Concern of illegal use of crypto

[Smack That Ace]

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.

Before the advent of cryptocurrencies, fiat was the only tool for criminals to launder money and we did not see any complaints about fiat. But with the arrival of crypto in their country, they started to clearly blame the Indian government for not liking crypto and they attribute all the evils to crypto. I think they should find a way to stop crime rather than find a way to ban crypto because if they ban crypto they can make sure that criminals stop laundering money.

[Dunamisx]

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/

Can you solve the the whole World complex problems? Apparently no, money laundering is what has been invoke a very long time ago and this is found on every aspect of the world economy system, so why India perplexed with this, are they the decentralized entity of bitcoin that has to monitor the situation of AML in bitcoin transaction, whereas there's a whale alert system on the block chain that raises an alert on any suspicious transaction of large amount of bitcoin, India should understand that their regulation does not exceed the coverage of tax payment service on cryptocurrency and let the AML perform their role on Fiat, bitcoin is more secured than Fiat.

[ajochems]

Money laundering and terrorism using all the mode of Fiat for their activities.The government of India didn’t blame the Fiat at that time.The cause of the action is terrorism and people who involved in money laundering.Before terrorism used hawala for the transaction of money ,it can’t be fully captured by any government in the world.Now the technology cause leads to use of bitcoin by those people.

[o48o]

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 true but they are trying to get rid of fiat cash as well because of this. In the future proof of funds and proof of source will be a big thing and everything seems to be heading there. Proofs can be done with zero knowledge to guarantee privacy but there will be requirement to prove everything.

[romero121]

These people never do research, and just because they lack control over the people's money find ways to keep them restricted. People too believe in such statements without analysing the truth. In particular the people believe in media and doesn't do their own research. The estimated amount of money laundered globally is around $800 billion - $2 trillion in the form of USD. The same when compared with bitcoin which is around $8.6 billion and this is a 30% increase this year. All these years this is what happening, but politicians always tries misdirecting the people.

[Smack That Ace]

These people never do research, and just because they lack control over the people's money find ways to keep them restricted. People too believe in such statements without analysing the truth. In particular the people believe in media and doesn't do their own research. The estimated amount of money laundered globally is around $800 billion - $2 trillion in the form of USD. The same when compared with bitcoin which is around $8.6 billion and this is a 30% increase this year. All these years this is what happening, but politicians always tries misdirecting the people.

I think they have research, they and we all know that Bitcoin and crypto are revolutionary are the future of currency. Government benefits will be reduced when they accept crypto, so they will find enough reasons not to accept cryptocurrencies and seek to prevent anyone from using them. After imposing a 30% tax on crypto-related activities and is now accused of being a tool for criminals to launder money. In the near future, they will continue to give any reason to eliminate crypto from their country.

[24Kt]

These people never do research, and just because they lack control over the people's money find ways to keep them restricted. People too believe in such statements without analysing the truth. In particular the people believe in media and doesn't do their own research. The estimated amount of money laundered globally is around $800 billion - $2 trillion in the form of USD. The same when compared with bitcoin which is around $8.6 billion and this is a 30% increase this year. All these years this is what happening, but politicians always tries misdirecting the people.

I think they have research, they and we all know that Bitcoin and crypto are revolutionary are the future of currency. Government benefits will be reduced when they accept crypto, so they will find enough reasons not to accept cryptocurrencies and seek to prevent anyone from using them. After imposing a 30% tax on crypto-related activities and is now accused of being a tool for criminals to launder money. In the near future, they will continue to give any reason to eliminate crypto from their country.

They can always find a negative aspect in crypto but it won't deter from its people to get involved in this market. And before crypto was born, illegal activities via fiat have been rampant already, and yet, the government can't contain it. How much more in crypto? If these scammers will use crypto, they will and they can get away with it. So instead of banning or prohibiting the entry of crypto, maybe, just accept the fact that it is only one of the options of these scammers to screw people. You can't expect this market to be perfect. And to get something out of it, just accept its existence and regulate the market.

[Oceat]

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/

Can you solve the the whole World complex problems? Apparently no, money laundering is what has been invoke a very long time ago and this is found on every aspect of the world economy system, so why India perplexed with this, are they the decentralized entity of bitcoin that has to monitor the situation of AML in bitcoin transaction, whereas there's a whale alert system on the block chain that raises an alert on any suspicious transaction of large amount of bitcoin, India should understand that their regulation does not exceed the coverage of tax payment service on cryptocurrency and let the AML perform their role on Fiat, bitcoin is more secured than Fiat.

Yes, I agree with that but somehow crypto currency is kinda giving a bad name to some people because of these people laundering money. All I can say is that both fiat and crypto has its own pros and cons so I think a better regulations would fix this perhaps plus you mentioned the whale alert which I think it's easy to bypass if someone knew what they were doing.

More and more days are coming if the government continue to do their job they will get to almost all crypto project that somehow making a change just like how these NFT project been doing.

[UmerIdrees]

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/

Good and bad people exist everywhere. There will always be evil-minded people who may use bitcoin illegally or do tasks which are not allowed by using crypto (or fiat).
Bitcoin and crypto will have both the usage, positive and negative. Many people use crypto fairly with no bad intentions. Governments should focus on how can they leverage crypto for these types of people. Instead, they focus on the illegal usage of crypto and think about how to ban crypto to prevent this money laundering crime.

