Concern of illegal use of crypto

[eaLiTy]

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Aren't these illegal activities already happening when cryptos haven't even been brought into the system? Money laundering is an issue we are facing now for decades, even after hundreds of measures implemented by the government themselves these things are still happening, and trust me these things will continue to happen even if cryptos don't kick in, it's just lame excuses made by the government to discourage cryptos. If they are so concerned about money laundering or terror financing why aren't they straightaway banning cryptos? why are they taxing it at 30% and earning revenues from it?

One thing we are certain is that the Indian government has no idea what they should do with the entire cryptocurrency space. If they ban them completely then the number of companies that started a business around the cryptocurrency space will leave the country and there are different voices coming from the ruling party which is contrasting from one another. And now the 30% tax is forcing majority to leave the country either way.

[stomachgrowls]

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Aren't these illegal activities already happening when cryptos haven't even been brought into the system? Money laundering is an issue we are facing now for decades, even after hundreds of measures implemented by the government themselves these things are still happening, and trust me these things will continue to happen even if cryptos don't kick in, it's just lame excuses made by the government to discourage cryptos. If they are so concerned about money laundering or terror financing why aren't they straightaway banning cryptos? why are they taxing it at 30% and earning revenues from it?

One thing we are certain is that the Indian government has no idea what they should do with the entire cryptocurrency space. If they ban them completely then the number of companies that started a business around the cryptocurrency space will leave the country and there are different voices coming from the ruling party which is contrasting from one another. And now the 30% tax is forcing majority to leave the country either way.

It wont really be that much of an issue since their economy withstood without crypto's existence on the first place and no surprising that government would really be having that kind of mindset and

impression towards crypto which is something not that surprising which they do always look negative in speaking in crypto and there's media who do really love to show off lots of negatives.
Dont be in concern because the truth would prevail and people wont really be that dumb on not to notice out on what are the benefits that we could actually get.

[isaac_clarke22]

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This.
People thinking that crypto are used by money launderers should consider reflecting on what's even happening outside of it. Even scams outside crypto were in fact happening. Using the digital payments here in my country like GCash were being used also to scam people and those are even verified accounts and they are simply just getting away with it.
"But crypto transactions cannot be reversed"? Sure,  back then I was scammed around $10 which is a lot in here and what did they do? They just froze the account of the scammer, but my money? Poof gone.

[KingsDen]

Concern of illegal use of crypto?

Are we to stop here? Definitely No.

Concern of illegal use of hard drugs;
Concern of illegal use of fire arms;
Concern of illegal use of abortion pills;
Concern of money laundry by politicians;
Concern of environmental pollution by fossil vehicles;
Concern of deterioration of Ozone layer;
Concern of illegal use of internet;
Concern of illegal power consumption;
Concern of illegal minting of fiat;
And so much Concern.

[TimeTeller]

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This.
People thinking that crypto are used by money launderers should consider reflecting on what's even happening outside of it. Even scams outside crypto were in fact happening. Using the digital payments here in my country like GCash were being used also to scam people and those are even verified accounts and they are simply just getting away with it.
"But crypto transactions cannot be reversed"? Sure,  back then I was scammed around $10 which is a lot in here and what did they do? They just froze the account of the scammer, but my money? Poof gone.

Scammers are everywhere, not only in crypto but a lot are still happening in fiat.
If we will be defeated by the thought of illegal activities brought by these scammers,
we won't enjoy the benefits offered by crypto and blockchain technology.
It is you, as a user, who should take care of yourself and do your own due diligence before sending any penny to these people.

[romero121]

The usage of bitcoin and other cryptocurrencies were found high within India in recent years. Before that if there is nothing as money laundering, terror funding, and other illegal activities then I do agree. Here it is different, purposely they doesn't want bitcoin to be used around. That's the only reason and if we examine the investment of Finance Minister Nirmala Sitharaman she'll also be having bitcoin and other cryptocurrencies in her portfolio. This is how the Indian politicians act.

[wiss19]

I think this issue is not new anymore. Why is he resurrecting it? Is he using this excuse to ban crypto? We know India, they have been in the controversy of legalizing cryptos. He thinks this only happens to cryptos but what about on other payment methods, fiats? The cases of them are much more when compared to cryptos.

The remedial step to reduce or to possibly stop the problem is by implementing KYC and it's actually happening now. KYC still continues to get adapted on cryptos. There is still a way though if a criminal really wants to commit such crimes. They can do something to bypass those KYC and there's also decentralized platforms that don't require any KYC.

[MinMan]

From the start the government has always been saying this, they always make statements that Bitcoin is being used for illicit activities and the rest of other illegal stuffs. There are some of them who believe that Bitcoin is a currency that is being used on the dark web.

It’s not that I’m doubting whatever they have to say, in every rumor there’s a little bit of truth in it, so if they are really saying such thing there is the possibility that Bitcoin can be used for such, but it is also used for a lot good more than the bad. And we also know that this is not as bad as Fiat, because there are also so many people who are making use of Fiat currency for such same activities as well.

[lionheart78]

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.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

This had been an issue ever since.  Funny how they keep on saying this kind of stuff when they can't address that this is also the biggest concern with fiat.

What can be the remedial step to address this concern.

This had been a problem even with fiat.  I think the decentralized blockchain is the actual remedy for these since all the transaction is transparent.  Government and even the public can track down all the transactions on the blockchain and the government doesn't want that.  They don't want to expose themselves and how they irresponsibly spend people's money to the point of laundering them.  So they twist facts with the help of mainstream media and point the blame on cryptocurrency.

[doomloop]

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!

