency, I think if about money laundering and terrorists, it's only a small part, we can see the positive impact that crypto gives.so the reason the government will not legalize cryptocurrency I think is inappropriate.
and if we only see from the negative side then we will never get the positive things.

[Neo.op]

I believe it is used for those stuff however we cannot prevent it. No names, all anonymous and you ssend money to someone, what a perfect way of doint trade between bad people. I really do not know if this can be prevented but I really don't think so. People will continue being bad and make payments using blockchains anonymous technology.

[Arsenyo]

Since Bitcoin was created, cryptocurrency could be used in money laundering, terrorism or any other illegal activity. Nothing new. But we can't blame crypto or bitcoin. Humans are those who choose how to use it. Even a stick can be used for murder. And what? Should we forbid sticks too?

[Bitfling]

Of course they don't want it because they're afraid of development. And if they would make crypto as the global money, they would create their own currency.

Whether it is crypto or fiat, it's inevitable to have such criminal activities. We can't deny that even with paper cash, various crimes are rampant. It's just the same with crypto because they both have value so they're both vulnerable to people with dirty hands.

All currencies can be used for criminal activities including fiat money and I think Bitcoin cannot be blamed if it is used for criminal acts. Bitcoin is just a tool and the user is responsible

[Vinalians]

Actually, some of the people in the politics are using it. It is just based on the article that I read last month, It is said that they are using it because many of the government people doesn't know about cryptocurrency and they are not noticing it and also the money is untraceable.
I am not tolerating it of course. I suggest that the government should be aware of this. Money laundering is a serious case and can solve corruption.

[rocku12345]

Ripple (XRP) can be a solution to the fight against money laundering and other fraudulent schemes. Due to its strong centralization and wide payment capabilities, this currency is already well accepted by the world banks UniCredit Group, Standard Chartered and other industry monsters.
In the future, the development of new updates may become the basis for turning XRP into the most transparent and legal aggregator of crypto-related transactions, although such centralization contradicts the basic canons of cryptocurrency.

[skarais]

~Snip

In my opinion, other large projects must also participate in the fight against money laundering and other fraud schemes.  This XRP step deserves appreciation and deserves to be an example.
The government has so far tried to prevent and eradicate acts of money laundering and other crimes.  By enforcing rules for the official cryptocurrency market, the market must request KYC for each registered member.  That's good, and I also agree.

[jazmuzika217]

Yes there is a big possibility that crypto that crypto can used as instrument in terrorism and money laundering because all we know that we can transact online transactions easily and private even an illegal transaction so it is great instrument in illegal tramsaction so the government did not fully support and most country are against in crypto.

[plast555]

Money laundering and terrorism is nothing that comes with blockchain technology. This point is important. If you have enough money and you are strong enough you can do it very easily with fiat money.

There are still drugs, terrorism, prostitution and gambling in the world. It is not nice to mention the names of the cryptocurrencies together. Because they really have nothing to do with it. As long as people are bad, it doesn't make sense to put all the blame on blockchain technology.

[JeffBrad12]

Cryptocurrency is just limitless when it comes to transferring money, the settlement is sometimes faster than sending through a bank or another third parties indeed but doesn't mean it can be used for money laundering or terrorism funding that easily. The fact that blockchain is so transparent making it hard enough to do money laundering even there is Anti Money Laundering (AML) program alongside with KYC. Recent news I heard exchanges are slowly trying to delist any privacy coins.
If the govts are talking about money laundering I'd suggest them to take a look at their hard cash and see whether it's as transparent as crypto or not.

[TGD]

Anything that can make their identity and transactions hidden will definitely be used in illegal things that is why cryptocurrency is used by many criminals or terrorist. The very reason some governments bans it. This is the disadvantage in the advantage that cryptocurrency gives to many, the fast, smooth and easy transactions. We must not be tempted to do illegal since we can earn from it in a legal way like to buy and sell or to invest. Its much fulfilling to have cryptocurreny profit from our own skill not from illegal activities.

