Fiat vs Crypto in money laundering

[Lantind]

This is an obvious win since fiat has been used a long time ago. Bitcoin or cryptocurrency only emerged 10years and still early to compare those two. Many will be biased about this comparison cause your comparing a long time event on fiat versus 10years of crypto.

Its not a good view but the ratio should actually be like that. I will be shocked if bitcoin shows more than money laundering than in fiat.

True, the comparison is basically not commensurate, although now crypto users are already very numerous and even almost the same as fiat users in the past, but this is not very comparable compared to now, because 10 years is a very short time for cryptocurrency.

[dragon695]

Not all of the people of the world know cryptocurrencies so they have to transact with fiat or cash. And that's the reason why fiat is still the medium used for money laundering and there were reports that even the banks were involved in some cases.

But I think those people that have intention to do money laundering looking to cryptocurrencies now. But with the intervention of the government and applies the law to the exchanges, asking for KYC, they will have the reference if they suspect someone.

Even though using cryptocurrencies for money laundering is way better and easier than using fiat money, those criminals have to exchange back to fiat money anyway. The reason is that cryptocurrencies aren't popular everywhere. However, we have to admit that the freedom and no laws of the cryptocurrency market creates a great chance for criminals to do their things.

[Furryball]

Crypto is not in big circulation as how Fiat is today and again it's more easy to launder money using Fiat than crypto, many thought crypto is the best place to launder money but no they are wrong, any wallet address of any project can get blacklisted once their is a sign of embezzlement or illegal funds in the address

[Ken_terrance]

It's game over for criminals who used or plan to use crypto to embezzled money from illegal sources or stolen funds, you are been watched, once your address get blacklisted it's over, crypto is no more a safe place for criminals and I'm happy about it

[riso2015]

Of course, Fiat is in every corner of this world so I expect Fiat to be the best choice for money laundering and other illegal activities more than what we can find in crypto space crime, not everyone embrace crypto yet as we all know it, there are over billions of people who aren't using crypto yet

I think money laundering with Crypto is difficult, because the Blockchain system can be traced so that criminals have to think about what to do. Although later Crypto users are same as Fiat users, but I'm not sure money laundering will be same as in the article given by OP.

[DDante]

Bitcoin transactions are public, they can be traced easily, this is what many failed to get about Bitcoin, crypto isn't invincible like many thought, even if the project isn't a centralized one once an illegal fund got transfered into the address it will get blacklisted and it will be monitored, mostly by exchanges

[r32godzilla]

I have seen some studies that said that only 5-10% percent of all Bitcoin transactions are connected with shady activities like terrorism, buying drugs or money laundering. But more and more criminals avoid blockchain because they understand that records on the blockchain are immutable and could cause many problems in the future. Maybe they choose more anonymous cryptocurrencies - Monero, but also there is a problem with how to get funds from Monero to the real world. 

[royalfestus]

Money laundering will be more difficult if all transaction of holders can be in crypto without any fiat exchange, the fiat deposit that the government can freeze, monitor or take tax. My only concern is the process of hiding, it does not indicate that such holder is legitimate to the fund. Fiat is very difficult to launder and some might choose property or legitimate Enterprise but without the personal disposal to the fund money can be lost.

[Novatech8]

Money laundering will be more difficult if all transaction of holders can be in crypto without any fiat exchange, the fiat deposit that the government can freeze, monitor or take tax. My only concern is the process of hiding, it does not indicate that such holder is legitimate to the fund. Fiat is very difficult to launder and some might choose property or legitimate Enterprise but without the personal disposal to the fund money can be lost.

Why would people launder money if they aren't criminals? Yea? Only criminals will launder money either with crypto or Fiat, people need to abstain from all this criminal life, I have no problem with crypto or Fiat since my money making way are clean and pure, you have nothing to worry about if you have no skeleton hiding in your closet

[nasipadang]

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/

It is undeniable that money laundering often occurs using FIAT. Due to the centralized nature of fiat, it is most likely done by someone close to the government or the person in power, it is prone to laundering. Referring to the current value of bitcoin is not that big. But on the other hand bitcoin alone can be used as a money laundering infrastructure because of its anonymity and it can be done by anyone.

[rodskee]

Money laundering will be more difficult if all transaction of holders can be in crypto without any fiat exchange, the fiat deposit that the government can freeze, monitor or take tax. My only concern is the process of hiding, it does not indicate that such holder is legitimate to the fund. Fiat is very difficult to launder and some might choose property or legitimate Enterprise but without the personal disposal to the fund money can be lost.

