Bangladesh militants use Bitcoins for laundering money to Kashmir

[dothebeats]

Another incident wherein the use of bitcoin is overly emphasized on a problem stemming from some other issues that the parties didn't bother tackling before. Bitcoin is placed on a bad light even though it only does what it's expected to do. Most terrorist funds do not directly come from bitcoin transfers, and I believe that the bulk or majority of such funds come from laundered fiat that came from multiple sources. It's easier to actually transfer fiat from point A to point B and is much more private, considering that there is this bank secrecy law safeguarding deposit information and whatnot.

They'd have to do better than just spotlighting the use of bitcoin if they want to kill terrorism. Their counter-terrorism agencies seem to be incapable of culling the problem from its roots.

[Kakmakr]

Now that explains why the India government recently announced that they would "ban" Bitcoin in India. It is things like this that are turning governments against Crypto currencies. 

The thing is.... they could have used diamonds or gold coins and the India government would not ban that, if they used that? Probably not, because they know diamonds and Gold are used for legal things too. We need to show them that Bitcoin is used for "legal" things too and not just for crime. 

We have a lot of hard work to "educate" governments to the positive side of Bitcoin. 

[Little Mouse]

According to the commentary of the officer, a special action group of Sohail Newaz and Fazle Rabbi Chowdhury named two militants were arrested by the Dhaka Metropolitan Police (DMP),  special branch of Counter Terrorism and Transnational Crime(CTTC) in September 2019.

They were arrested in 2019 but the news has been published now?
Well, I will not be surprised to see some good politicians are also laundering money through bitcoin.
Your links are not working, please share the direct url, short links are not allowed in forum also.

To fully understand the scale of corruption in BD you guys should watch this report from Aljazeera.

https://www.youtube.com/watch?v=a6v_levbUN4

This documentary has a sole purpose of defaming the current govt. while I have to agree that documentary is partially true.

[Bravehash]

Let's stop making it look like there won't be money laundering if there is no digital currency, Fiat have been used millions of time for money laundering, terrorists fundings and illegal things as well, if any country can put ban on crypto because of this they should put ban on Fiat as well

[Shohanur]

People are so smart at this time and they are finding smart way to transfer money. For a developing country like Bangladesh, money laundering is a great curse and for this, the government of Bangladesh is not accepting bitcoin as legal currency.

[nightxglow]

This has been an issue for years already. Bitcoin surely had a bad image long time ago since many people used it for illegal things, buying drugs, money laundering and other criminal things. That's why there are many countries banning cryptocurrency as well. But still, it can't be stopped. The anonymity of btc surely help it, and it'll be even harder to track if the criminals do illegal things using bitcoin.
I hope there will be a way to solve this, since it might give bad impact, and make it harder for bitcoin to be accepted as a worldwide currency by many.

[conected]

Now that explains why the India government recently announced that they would "ban" Bitcoin in India. It is things like this that are turning governments against Crypto currencies. 

The thing is.... they could have used diamonds or gold coins and the India government would not ban that, if they used that? Probably not, because they know diamonds and Gold are used for legal things too. We need to show them that Bitcoin is used for "legal" things too and not just for crime. 

We have a lot of hard work to "educate" governments to the positive side of Bitcoin. 

- But the problem is that even if we demonstrate the value of crypto and bitcoin in the community and government, they will still use negative examples against bitcoin, we cannot try to promote them in this legalization issue as bitcoin is used by so many bad guys to harm society and government, bans will at least prevent similar situations from happening, minimize damage, we as a good user, the impact is not too great. We can still use bitcoin every day through different ways and methods of access, the value of bitcoin cannot be changed just because of such information

[legendster]

To fully understand the scale of corruption in BD you guys should watch this report from Aljazeera.

https://www.youtube.com/watch?v=a6v_levbUN4

This documentary has a sole purpose of defaming the current govt. while I have to agree that documentary is partially true.

