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Little Mouse
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April 21, 2022, 06:26:40 PM |
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That's bullshit. They can't accept the fact that cryptocurrency is revolutionary. Fiat money has been used in money laundering for all these years. They have been using for illegal deals. Now cryptocurrency is the problem? How funny does this sound!
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avikz
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April 21, 2022, 06:39:06 PM |
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That's bullshit. They can't accept the fact that cryptocurrency is revolutionary. Fiat money has been used in money laundering for all these years. They have been using for illegal deals. Now cryptocurrency is the problem? How funny does this sound!
That's kind of not true! There's no denying of the fact that it's easier to launder money using cryptocurrency. Especially with features like coinjoin or mixers, it can easily hide the trail of dirty money. They you have Decentralized exchanges to convert the money into desired cryptocurrency or p2p trading to desired fiat money. Also we have NFT market now which is the biggest playground of money launderers to convert their dirty money to white. I am not saying that cryptocurrency is being used for such activities but I am just trying to point out that it is quite easy to do compared to banking channel or fiat. What this lady is proposing is to have a global crypto framework to regulate the illegal usage of cryptocurrency. That kind of makes sense! But it's extremely difficult to happen in reality!
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fiulpro
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April 21, 2022, 06:50:07 PM |
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They are already tracking people and if there is any frauds involved they can always try and retrace everything to the fraudster. At the same time fiat is used more in the illegal transactions because it does not leave any backlog as well, one must understand that bitcoins and other cryptocurrencies is honestly way better and safer. You need to attach your bank account, your aadhar card and your tax card as well making it way harder to hide. They need to employee people who are good with cryptocurrencies in the government therefore It's all about change, accepting it and making sure they are taking all the right steps. Fiat and other things also have the same problem, the best you can do is to make laws and follow up on that if there is any complain.
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The Cryptovator
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April 21, 2022, 06:54:03 PM |
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That blame always stands against Bitcoin, nothing new. But government can't control money Laundering in fiat as well. A lot of crime organizing through fiat, just a problem if it organizes through cryptocurrency. It's true that dealing with crypto is an easy way and has to admit about Money Laundering. It doesn't mean that crypto isn't useful compared with Laundering. Criminals are always criminals, doesn't matter what currency they have been using. Rather than blaming cryptocurrency, the government should concentrate on how to prevent crime.
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BIT-BENDER
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April 21, 2022, 07:01:56 PM |
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That's bullshit. They can't accept the fact that cryptocurrency is revolutionary. Fiat money has been used in money laundering for all these years. They have been using for illegal deals. Now cryptocurrency is the problem? How funny does this sound!
Exactly my thought, all those Vices wasn’t Pioneered by Crypto-currency and I see no way that this issue should be handed over to Crypto-currency in terms of blames, take for instance that Crypto-currency is put away, this would definitely not bring an end to money laundering, scam and other vices that are eating up the world as a whole.
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dataispower
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April 21, 2022, 07:16:50 PM |
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That's bullshit. They can't accept the fact that cryptocurrency is revolutionary. Fiat money has been used in money laundering for all these years. They have been using for illegal deals. Now cryptocurrency is the problem? How funny does this sound!
yes. Since fiat currency has being using for money laundering no one complain and condemn or regulate fiat currency. Now they want to make bad name of cryptocurrency. As source and fastest way of making money laundering. Government don't like the success of cryptocurrency. And more depriving bitcoin it legacy by framing news every time and it is helping bitcoin to grow more. This world is so corrupt that nothing can hold it. Bitcoin that makes things easier every day.
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BlackBaron
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April 21, 2022, 07:22:13 PM |
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I don't need to judge if the news comes from India and China, based on cryptocurrency news there is no positive side that stands out but both media from that country are a source of trouble from FUD news to deceive the crypto community, but we are wise in judging all news so that it is nothing more than bullshit news.
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Lanatsa
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April 21, 2022, 07:48:29 PM |
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Another day another kind of criticizing or elaborating the cons of crypto which we cant really evade nor avoid such thing because there are people who do really make use of crypto for that kind of benefit due to its characteristics and same goes for fiat as well.They had just made out some elaboration or giving out some focus on crypto too much which is sad because this would show up some negative publicity. For us who are main supporters then we do ignore these kind of words or stuffs but for those who dont have knowledge or zero about it will likely to believe with those claims but well the truth would prevail and they would possibly make out some u-turn later on.
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LFC_Bitcoin
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April 21, 2022, 07:57:04 PM |
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More excuses from central governments, trying to cover up their own glaring mistakes by attacking bitcoin. We see what you’re doing & we see right through it. Bitcoin is the future of finance, adapt or die boomers. I can guarantee that fiat currency is the main facilitator of illicit finance across the entire world. I’d be surprised if even 1% of illicit finance is done using bitcoin.
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Wiwo
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April 21, 2022, 08:52:19 PM |
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This does not make sense and just a baseless statement and I will not take it seriously, we all know the history of money laundering and how the traditional currencies are the most used by criminal elements in carrying out money laundering since cash traditions can not be traced forever unless it goes through the banking system or through the blockchain. Cryptocurrency most especially Bitcoin is more of an anti-money laundering agent since all its transactions can be traced on the blockchain.
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dark1234
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April 21, 2022, 08:53:27 PM |
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actually money laundering, terror financing and other reasons are reasons that are often put forward by the government to corner crypto because this problem also occurs in fiat and other property in money laundering carried out by corruptors, here we can see the government's helplessness in deal with the problem .... because if you ask yourself again whether the existence of a crypto ban will make corruptors and terrorists stop ...?