Why would people launder money if they aren't criminals? Yea? Only criminals will launder money either with crypto or Fiat, people need to abstain from all this criminal life, I have no problem with crypto or Fiat since my money making way are clean and pure, you have nothing to worry about if you have no skeleton hiding in your closet

Money Laundering is commonly present with criminals and corrupt people, trying to hide
their wealth and use platforms not being caught.
If you are not involved with such kind of activities there's no problem whether you use
fiat or crypto venues.


In the present of KYC from most exchange, laundering is now can easily detect by the
the owner and can freeze once there's some sign
of illegal practices / activates that being sighted.

[masterrex]

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/

Fiat as an old currency still dominated the world's financial requirements and transactions thats why it's not surprising to called like that. Bitcoin and other cryptocurrencies only existed in 2008 up to present, while Fiat currency largely recognized all over the world, with or without internet, while cryptocurrency was only concentrated in a place that has an internet connection, and those illegal activities like money laundering are not limited in one place thats why Fiat as the worlds most recognized currency still the most laundered currency compared to Bitcoin and other cryptocurrencies 

[Yudhisthir]

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/

Fiat money surely is still the best choice for money laundering but crypto is catching up fast. It's getting difficult to move fiat but crypto are much easier to move without getting caught. I don't mean to accuse crypto but it's nature does provide better option for laundering. If we really want to stop people from money laundering, we should rethink the way money gets circulated and used in society than to wage a never ending ware between launderers and authorities.

[jrrsparkles]

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/

This can be a proof that even government controlled money is prone to such illegal activities and government can't really do anything to completely stop them, so we should stop saying cryptos can be used for illegal purpose.

More note to add that money laundering happes via mixers but in 2020 the usage of mixers reduced in considerable amount compared to 2019.

[michellee]

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/

Fiat money surely is still the best choice for money laundering but crypto is catching up fast. It's getting difficult to move fiat but crypto are much easier to move without getting caught. I don't mean to accuse crypto but it's nature does provide better option for laundering. If we really want to stop people from money laundering, we should rethink the way money gets circulated and used in society than to wage a never ending ware between launderers and authorities.

No, I don't think so because if they know about crypto, they will see how to convert from fiat to crypto. And now, we have so many sellers we can trust to help us convert to crypto. That can give them a new way of money laundering. The police and the government need to work hard to clarify and investigate this problem before the bad people use crypto for illegal things. If that happens, people will only know that the crypto will only be used for illegal things, and they will not want to use crypto for good things.

[doctor877]

This is a clear fact that no one can fault. Not minding the ratio because Fiat users are way more than cryptocurency users, it's still the easiest for the larger populace to use.

[FireBallex]

There are more FIAT users in the world than crypto users, so it's surety that FIAT will be used more in crime activities, I'm starting to like the idea of blacklisting crypto addresses or freezing addresses, at least this will bring fear into the mind of hackers and other criminals

[0verseer]

This is expected. Fiat exists for such a long time and crypto is a newbie in the money laundering schemes. Even tax heaven could also be considered as a legal way to reduce tax or tax evasion so there are some money laundering schemes with fiat out there also in the borderline of the grey arena. I'm bet crypto for money laundering schemes is just a baby to them.

[Iyanu14]

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/

Definitely, fiat currency would have been used more for money laundering.  Let's consider the fact that how many of those laundering money were involved in crypto?  Definitely none or very few.  It is possible in the future that there is a turn of table if those people adopt crypto and get to know that it is easier to launder money with digital currency than fiat ones.

[chanc3r]

Of course, Fiat is in every corner of this world so I expect Fiat to be the best choice for money laundering and other illegal activities more than what we can find in crypto space crime, not everyone embrace crypto yet as we all know it, there are over billions of people who aren't using crypto yet

I think money laundering with Crypto is difficult, because the Blockchain system can be traced so that criminals have to think about what to do. Although later Crypto users are same as Fiat users, but I'm not sure money laundering will be same as in the article given by OP.

It's difficult and it's true, but there's always a way. some scammers are yet to be caught until now because maybe they know they way and we still cant figure out how they hide the money they got from scamming but fiat certainly easy for money laundering just move from an individual to another individual and no one knows and fiat has always been used for many bad things aswell compared to crypto.