Defamation? Bro if I do stupid shit, of course there'll be defamation. Run the country like a country not your as a grocery store family business.

Everyone in the region already knew this and we've been reading, writing, hearing about all this for decades now. People that have extended family that are living in BD today and have been for centuries are all suffering. There is no "defamation" going on here. Just the truth. Admit it. Fix those issues. Move on.

BTW that day isn't far away when India and BD unites again. For good. Let's hope you guys are able to clean this filth in your military and political areas before that day arrives so that a peaceful reunification can happen.

[BChydro]

Their semi-autocratic military raj with a puppet democracy is a threat to not just India but other countries as well. They need to be taken out and the Bangladeshi people should be reunited with India and given absolute political, economical and cultural freedom.

Ironically the only government capable of doing this is BJP, the very govt. that hates muslims or anything non-hindu.

You are talking about a war to take over a country because it is corrupted and you want another corrupt country to take over and merge them together  . It is disappointing to see racial profiling regimes in power and what government you are talking about who hates Muslims, now i got it, it is a right wing party with fascists ideologies and you think they will sort the issues. It will create a much bigger mess if they try to intervene.

Now that explains why the India government recently announced that they would "ban" Bitcoin in India. It is things like this that are turning governments against Crypto currencies.  

Bangladesh already banned bitcoin as per my searches and how can it change things if they really think that bitcoin is used to fund terrorism. What are the evidence they are providing to substantiate their case file.

[Ridwan Fauzi]

So, any problem with that?

I guess it is just a common news especially when bitcoin price is increasing. But, I don't think it will prevent the investor who will buy bitcoin for their investment place.

Remember, bitcoin is money and we will free to using it, as for we have limitated by the government we still using it with another ways. Bitcoin always reported as a place for money laundering even though they don't know bitcoin is very transparent.

[MCobian]

It's not new Bitcoin is used for illegal activities, perhaps because it makes it easier for Bitcoin to send money abroad. So criminals are interested
in committing crimes using Bitcoin, therefore a special team for internet crimes is needed to track down  the perpetrators of these crimes.
Because now criminals are getting smarter at tricking the police with increasingly sophisticated technology. If the police do not improve their skills
in technology, criminals will always be one step ahead.

[Darker45]

~

Uh uh, definitely not. Bitcoin doesn't have a gatekeeper. Bitcoin does not have an administrator like the one we have here on this forum. Bitcoin does not discriminate users. Bitcoin is what genuine freedom is all about. You are a criminal, a pedophile, a politician, a saint, a terrorist, and so on does not matter. You are welcome.

It's pretty sad that this is the final frontier when it comes to morals of bitcoin. If this is freedom is then being locked in a cage safe from all this evils is a far better choice then, we can't just look the other way when there are people that are using it for malicious purpose.

There's no such thing as morals of Bitcoin. Bitcoin is no religion. It's simply a decentralized currency free for all.

If you are to completely avoid all the evils, I'm afraid even if you leave humanity you cannot get away from it. Your mind itself is a bearer of evil.

You and I are moral beings so perhaps we could something when and if Bitcoin is used for malicious purposes but you cannot assign any kind of culpability to Bitcoin itself just as you cannot do the same to a fork which was used to stab someone.

Yes, it might look like scratching the surface but there is something more to this and I think that we should be scared of it. As long as there is no real way to prevent terrorist organization and other bad elements from using bitcoin/cryptocurrency, I think that we should treat it as a big deal.

There is no preventing them from using Bitcoin. That is the truth. But, you know, law enforcers will enforce the law. Law enforcement is precisely the reason behind AML, CFT, KYC, and so on. It's their cat and mouse game.

As to Bitcoin, it is there for everyone. In the same manner that countries are not shutting down Toyota car dealers even if ISIS troops are riding on Toyota Hilux. They don't shut down Samsung or Apple or Nokia stores even if these terrorists are communicating through their mobile phones.