[mirgo1791]

i have received 1 trillion of PMNT from unknown sender and i read that the developer lives in iran as the statement from the release in article that the service works as helping people with their business on consequence of ban policy from USA for iran and related parties with them...
i am not afraid that the transmission of funds to put me in threat of being accused as part with terrorist lines... but the ledger works with different one as the listing with the exchange that i can not work to request for withdrawal with the funds as with the account...

i guess also that this trick worked as they chase of me for the startup projects as i am now still working with the running modification of service with the tasks of online social communication and dating with the name of DOGEM..

if anyone can help me to cash out the funds as available with my account then he would receive of minimum 25 percent with the money to be delivered to my banking account in indonesia..


waiting for your answers/comments

viva chesster
bandung indonesia

[Impaler]

Yes, many government spoke about that. And in some point this claim is right that illegal transaction is made by some bad people. But those who spoke about that should know banning things would not work. They have find a better way to solve this problem.

[htsy585]

According to the world survey: https://www.loc.gov/law/help/cryptocurrency/world-survey.php

Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism.  Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws.  For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.

Yes. Crypto, bitcoin was initially used as a legal tender in the dark web world before coming to the surface internet. The decentralized and obscure nature of the teach has made it difficult to track and that makes the government frown at it. Currently, many Exchanges and projects now require KYC to allow a user trade because of these government regulatory laws

[Eugenar]

If all the government regulated all the exchanges then its easy to track the bitcoin since its not completely anonymous by doing this good people can benefits and the crime activities can be completely stopped.

I am having a hard time deciding if you are being sarcastic or not. Crime will not be completely stopped if bitcoin transactions were regulated, it is not the major source of financial crimes.
Some would even argue that the transparency of blockchain transactions makes it a more difficult means of money laundering.

People do crimes no matter if we regulate it or not, well basically, cryptocurrency is a currency, and if people have enough ability and knowledge to manipulate and conduct social engineering, it might also lead to money laundering and terrorism. The way to prevent such act relies on us, though, the fact that there is no safety in internet, we might as well reduce the risk of ourselves being involved in it by being responsible crypto users.

[terencio]

This problem has been addressed in the past, irrespective of all the adverse problems thrown into cryptocurrency it continues to live because it is not true.

[Emperor of Man]

Yes, crypto has been used for those activities every now and then, but money and cash has been used for those, and for a much longer time.

If you criticize cash and say there should be no more cash because it's being used for illegal activities everybody laughs, but when it's crypto they feel it's right to criticize it.

[Youghoor]

I get sick any time i see people making an accusations regarding cryptocurrency been used for money laundering and terrorism.  These two crime acts existed long before cryptocurrency had even been thought of.  And moreover, all transactions made of the blockchain network are public and can't be deleted. This means that all transactions can be easily traced. Blockchain technology can be used to track and catch these people easier and faster if you know where to search.

[Argoo]

According to the world survey: https://www.loc.gov/law/help/cryptocurrency/world-survey.php

Many of the warnings issued by various countries also note the opportunities that cryptocurrencies create for illegal activities, such as money laundering and terrorism.  Some of the countries surveyed go beyond simply warning the public and have expanded their laws on money laundering, counterterrorism, and organized crimes to include cryptocurrency markets, and require banks and other financial institutions that facilitate such markets to conduct all the due diligence requirements imposed under such laws.  For instance, Australia, Canada, and the Isle of Man recently enacted laws to bring cryptocurrency transactions and institutions that facilitate them under the ambit of money laundering and counter-terrorist financing laws. This is one of the reasons why government will not take the risk on accepting cryptocurrency as global money.

What is being invested in the concept of global money is completely unclear to me. In any case, no state would ever switch to using only cryptocurrency. Each state will always use its national money and along with them will allow the circulation of cryptocurrency, however, it will not actively support it.
A decentralized cryptocurrency for circulation within each state will necessarily be subject to regulation, including with the aim of combating the laundering of dirty money and the financing of terrorism. Therefore, the FATF already on June 21 announced its recommendations on this matter and more than 200 states are obliged to introduce them into their national legislation throughout the year.