Cryptocurrency to be used in Money laundering and Terrorism?

[sorrros]

That is a figment of people who are against Bitcoin, of people who do not understand Bitcoin, of people that are not enough educated. Bitcoin is pseudo anonymous and you can always track the transactions...

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[BlackFor3st]

They are only talking about the negative side of crypto currencies in which it can be use freely by money launderer and terrorism, in which we cannot deny it as crypto currencies can be used by anyone.

Other reason why the government will not take the risk in accepting crypto currencies is they are afraid that they cannot tax the crypto currencies and they cannot earn from it. But for those open minded government, they are taking the risk in accepting it as they know the capability of crypto currencies in the near future.

[semobo]

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.

Okay, let's imagine this survey is accurate then ban crypto currencies everywhere (impossible BTW),will all the terrorism and crimes stops?

No right! then blaming cryptos for something which is in control of government is stupidity.

[sabine80]

yes, crypto is used for illegal things, but i bet, fiat money has been used more in the last 20 years to do illegal things. even with gold, silver and other things illegal activities were paid.
as soon as something has value, it is also used to pay for illegal things. it has always been that way and will certainly stay that way.

[landoffaucets]

And do you know that american dollar is the most used currency for such illegal activities. How many people know it? And still they use USD and still is a worldwide accepted currency, so where is the problem?

[aces777]

Cryptocurrency to be used in money laundering and terrorism? Uhm, I think this is what people who are actively against cryptocurrency say just to create a bad image for the coin. If you ask  me, Money and other fiat currencies have been used in money laundering and terrorism too, and you don't see people going about trying to bring these down. I think people who are against cryptocurrencies should come up with a better point that these.

[TanakabZX]

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.

Whatever, i am tired of hearing this over again, fiat is been used in money laundering and terrorism before blockchain technology was created and now digital currencies take over  and introduce better means of payment so terrorist organisations and crime syndicates can use it as well, this doesn't mean that it was created for bad people to use.

[Thefrolly]

This is what people and the government say when they want to go against and attack cryptocurrency. It is an agreed upon fact that even before the existence of cryptocurrencies, money laundering and terrorism has always been a major crime, so cryptocurrency is not what is being used to foster these crimes. More energy should be focused on the crimes to tackle them, rather than spreading negativity on crypto.

[meliodas]

This is what people and the government say when they want to go against and attack cryptocurrency. It is an agreed upon fact that even before the existence of cryptocurrencies, money laundering and terrorism has always been a major crime, so cryptocurrency is not what is being used to foster these crimes. More energy should be focused on the crimes to tackle them, rather than spreading negativity on crypto.

We all know that they are existing type of crime even before the era of cryptocurrency but we need to accept also that cryptocurrency is the top most used type of currency in doing illegal activities like money laundering and terrorism because it is so easy to put your money in cryptocurrency and pass it to another person without looking suspicious.

[Kvalentine]

Anything valuable can be used to exchange any goods either weapons or bombs its left for those doing the exchange, this doesn't have any thing to do with crypto, bitcoin can be use for means of payment thats all there is to now, what ever anyone wants to use their bitcoin to buy shouldn't be any of our problems

[Insomnia family]

yes it is indeed true, why the government is worried about the presence of cryptoqurrency because of fear of being misused for money laundering such as terrorism funding, drug transactions, and other illegal transactions. and I think this is a major problem why the government does not legalize cryptoqurrency in every country.

[10BTCaDay]

yes it is indeed true, why the government is worried about the presence of cryptoqurrency because of fear of being misused for money laundering such as terrorism funding, drug transactions, and other illegal transactions. and I think this is a major problem why the government does not legalize cryptoqurrency in every country.

it’s just that the government is afraid of losing a very big profit. regular money is now being used to finance all these bad things in the same way, but regular money is still legal

[k@suy]

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.

This is actually happen a long time ago and still now. There are many scammers and hackers that are using bitcoin in order for them to get money from their targets without being traced. Cryptocurrency transaction could not be monitored so easily. Also, I read a news before that bitcoin is the mode of payment for purchasing illegal materials also in the internet.

[Eclipse26]

Bet they're just looking for a reason that would make it relevant for them not to accept cryptoccurency. They're just using it as an excuse because first of all, government don't want cryptoccurency. Regardless of what kind of currency you are using, there will always be money laundering and/or terrorism and other criminal activities.

Don't make crypto look bad because even with physical cash, there are still cases like that. It's just easy to have transactions since it's decentralized. If a government would create one, obviously its in centralized. But it's not crypto who has to take all the blame because it's the people who abuses its use.

[agustina2]

This is what people and the government say when they want to go against and attack cryptocurrency. It is an agreed upon fact that even before the existence of cryptocurrencies, money laundering and terrorism has always been a major crime, so cryptocurrency is not what is being used to foster these crimes. More energy should be focused on the crimes to tackle them, rather than spreading negativity on crypto.

But still, we can't deny the fact that some of the cryptocurrency users today are using crypto in different illegal activities. It is one of the realities we need to face. And as much as we hate to hear it because it makes such a bad image to bitcoin and other cryptos, it is really happening now. The criminals, terrorists, and drug syndicates are also adopting the use of this kind of technology to make their transactions at ease and their identities are hidden.

Because of that, we can't blame other people to think negatively about crypto though this issue has the same principle with our own money (fiat). It's also use for this kind of stuff, and yes, even before crypto has been invented.

Money is not actually a bad thing. It only becomes bad when it is used for illegal activities. It's the reason why money is defined as the root of all evil, but it is not the evil itself, it's the people who are because they choose to use it that way.

[Shasha80]

Cryptocurrency is like a blade, there are good and bad sides.
It must be admitted that the negative side of cryptocurrency can be used as
money laundering and terrorism. But don't focus too much on the negative side.
Because there are still many positive sides to cryptocurrency that we can see.

For me cryptocurrency is a miracle that can change my life.
Therefore as much as possible I want to do something that makes crypto
looks positive in the eyes of the world. Then the negative accusations against crypto can
disappear slowly.

[Herbert2020]

99% of the cryptocurrencies aren't even big enough to be able to cover transactions of a single super market let alone want to be used in money laundering and terrorism that are handling billions of dollars at a time. not to mention that majority of altcoins are indeed shitcoins that lose value in a blinking of an eye. no money launderer would ever want to suddenly lose a huge percentage of their money.

they still stick to using USD because it is the most reliable currency for illegal activities with the most stable value.

[Upgate]

The security check procedure that can be gotten Fromtge usual money transaction has made money launder are vices look the way of cryptocurrency but still I there would be father measures put into cryptocurrency

[gabbie2010]

Money laundering and terrorism has been a major problem even before the introduction of cryptocurrencies, thus the major task remains with various government to monitor all forms of transactions via cryptos by ensuring compulsory complaint to KYC  this will enable the authorities consigned to track any form of illegal transaction by questioning the origin and the source of the fund.
We are all aware of the threats posed by ISIS, BOKO HARAM, AL QUEDA etc these are major terrorist organization that needs funding for their dastardly acts and to carry out their operations of course they might divert to using cryptocurrencies to transfer funds for their day to day activities.

[wxxyrqa]

Indeed, today there seems to be a very big problem in laundering dirty money obtained by criminal means, as well as financing of criminal organizations, which is a very big problem in the world.  This situation can be resolved only if state structures control the cryptocurrency and at the same time each owner will provide their passport data.  I believe that this requirement will be mandatory for all cryptocurrency users.