[Asiska02]

When a system cannot beat the one ahead, they’ll definitely bring different excuse that will shatter the progress of the other. Money laundering has been in existence for several years before the introduction of cryptocurrency. They never found a way to deal with that but today bitcoin is taking its pace in the digital world and global financial sector which the citizens are utilizing and getting a means of living as it does not support centralization, this is now a problem to them. How inhuman this People can be because of their self interest.

[Asiska02]

Recently Indian Finance minister N.Sitharaman said Money laundering, terror financing biggest concerns around cryptocurrency...

This is not an excuse to disregard the benefits of using cryptocurrency. They’ll always be  good and bad people who uses the little opportunity to scam people or for their personal gain. This is everywhere, it shouldn’t be attached to cryptocurrency.

[Flexystar]

One thing I know about India is, the nation is one of the worst hit by black money. There are only 3% people in that country who are paying the taxes every year which means huge sum of people do not even bother about the national development.

Yet it’s surprising how the nation is bloomed with huge tech and modernisation.

However, crypto is something their finance minister is not able to digest because it will promote more money laundering in the country and could destroy the financing badly.

May be that’s why they are concerned.

[rby]

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 wish to be very realistic and sincere about this topic. We cannot because we love bitcoin and cryptocurrencies and begin to denial some real facts and issues surrounding our economy and immediate environment.
Though the minister was not specific in her statement that she's referring to cryptocurrencies but she implied it. Then, her claims are right. See what she said

In her address at a seminar during the ongoing spring meet of the International Monetary Fund (IMF), Sitharaman said: “I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror.”

If a currency is used continually for laundering and for financing terror, it is a very big problem to the economy. Bitcoin has the tendencies to be used for the above two crimes. But then what can we do?

We should first understand that laundering, smuggling, financing terror are not problems that bitcoin brought. These problems have long being in existence before bitcoin was invented. So, they are not bitcoin problems, just that bitcoin can be used to promote them anonymously.
First solution is for government to restore morals in the economy and then fight crime.
I cannot advice that bitcoin should be regulated because it cannot be regulated.

[Zanab247]

Money laundering and terrorism using all the mode of Fiat for their activities.The government of India didn’t blame the Fiat at that time.The cause of the action is terrorism and people who involved in money laundering.Before terrorism used hawala for the transaction of money ,it can’t be fully captured by any government in the world.Now the technology cause leads to use of bitcoin by those people.

I think some group of people are trying to discourage bitcoin users in the country because it will be difficult for terrorism to use bitcoin to commit evils in the country.  I believe bitcoin users can never involve themselves in money laundering and terrorism because they understood the reason why bitcoin was created by Satoshi. I think India government will not listen to this news until they carry out their own research to know the type of people that committed such evil in the land.

[Victorik]

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/

That's a very lame excuse. Cryptocurrency has its challenges, so is Fiat currency. Is money laundering,  financing of terror and other fears highlighted not currently taking place with Fiat money? Why attribute it only to cryptocurrency? Before the emergence of cryptocurrency, billions have been laundered and will continue to be laundered.

[7788bitcoin]

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.

The only aspect you need to do is to educate the politicians about blockchain technology and how they cannot get away with crime that easy. A country who is corrupt to the core according to the reports needs to understand that by implementing blockchain they cannot take bribe and if money laundering and terror financing are the biggest concerns they need to implement blockchain technology.

[Stalker22]

This is not the first time the cryptocurrency industry has heard this misconception when it comes to criminal activity and terrorist financing. But the reality shows a different picture. Chainalysis reported last year that criminal activity accounted for only 0.34% of all cryptocurrency transactions ($10.0 billion in transaction volume) in 2020. That is a lot less than many assume, and the number may be even lower in the last year.

For me, I think crypto and blockchain technology hold promise not only as a form of currency and for money transfers, but also for other industries, and I see this technology playing a significant role in the future. Some examples would be digital identity, payments and contracts, governance and elections, banking and insurance, ecommerce, and much more. But the biggest market for blockchain, as well as cryptocurrency, is yet to be seen. I believe we are at the beginning of a long-term wave of disruptive innovation.

[famososMuertos]

Really a widely discussed topic, combating crime is the solution, it doesn't matter if they use crypto or use Fiat, the wrong issue is wanting to make the use of crypto look bad and that consequently it is part of embezzlement as technology, thing further from reality, it is something like if criminals use a cell phone to help them in their misdeeds.

Each country must offer better sources of income, better priorities for entrepreneurs, alternatives for creating companies, fair taxes and even if all this is done, criminals will exist but on average they decrease, this is what countries with a better quality of life do and as a result low crime rates.

[Woodie]

It's funny how people are quick to give bitcoin and cryptocurrencies a bad name when in reality fiat is the number 1 culprit when it comes to illegal trades and what not. Let these guys stop this hypocritical behavior in the name of protecting their personal interests in fiat!

But overall if a non bias comparison is done between fiat and btc I think fiat will be found widely used for illegal stuff as its readily acceptable unlike btc.

[Issa56]

I just get annoyed when I heard people talking about the crypto can be used to sponsor illegal things, I don't know if those illegal things are not been don with fiat currency, the funniest part is that even before we know about bitcon or cryptocurrency, fiat currency have been use for illegal activities, so I believe any illegal activities that crypto can be used for then fiat currency can also be used for it, I believe by now people should stop talking about the illegal things bitcoin is used for because fiat can also be used for it.