I want to believe you that law enforcers will enforce the law but I wasn't born yesterday, law enforcers are breaking the laws too, this world is slowly descending to chaos and we just smile and do nothing about it. Your right about the Toyota cars being used but if the manufacturers were to know that they are dealing with a terrorist, I think that they will not deal with them. Those cars came from CIA so we can't do anything about it.

We share the same doubt, although mine does not stop at law enforcers. How could you be sure that Toyota won't provide cars to bad people while law enforcers do?

[Swopon]

I believe that Bitcoin trading is already banned in Bangladesh. And now with this incident, they will start cracking down on the P2P platforms as well. And since the Kashmir militants are also involved, I don't think that the Indian authorities will remain silent. They will also try to target those traders who use the P2P platforms. Still, I don't believe that this news is very accurate. It is not easy to convert Bitcoin to fiat cash in either India or Bangladesh. Most of the militant groups receive their funding in the form of "Hawala" which involves physical cash.

Yes, you are right that Bitcoin is banned in Bangladesh by Supreme Court. (https://www.dhakatribune.com/business/banks/2017/12/27/bangladesh-bank-ban-bitcoin)

On the other hand, if militant groups can receive their fund in cash, they can use Bitcoin network too for being anonymous. It's very natural that they will receive or send through BITCOIN.

[Trinx01]

Well, there is no news for that thing, we can also see this news with fiat currency, the thing about laundering cryptocurrency is that most people think that it cannot be traced by the government. A lot of things like this are now existing because of the value of bitcoin nowadays.

[Sithara007]

I believe that Bitcoin trading is already banned in Bangladesh. And now with this incident, they will start cracking down on the P2P platforms as well. And since the Kashmir militants are also involved, I don't think that the Indian authorities will remain silent. They will also try to target those traders who use the P2P platforms. Still, I don't believe that this news is very accurate. It is not easy to convert Bitcoin to fiat cash in either India or Bangladesh. Most of the militant groups receive their funding in the form of "Hawala" which involves physical cash.

Yes, you are right that Bitcoin is banned in Bangladesh by Supreme Court. (https://www.dhakatribune.com/business/banks/2017/12/27/bangladesh-bank-ban-bitcoin)

On the other hand, if militant groups can receive their fund in cash, they can use Bitcoin network too for being anonymous. It's very natural that they will receive or send through BITCOIN.

I don't think that terrorists would prefer Bitcoin. It is not easy to convert cash to Bitcoin, and Bitcoin to cash in India anonymously. As Coleman stated, the preferred funding route for the terrorists remain in physical cash. When they can easily fund their operations through Hawala, I don't think that they will go for the Bitcoin route, which can be more tedious and more prone to tracing by the authorities. There may be isolated incidents though. And for the government, that is enough to impose a blanket ban on Bitcoin.

[goldade]

One of the major feature of bitcoin is that it is anonymous and that it helps secure one's privacy. You should also know that bitcoin was created for everybody, the good and the bad, and can be used by both. Bitcoin is intrinsically not a bad thing and only those who use it for the wrong reasons are bad.
I'm sure this particular news would go viral because of the involvement of bitcoin in a crime due the fact that the government are trying their best to paint bitcoin in a bad light. No one would care to mention the number of people bitcoin have helped improve their status of living

[amishmanish]

India TV is the same channel that shows hour long "documentaries" about finding a "Mummy of Raavan" in Sri Lanka. (Raavan is the villain in Ramayan, a Hindu legend). You can judge how genuine they are.

Also, even if governments ban bitcoin based on such sketchy news, the terrorists won't magically stop. When the US govt sanctioned Iran, they didn't stop flying the F-14 Tomcat. In fact, today Iran has the only F-14 Tomcats in service in the world. And they did well enough on their nuclear program too. Political problems don't end by bans/ sanctions but by actually facing the real underlying issues.