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wxa7115
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April 21, 2022, 09:04:45 PM |
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It is hard already for the governments to determine and track money launderers in fiat even there are bank transactions as well KYC even in finance applications or remittances. It’s been a long problem since people always find ways to hide their real identity what more in a decentralized system where they have no control yet. Governments should not hinder the development of crypto but they should develop their own ways to track and monitor if there are irregularities that is happening, online world is hard to track but if they atleast have advance system then it can lessen their problems.
The issue is that if those worries actually were made in good faith I think we could have a discussion about it, but we know that governments do not really care about that, what they want is to find a way to ban bitcoin and cryptocurrencies in general. Something similar is now happening with the supposed worry from environmentalist groups and politicians that want to ban POW coins because they are bad for the environment, when we know they do not care and saying such thing is nothing more than a defamation campaign against bitcoin.
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livingfree
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April 21, 2022, 09:39:06 PM |
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There's no need for any remedial with that.
It's been so long since bitcoin has been thought only about those negative activities and usage of it. I don't know who's educating that person but he really needs to take some background about bitcoin.
From a person who really knows what bitcoin is. Those illegal use of crypto isn't only being done through it. He should be mindful that more are happening with cash.
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kamilah147
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 21, 2022, 09:42:44 PM |
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That's bullshit. They can't accept the fact that cryptocurrency is revolutionary. Fiat money has been used in money laundering for all these years. They have been using for illegal deals. Now cryptocurrency is the problem? How funny does this sound!
yes. Since fiat currency has being using for money laundering no one complain and condemn or regulate fiat currency. Now they want to make bad name of cryptocurrency. As source and fastest way of making money laundering. Government don't like the success of cryptocurrency. And more depriving bitcoin it legacy by framing news every time and it is helping bitcoin to grow more. This world is so corrupt that nothing can hold it. Bitcoin that makes things easier every day. yes, they just make the crypto name look bad and make people withdraw all their investment. the existence of crypto does not interfere with the existence of fiat. and crypto being the latest evolution of fiat, if the government is afraid of the existence of crypto I think this is just bullshit. crypto has given the best in its role to improve the economy of society.
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Oilacris
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 21, 2022, 09:57:19 PM |
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That's bullshit. They can't accept the fact that cryptocurrency is revolutionary. Fiat money has been used in money laundering for all these years. They have been using for illegal deals. Now cryptocurrency is the problem? How funny does this sound!
yes. Since fiat currency has being using for money laundering no one complain and condemn or regulate fiat currency. Now they want to make bad name of cryptocurrency. As source and fastest way of making money laundering. Government don't like the success of cryptocurrency. And more depriving bitcoin it legacy by framing news every time and it is helping bitcoin to grow more. This world is so corrupt that nothing can hold it. Bitcoin that makes things easier every day. yes, they just make the crypto name look bad and make people withdraw all their investment. the existence of crypto does not interfere with the existence of fiat. and crypto being the latest evolution of fiat, if the government is afraid of the existence of crypto I think this is just bullshit. crypto has given the best in its role to improve the economy of society. Criticisms had been happening as early on 2015 or something like that when bitcoin is really making out some attention on where government and other no coiners or traditional investors would really be saying something bad which do focuses about money laundering and terrorism or something like that and this wont be enough on hindering overall adoption and we could really compared it out on previous years compared up to this present.They would really be pinpointing into its cons which is something very common words honestly.
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Welsh
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April 21, 2022, 10:12:20 PM |
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Look, we'll always have this criticism even though Bitcoin is, and will remain so in the future; more transparent than cash. It seems daft to me to criticism Bitcoin so much on the one hand, because of the illegal activities that occur with it, but then on the other hand give cash the benefit of the doubt. If we looked at the ratio of crime funded via currencies, cash would likely be leading. Although, that headline doesn't exactly grab the attention of people, so of course Bitcoin being the new emerging currency, but at the same time a technology a lot of people don't quite understand, that headline grabs the attention of the most people.
There's nothing we can do about it, it'll always be the case. Just got to ignore it, and carry on. Obviously, crime does occur with Bitcoin, but not any more so than fiat. That's the truth of it, and my argument would be at least with Bitcoin there's a public ledger, which should deter criminals from using it.
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coupable
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April 21, 2022, 10:12:27 PM |
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If he really think that laundering terror financing is the biggest risk with crypto then he is a delusional person. Fiat money can also be used in terror financing. Personally, i think that we can't point out which risk is the biggest as using cryptocurrencies contains a lot of risks. Maybe the three most concerns imo are : - Losing the Private keys. - Decentralization (Yes it's a blockchain feature but for large population users there is No third part to solve issues like with traditional transactions) - Hacks.
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Yogee
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April 21, 2022, 10:38:57 PM |
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Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency... What can be the remedial step to address this concern.
Different person speaking but same old mud thrown at BTC. It's the same story peddled by most Government officials or regulators all over the world. What can be the remedial step to address this concern. They have been regulating centralized platforms that deals with cryptocurrencies and imposing taxes so what exactly are you worried about? Mandating these exchanges and wallets to feeze suspucious accounts is all they could do.
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usekevin
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 21, 2022, 10:49:40 PM |
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That blame always stands against Bitcoin, nothing new. But government can't control money Laundering in fiat as well. A lot of crime organizing through fiat, just a problem if it organizes through cryptocurrency. It's true that dealing with crypto is an easy way and has to admit about Money Laundering. It doesn't mean that crypto isn't useful compared with Laundering. Criminals are always criminals, doesn't matter what currency they have been using. Rather than blaming cryptocurrency, the government should concentrate on how to prevent crime.
Over a period their was blaming of the bitcoin and cryptocurrency.Money laundering was keep find of new methods to scam the government.They found the crypto currency at the last and it’s not the first one.Even their is no crypto currency,the money laundering people will do via Awala.Trade of certain things for the replacement of money.
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