Cryptocurrency to be used in Money laundering and Terrorism?

[strickland]

To be used seems wrong
There’s a need to fight money laundering and terrorism without involving crypto currency
Because before blockchain and crypto currency; all those stuffs existed

Maybe just some way to spread fud and cause panic

Money is used everywhere in the world. There is enough money around to pump coin prices.

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[19Nov16]

Many countries argue that crypto to be used in money laundering and terrorism, in my opinion this is a wrong opinion, because until now  this has not been proven, and money laundering with crypto is too risky because prices can drop to zero.

[Brunus]

The use of bitcoin for terrorism and money laundering is nonsense: that is, it is certainly possible, but this also applies to cash.
Indeed, in the end the bitcoin of the cash is much more tractable.
Moreover, it continues to be too volatile even for terrorists ...

[djselery]

Not the only cryptocurrency is used for illegal purposes like money laundering and terrorism, but also fiat currencies are also used for these purposes a long time before cryptocurrency's creation, and till now. So, it is up to the intentions of people to use the currencies (regardless it's crypto or fiat) on legal or illegal goals.

[qiman]

This argument now is getting so old. What about for centuries we have had FIAT being used for criminal activities and cash is being moved around as we speak. At least on the blockchain, you can trace transactions, but yes it might still be hard to catch a thief as it were. Governments want to use this as an excuse to outlaw cryptocurrencies and they will say it is being used for illegal means. They don't want to give control to the people, they want to control us, along with the central banks.

[dataispower]

I do think one of the many hindrances of adoption of crypto include money laundering and terrorism. Kidnappers have demanded ransom in crypto (Bitcoin and Monero), also crypto has been used to keep stolen funds. Well, every technology especially digital asset like crypto is prone to have drawbacks. Many are insulting the decentralized nature of crypto with crime associated scenarios. I hope remedies are put in place to combat this in future.

[clickerz]

To be used seems wrong
There’s a need to fight money laundering and terrorism without involving crypto currency
Because before blockchain and crypto currency; all those stuffs existed

Maybe just some way to spread fud and cause panic

Correct, even cryptocurrency is not discovered, money laundering is rampant already. Terrorist,corrupt politicians,illegal businessmen, drug dealers launders money before.  Cryptocurrency add a new channel or medium for this illegal activities as a means of transferring funds to cover and  hide their nefarious activity.

Thats why banks are very strict now, especially when opening accounts. They ask detailed info about your source of funds, and sometimes declined if you mention cryptocurrencies.There are some which requires KYC also. Its hard to trace, but government agencies task to monitor these illegal activities are doing their excellent job.

[ned.ryerson]

I do think one of the many hindrances of adoption of crypto include money laundering and terrorism. Kidnappers have demanded ransom in crypto (Bitcoin and Monero), also crypto has been used to keep stolen funds. Well, every technology especially digital asset like crypto is prone to have drawbacks. Many are insulting the decentralized nature of crypto with crime associated scenarios. I hope remedies are put in place to combat this in future.

I think that we can not do anything with this because any currency will always be used for these purposes. need to fight with a crime but not money

[shinratensei_]

I do think one of the many hindrances of adoption of crypto include money laundering and terrorism. Kidnappers have demanded ransom in crypto (Bitcoin and Monero), also crypto has been used to keep stolen funds. Well, every technology especially digital asset like crypto is prone to have drawbacks. Many are insulting the decentralized nature of crypto with crime associated scenarios. I hope remedies are put in place to combat this in future.

I think that we can not do anything with this because any currency will always be used for these purposes. need to fight with a crime but not money

This time in the crypto space is very crowded with KYC and AML implementation, and that's the only answer to eliminate more room for crypto to be used for a criminal act. But this only applied when it comes to the exchange site. We have no power to do that, and even the government is using the legitimate authority that owned to give pressure to the exchange site to control the input and output of the money to make sure if a criminal does not use that. You can't fight this thing, but it's better to prevent it.

Regulation is the only way, but this will not cover all of the places.
It caused by the dark web is not also not even touched by the regulation.

[bryant.coleman]

I have been seeing threads like these ever since I joined this forum in 2012. But till now no credible information is available linking Bitcoin with either terrorism or money laundering. Both these spheres continue to use fiat currency for almost all of their transactions. In the past, there were one or two incidents in which ISIS members tried to use Bitcoin to finance the terror organization. But they found hardly any support from the ISIS leadership, who showed little interest.

Money laundering is not very easy with Bitcoin due to various issues. First of all, Bitcoin is not as anonymous as physical cash (banknotes/coins). Also, Bitcoin-to-fiat and fiat-to-Bitcoin conversions are problematic (especially after the recent requirement of KYC verification from the exchanges. In short, neither the terrorists, nor the money launderers are interested in Bitcoin, as they have much better options. I have to admit that fiat cash is much better suited for these purposes.

