Fiat vs Crypto in money laundering

[daniahya]

Even without being told, everyone knows that money laundering is mostly done with fiat right from time immemorial and it will continue that way too. Also, crypto is still growing while fiat is already established, meaning that the number of people using crypto is far smaller when compared to those using fiat, that is to say, there is very high chances of using fiat to carryout all manner of fraudulent activities than crypto.
Those who always associate crypto with fraud, do so because they have no better understanding of crypto therefore looking for ways to discredit it.

Most people who associate crypto with fraud are those that have no sufficient knowledge about crypto. And because media is one of the major sources of this skewed perception, this will not go away unless they will educate themselves about the nature of crypto. So if someone is only thinking of the bad consequences dealing with crypto, then it is his loss of not discovering the true potential of it as part of his daily life.

it also happens in my neighborhood, they assume cryto with negative things, without seeing the potential in them, whereas if they know cryto has many advantages they will not see the negative side, because the positive side of cryto is pretty much

[Kong Hey Pakboy]

Even without being told, everyone knows that money laundering is mostly done with fiat right from time immemorial and it will continue that way too. Also, crypto is still growing while fiat is already established, meaning that the number of people using crypto is far smaller when compared to those using fiat, that is to say, there is very high chances of using fiat to carryout all manner of fraudulent activities than crypto.
Those who always associate crypto with fraud, do so because they have no better understanding of crypto therefore looking for ways to discredit it.

Most people who associate crypto with fraud are those that have no sufficient knowledge about crypto. And because media is one of the major sources of this skewed perception, this will not go away unless they will educate themselves about the nature of crypto. So if someone is only thinking of the bad consequences dealing with crypto, then it is his loss of not discovering the true potential of it as part of his daily life.

it also happens in my neighborhood, they assume cryto with negative things, without seeing the potential in them, whereas if they know cryto has many advantages they will not see the negative side, because the positive side of cryto is pretty much

It is the reason why people are afraid to invest their money in bitcoin and other cryptocurrencies that they assume it is all about the scam and illegal activities because of fake news and gossips that they heard in live television and social media sites. But they do not know bitcoin and cryptocurrency has a lot of benefits and advantages to a country's economy that it could reduce unemployment people for them to provide their everyday needs.

[michellee]

Even without being told, everyone knows that money laundering is mostly done with fiat right from time immemorial and it will continue that way too. Also, crypto is still growing while fiat is already established, meaning that the number of people using crypto is far smaller when compared to those using fiat, that is to say, there is very high chances of using fiat to carryout all manner of fraudulent activities than crypto.
Those who always associate crypto with fraud, do so because they have no better understanding of crypto therefore looking for ways to discredit it.

Most people who associate crypto with fraud are those that have no sufficient knowledge about crypto. And because media is one of the major sources of this skewed perception, this will not go away unless they will educate themselves about the nature of crypto. So if someone is only thinking of the bad consequences dealing with crypto, then it is his loss of not discovering the true potential of it as part of his daily life.

it also happens in my neighborhood, they assume cryto with negative things, without seeing the potential in them, whereas if they know cryto has many advantages they will not see the negative side, because the positive side of cryto is pretty much

I think it is happening in many places because people don't see the advantage of crypto for them, and they know about the negative things from crypto. That people think that crypto invented to cover illegal things. If we try to explain to them, we can get a long debate that will not end because they will stick with their opinion and not accept other people's opinions.

[bitcoin_paypal]

When people will understand how low interest here in crypto (for some countries at least) this ratio will be changed

[shaheer001]

I think whichever money it is, Is it crypto or fiat both are used for laundering, gambling and many other worst actions. The main issue is how to control it. The fiat many circulations is in trillions and everywhere that why the money laundering graph is more than crypto. But if Crypto is regulated and monitored the money laundering and other worst illegal action may be minimized.

[Free1bitco.in]

Even without being told, everyone knows that money laundering is mostly done with fiat right from time immemorial and it will continue that way too. Also, crypto is still growing while fiat is already established, meaning that the number of people using crypto is far smaller when compared to those using fiat, that is to say, there is very high chances of using fiat to carryout all manner of fraudulent activities than crypto.
Those who always associate crypto with fraud, do so because they have no better understanding of crypto therefore looking for ways to discredit it.

Well, I don't know which more people use money laundering, whether it's fiat or crypto, it's just that I feel that laundering has been around a long time ago. besides, people just want to blame crypto about anonymous transactions, so that it can be money laundering. it's just that it's quite difficult to launder money from crypto when the exchange applies KYC for certain nominal transactions.

[X-ray]

When people will understand how low interest here in crypto (for some countries at least) this ratio will be changed

For the crypto haters and it will not change the situation. We can't deny all of financial systems have its own chance to be used for the criminality. Whatever about the crypto haters said regarding it and just take as a correction if anything is not perfect.

It looks like the money laundering cases in crypto have been decreasing a lot.

[tvplus006]

Still, there's reason why these fiat money launderer didnt switch to cryptocurrency because it's difficult for them to do so. Most of crypto based company always ask for identity and that's already an end for those who want to launder money. I'm sure crypto is not ideal for money laundering and that's why we should keep the stigma regarding crypto being used for criminal away because that's not true.