[iv4n]

To fully understand the scale of corruption in BD you guys should watch this report from Aljazeera.

https://www.youtube.com/watch?v=a6v_levbUN4

Their semi-autocratic military raj with a puppet democracy is a threat to not just India but other countries as well. They need to be taken out and the Bangladeshi people should be reunited with India and given absolute political, economical and cultural freedom.

Ironically the only government capable of doing this is BJP, the very govt. that hates muslims or anything non-hindu.

This is one crazy report! 5 brothers, one chief general, and 4 criminals!
I like to watch documentaries (different kinds) and I can say there's some pattern... many governments around the world are connected with criminals, simply they started a journey together! A political party needs a muscle, they take some new gang from the street to protect them, while they will share intel and jobs with them! It's all on a small level, more money goes to their political plans, but once the political party takes the government, all of them grow so big in a very short period of time! Here we talk about billions of dollars that are taken from the government and washed by those criminals... in their country and all over the world!

Sadly I live in a similar country... this is one big joke... you can't believe what kind of prime minister we have here, the one that doesn't know how to talk properly, like most other ministers! But that political party rule for 8 years now, and they are the bosses of everything!

So is there a country in the world that is free from this? Maybe not, maybe some advanced countries are doing that in a sophisticated way, but all world is infected!

[Sithara007]

India TV is the same channel that shows hour long "documentaries" about finding a "Mummy of Raavan" in Sri Lanka. (Raavan is the villain in Ramayan, a Hindu legend). You can judge how genuine they are.

Also, even if governments ban bitcoin based on such sketchy news, the terrorists won't magically stop. When the US govt sanctioned Iran, they didn't stop flying the F-14 Tomcat. In fact, today Iran has the only F-14 Tomcats in service in the world. And they did well enough on their nuclear program too. Political problems don't end by bans/ sanctions but by actually facing the real underlying issues.

Yeah.. just noticed that the OP had posted link from India TV. No one takes this TV channel seriously in India. It is the TV version of Coin Telegraph. Always showing fake news, or bait videos. That said, given the close proximity of this particular TV channel to the ruling party, I won't rule out a well planned propaganda campaign against Bitcoin in India. If the government proxies paint Bitcoin as something used by terrorists, then it will be much easier for them to go ahead with a ban.

[Swopon]

I believe that Bitcoin trading is already banned in Bangladesh. And now with this incident, they will start cracking down on the P2P platforms as well. And since the Kashmir militants are also involved, I don't think that the Indian authorities will remain silent. They will also try to target those traders who use the P2P platforms. Still, I don't believe that this news is very accurate. It is not easy to convert Bitcoin to fiat cash in either India or Bangladesh. Most of the militant groups receive their funding in the form of "Hawala" which involves physical cash.

Yes, you are right that Bitcoin is banned in Bangladesh by Supreme Court. (https://www.dhakatribune.com/business/banks/2017/12/27/bangladesh-bank-ban-bitcoin)

On the other hand, if militant groups can receive their fund in cash, they can use Bitcoin network too for being anonymous. It's very natural that they will receive or send through BITCOIN.

I don't think that terrorists would prefer Bitcoin. It is not easy to convert cash to Bitcoin, and Bitcoin to cash in India anonymously. As Coleman stated, the preferred funding route for the terrorists remain in physical cash. When they can easily fund their operations through Hawala, I don't think that they will go for the Bitcoin route, which can be more tedious and more prone to tracing by the authorities. There may be isolated incidents though. And for the government, that is enough to impose a blanket ban on Bitcoin.

Actually something happened there, that's why it came out publicly and published in newspaper. Obviously, there has reputation issue too for Bangladesh where Bitcoin is not legalized. They can only know why they choose to use such route. It is easy to convert Bitcoin to cash as I am also from Bangladesh and I usually convert Btc or other Cryptocurrency to cash according to my need. For big amount, it may cause some problem if they want all in a hurry.