[efxtrader]

The issue that cryptocurrency is used for terrorism or money laundering is an issue that is always used by people who hate cryptocurrency. I myself do not understand why people or media hate cryptocurrency even though they themselves do not understand what they write or say. It's better to ignore the negative news about the cryptocurrency market

[jmigdlc99]

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.

I personally don't believe in these reports and believe they are just FUD created by actors working against crypto. In the first place, how does one attribute such transactions to illicit activity? There are so many privacy based altcoins out there, take Monero for example, that can easily conceal these things. Why would any "crypo-terrorist" knowingly use bitcoin which can be tracked? Theres lots of ways to cash out and conceal transactions and it doesn't make sense.

[Fredomago]

Yes, that's true, but it's not entirely true, how do they launder money or finance terrorism, while their BTC addresses are recorded on a Blockchain system that can be tracked, especially now? Each Exchange requires entering original data when creating an account, KYC verification etc. So it is not very safe for those who will commit their crimes.

But don't forget that there are still p2p services who don't need any KYC but still can process the transaction. This kind of thing already been discussed many times, and everyone have their own opinions and interpretations of this negative things where crypto can be used. Same with Fiat where the value is being considerederys. The chance of using crypto illegally has the same concept once you use fiat for paying ransom or money from drug trades.

[Strongkored]

-snip-

But don't forget that there are still p2p services who don't need any KYC but still can process the transaction. This kind of thing already been discussed many times, and everyone have their own opinions and interpretations of this negative things where crypto can be used. Same with Fiat where the value is being considerederys. The chance of using crypto illegally has the same concept once you use fiat for paying ransom or money from drug trades.

Centralization exchange divides their KYC verification into several teirs, if only in tier 1 exchange usually only asks email verification and ID is not difficult thing to fulfill, indeed funds that can be wd are not big as tier 2 and so on, what I want to say is that can be used for money laundering and terrorist financing activities.
Convetional banks are even worse because the transaction can only be known by he banks, different from crypto all of which can be seen on the blockchain so nothing can be hide it.
This has indeed become a global issue, but fiat can still used for money laundering or terrorist financing.

[dannybrown]

It is used for bad stuff too but it does not mean cryptocurrencies should be banned. Those people use everything in a bad way so it should not be a problem. There will always be someways to do bad stuff. Cryptocurrencies are the payment systems of our future. We cannot stop its development in time and in 10 years everyone will be more aware of them.

[huu78]

Not all cryptocurrencies are bad. Maybe only a fraction of the use of such.
But look at the positive impacts that crypto has given. and Crypto became popular as it is today but the government does not legalize crypto in my opinion strange.
Because Crypto is a technology of future transactions. See what are the positive impacts of negative impacts?

[tenakha]

It is used for bad stuff too but it does not mean cryptocurrencies should be banned. Those people use everything in a bad way so it should not be a problem. There will always be someways to do bad stuff. Cryptocurrencies are the payment systems of our future. We cannot stop its development in time and in 10 years everyone will be more aware of them.

There was also terrorism and money laundering before the cryptocurrency was created. I would not prefer crypto, if there is no terror unless there is a crypto. Crypto gives people freedom and that does not mean it should be used for crime. If people had been dealing with these problems instead of dealing with crypto, maybe it would have been solved by now.

[SummerBliss]

Every coin has two sides and other side of crypto or disadvantage beside from profits is that it is being used by criminals to committ illicit activities like terrorist activitiy is funded with the help of payment in crypto coins due to decentralized network and tracing transaction is almost impssible.But fiat is also used in such crimes so we cant blame a currency for this but people who commit such crimes are responsible.It is helping economies of the world to boost themself and rise out of financial crisis.So be positive on its growth.

[Samboo]

The move to put into practice regulations is very good for the entire crypto market amidst not only cryptocurrency allegedly involving in money laundering and terrorism, but also many deceit activities, like scam. The main concerns of regulators and authorities are that cryptocurrency maybe misused for terrorism and money laundering. So regulations must be in place to as to make cryptocurrency stable and more stronger.

[barabarian1]

yes this is the negative side of cryptocurrency that is commonly used for illegal transactions. the anonymous nature of crypto is very easily used as a tool to commit crime. this is why most countries in the world reject cryptocurrency. but in fiat money also often fraud like this. we cannot avoid this. I think the government should not only see the weakness of bitcoin. bitcoin also has advantages. with bitcoin money transactions will become easier, faster and cheaper. and bitcoin can be used as an investment tool. and bitcoin with its blockchain technology has provided a new breakthrough in technology.