On the contrary, I believe that cryptocurrency in such cases is much more convenient to pay than fiat. This advantage is the speed of calculations and there is no need to transport a huge amount of fiat. In addition, criminals withdraw cryptocurrency outside the exchange market and verification is not required there.

[arufox]

Of course, Fiat is been used more in money laundering schemes than crypto, because fiat already exist for a long time ago and crypto especially bitcoin was launched in 2009. And as i recall, the first illegal action to use bitcoin was publised at 2013. Even though with this fact, for people which don't like crypto, the will keep blame it

[MCobian]

Hopefully people who continue to accuse crypto of being used for money laundering can read articles in the opening post. Actually there is still
a lot of other evidence that is spread on the internet that shows that fiat money is more widely used in money laundering schemes compared to
cryptocurrency. Therefore people who say that crypto is widely used for money laundering must be lazy to read, and lack of knowledge about
the world of finance.

[kensaii]

Hopefully people who continue to accuse crypto of being used for money laundering can read articles in the opening post. Actually there is still
a lot of other evidence that is spread on the internet that shows that fiat money is more widely used in money laundering schemes compared to
cryptocurrency. Therefore people who say that crypto is widely used for money laundering must be lazy to read, and lack of knowledge about
the world of finance.

Most of them are old boomers who don't know what is a cryptocurrency. They just want to ban crypto and use a pretext of cryptocurrency used in money laundering schemes.

[Kopetunto]

money laundering seems to be very easy to do via digital, especially since crypto currency has been widely rumored that money laundering is already a lot, therefore all good exchanges are now required to do KYC for its members

[bits4books]

Is it normal for you to use evidence that is obviously incorrect in its comparison? You still compare the number of people killed in WW2 and the Napoleonic wars and say that the second were not terrible.
Naturally, Fiat will have a larger volume of laundering - just because EVERYONE HAS it. To launder money using crypto, you need to understand at least a little about it and be an enthusiast (or understand what's what).
In General, a very dubious proof, I'm sorry.

[cryyppton1]

Crypto is somehow new while Fiats have been in used for so many years  . so the rate of financial crime such as money  laundry will definitely be higher with fiat than with cryptocurrencies.
Nevertheless, we should also understand that so many people are yet to understand and use crypto which is what makes the rate of Fiat crimes  to be higher  than crypto .

[ZincUnrated]

Obviously... The simplicity of fiat and the believe system makes it extremely common in money laundering. Unfortunately, this hasn't been stopped or rather cannot be stopped since people believe way more in fiat than cryptocurrencies. The technicalities involved in crypto makes it unattractive to a lot of money launderers even though crypto is by far more effective and efficient. The transparent nature of crypto makes them avoid it as it will likely expose their fraudulent activities.

[Olatunjex]

Why this should be surprising? Fiat is used for everything thousands times more than Bitcoin. Even us, Bitcoiners, overwhelmingly use fiat more than BTC, with maybe some few exceptions. What you should compare is share of legal use vs illegal, for both Bitcoin and fiat.

But Bitcoin isn't a good tool for money laundering, all
transactions are public and permanently recorded, if you try to use mixing, it would only bring more suspicion.

I quite agree with your point. Fiat will definitely be continued to be used for laundering because of its long existence and general acceptability by many and like you have rightly said about crypto that the transactions are public,this will definitely not make it easier to be used for illegal purposes

[Lagduf]

money laundering seems to be very easy to do via digital, especially since crypto currency has been widely rumored that money laundering is already a lot, therefore all good exchanges are now required to do KYC for its members

KYC is a requirement for the exchange site to comply with the regulation. crypto and fiat will be always linked into the money laundering as that's also the disadvantages to being a payment system.
We should remember if when a good guy will always use something for good and otherwise.

[Pffrt]

It is common sense that fiat will be most used for money laundering because if we compare, we will see how much people using fiat in real life. Use of crypto is too low. So, the overall situation will always be saying that, fiat is being using mostly with money laundering unless bitcoin becomes the main currency of the world.

[Perfect35]

The challenges involved in converting crypto to fiat, most especially a huge amount might prevent people from laundering crypto. Also, they would think of the volatility of crypto and not want to use that means. Although, some still use it, but i of the opinion that many would prefer the fiat. A legal tender and readily available currency, accepted by many, would be preferred.

[Traderbtcc]

Hi guys I just want to share a short prove showing that Fiat is been used more in money laundering schemes than crypto and if people attacks you with crypto's being used to launder money. Refer them to this article on ccn
Fiat Money Outpaces Bitcoin 800:1 for Money Laundering

https://www.ccn.com/fiat-money-outpaces-bitcoin-by-8001-for-nefarious-activities-report/

Its obvious that fiat has been used for alot of criminal activities , because 95% of the total world population uses it, unlike crypto which is being used by a few fraction people, fiat has been used in distant time to commit all sort of crimes while crypto has being around for about a decade now, but I think using crypto for money Laundering is alot more easier, less risky and more safer than fiat, because it helps to hide your true identity.