They would always come up with whatever lame excuses to make sure that they carry out their plans. But this one is not really going to work. and why I’m happy about cryptocurrency is the fact that it is decentralized, that way the government can’t really do anything about it. If they really want to take any action, it is going to be only for centralized exchanges which operates with Fiat and are also being controlled by the government. And as for the issue of being used for money laundering and the rest of all that, people can do such things, but we still know that anyone who tries such can still be caught if the government are really out for it.

[dark1234]

I don't believe...... this is a classic reason for crypto which is usually heard from causing red lights to live.... because as far as I know the government shows its inability to deal with the crisis about corruption and terror in its country so this reason is published to the public. public even though all valuable assets can be tools of dirty people to do it all

[Viscore]

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!

Funny but this is majority of the countries are dealing with cryptocurrencies right now. They never look it as a digital currency that can be a great alternative for fiat, but always a threat that can be used mainly for money laundering and other illegal acts. They never admit that its always fiat that is involved in most of the illegalities in different countries. Not surprising why crypto is still very hard to be accepted and adopted as a reliable currency.

[Slow death]

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.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

these shit politicians are despicable people, they steal millions of dollars from their poor people, they take FIAT money and launder money, they are corrupt so heartless that they have no mercy when they steal and have the courage to say that money laundering is the main problem of cryptocurrencies? Do these old corrupt politicians use cryptocurrencies for money laundering or do they use fiat? The answer is quite obvious: they use fiat to launder money. the government of india is looking for nonsensical arguments for not accepting cryptocurrencies in india. this is my opinion.

From the start the government has always been saying this, they always make statements that Bitcoin is being used for illicit activities and the rest of other illegal stuffs. There are some of them who believe that Bitcoin is a currency that is being used on the dark web.

It’s not that I’m doubting whatever they have to say, in every rumor there’s a little bit of truth in it, so if they are really saying such thing there is the possibility that Bitcoin can be used for such, but it is also used for a lot good more than the bad. And we also know that this is not as bad as Fiat, because there are also so many people who are making use of Fiat currency for such same activities as well.

It is true that many governments said this in the past, but in my opinion the government of india is acting this way because they do not like cryptocurrencies, there have already been several statements from them speaking ill of bitcoin

[kawetsriyanto]

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.

This kind of news will always spread and rise up. We have been facing this situation for more than years, since the past time.
Money laundering, criminal transactions, drugs, terrorism, and many more uses accusations are against Bitcoin.
Is that true?
Probably, there is some parts of the Bitcoin that are used for those. But, are they all used for those?
of course not. That is only a few parts of it. Like we also know that money is also used for the similar transaction, money laundering, terrorism, criminals, and more, moreover money may be more long ago used for these kinds of bad transactions.
So, what's the matter again? As long as the benefits are much more than the cons, why not using? We cannot see a thing only from one side.

[Anonylz]

What else is new! They should try and come up with something more related to recent advancement in the crypto space. Like Fiat is not use for the same reasons they are accuse crypto of (some people are Laundering fiat at present but they are more concerned about crypto). Even before crypto become a thing, money Laundering, terror financing and has always been a concern for the government, it didn't just start with crypto.
They should try a more suitable excuse.  

[KaliLinux]

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.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

I think the biggest takeaway here is, What is the difference in what they are complaining about with cryptocurrencies with what Fait has been used for and is still used for in this contest? The reason they are still mum on Fait being used for Money laundering and terror financing is that seems like the better option instead of crypto since they have been able to point to crypto in this regard and the more reason we should adopt crypto since it is more traceable than fiat in crime-fighting but no, they will rather want to have it banned because of what it represents.

[mayfair_coin]

Its always been a concern without a real concern. We mean its really funny to raise a concern of illegal use of crypto in a nation where it is already banned from years. The Government actually tries to trick people by saying why they haven't legal the use of cryptocurrency and gives the reason that it might bring economic instability and it will give rise to dirty money. But the reality is that still crimes are going on and fiat money is being used for it.

[wxa7115]

What else is new! They should try and come up with something more related to recent advancement in the crypto space. Like Fiat is not use for the same reasons they are accuse crypto of (some people are Laundering fiat at present but they are more concerned about crypto). Even before crypto become a thing, money Laundering, terror financing and has always been a concern for the government, it didn't just start with crypto.
They should try a more suitable excuse.  

They are never going to stop trying to push this narrative as it is one that worked for them many times in the past, however I think they have found their more suitable excuse already, and the latest campaign against bitcoin and its energy consumption is proof of that.

This is something that is resonating with a lot of people of today that are worried about the environment, so they are trying to make people repudiate bitcoin by arguing that it spends a lot of energy while they lie about the source of that energy, the actual energy consumption of the network and the energy the banking industry spends as well.

[gabbie2010]

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.

https://www.bgr.in/news/fm-nirmala-sitharaman-says-biggest-risk-of-crypto-is-laundering-terror-financing-1259977/

The indian government should live up to their billings rather than giving excuses by putting in place tight security measures that would prevent and checkmate any form of crypto money laundering or terror financing with cryptos, this is a global issue that had been existing for years though via fiat, I think the government should work with crypto exchanges in ensuring that whatever means used by those culprits to launder money is blocked and rendered ineffective, I believe this is one the major way of tackling this menace which is the sole responsibility of the indian government.

[Fatunad]

Its always been a concern without a real concern. We mean its really funny to raise a concern of illegal use of crypto in a nation where it is already banned from years. The Government actually tries to trick people by saying why they haven't legal the use of cryptocurrency and gives the reason that it might bring economic instability and it will give rise to dirty money. But the reality is that still crimes are going on and fiat money is being used for it.

Its normal that they would tend to cover up on whats currently happening sticks to fiat system that we do have currently which is normal that they would really be hiding it in the first place.
Not surprising for government to always be having criticism against crypto which they would really emphasis to that but they arent really that minding or mentioning about fiat.
So people who are supporting crypto would really just simply ignore these things.