Concern of illegal use of crypto

[ololajulo]

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.

These are mere distracting news that does not affect the use and price of bitcoin. Almost all countries now have bitcoin in their reserve, even USA has over 6 billion worth of bitcoin which China, Germany may not be an exception. Biden Election had funding from bitcoin and no one saw it as a money laundering asset. Lets be careful the conspiracy theory in the bear that might prevent small holder from spitting portfolio

[nurilham]

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.

How is it about fiat?
How many crimes using fiat so far?
Well, we cannot deny that crypto is also probably used for any criminal and also money laundering. But, it doesn't mean that crypto is at fault at all. This will depend on who using the crypto itself. And if we blame crypto for the fault, how is it about the fiat that is so far used for crimes? I think that it is much more fiat than crypto.
But once again, the hater will always hate, whatever the additional and fact. Once they hate crypto, they will try to spread FUD again to the world without going to notice the benefits of cryptocurrency so far for their citizen

[AjithBtc]

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.

Even before the existence of bitcoin there is illegal activities and people are used to it through the traditional fiat. When something better gets innovated people go for it. In such a way small percentage of people moved from the traditional fiat usage towards bitcoin. This is used as a way to mislead people that bitcoin is for the bad and there is nothing good. It is our responsibility to know the truth.

[uneng]

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 thought indian authorities had already overcome this issue with cryptocurrencies, since they were ok in taxing people in 30% on crypto gains.
But well, you can never blame a lifeless object for human bad actions or criminal behavior. Actually, this whole situation becomes very confusing, because I'm not sure what the worse part of it is anymore: the money launderers or the ones who attempt to collect 30% in taxes from their own people who just wanted to adopt bitcoin for raising their financial life standards a little bit in a poor country which lacks infrastructure and opportunities.

[lionheart78]

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!

Fiat currency being Government backed currency, the government doesn't want its currency to look bad.  Instead of admitting that there are lots of illegal things happening under their nose, they tend to point a finger and blame their incompetence on others and they found Cryptocurrency as the best fit for it.

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.

They just don't want to admit that non-privacy cryptocurrency is one of the better solutions to avoid illegal stuff since transactions can be tracked in an open blockchain.

[TribalBob]

Money laundering and terrorists have existed since before crypto existed, why is crypto now involved, if it is true that crypto is a place for money laundering, the government can investigate it thoroughly if they want to be patient in looking for all the data. For security reasons, an exchange will definitely provide user data, which is impossible if the exchange does not cooperate with the government

[dunfida]

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 thought indian authorities had already overcome this issue with cryptocurrencies, since they were ok in taxing people in 30% on crypto gains.
But well, you can never blame a lifeless object for human bad actions or criminal behavior. Actually, this whole situation becomes very confusing, because I'm not sure what the worse part of it is anymore: the money launderers or the ones who attempt to collect 30% in taxes from their own people who just wanted to adopt bitcoin for raising their financial life standards a little bit in a poor country which lacks infrastructure and opportunities.

30% taxation is already that a harsh step or event for those crypto enthusiast who do lives out on this country but cant really be blamed nor get surprised for government to always have that kind of stance towards

crypto on which they would really be having always that kind of impression that it is really bad on any angle or simply they couldnt really just let their citizens on ending up dealing on something that cant be

traced nor cant be controlled or for them not to be able to monitor.Those reasoning are just pure alibis i would say.

[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.

Even before the existence of bitcoin there is illegal activities and people are used to it through the traditional fiat. When something better gets innovated people go for it. In such a way small percentage of people moved from the traditional fiat usage towards bitcoin. This is used as a way to mislead people that bitcoin is for the bad and there is nothing good. It is our responsibility to know the truth.

The government are just making things look like only bitcoin is been used used for illegal activities, you will think before existence of bitcoin there was no illegal activities then, we all know that all this illigal activities started before 2009, so we shouldn't make things look like all this illegal activities started after the existence of bitcoin.

[amishmanish]

There is a war of perceptions going on. We see the governments are finding the excuses to ban crypto. Be it in china, or Russia the ban is being enforced, sometimes its in name of illegal activity and sometimes its about environment. Lawless lands will have their finace channels. The poppy in afghan for Taliban, the drugs in Columbia. All are dealt in fiat currency. But governments want us to believe crypto is bad. They will keep cooking such stories.

[ChiBitCTy]

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/

India has so many other things to be concerned about. I would think that this would be further down the list of things being needed to be taken care of.  Nonetheless when are people going to start realize how bitcoin is the least of theirs worries when it comes to coins doing well at hiding things. Their own fiat currency is first off the biggest worry follow by privacy coins like Monero. This feels more like a boogie man than anything to me.

[Dunamisx]

I just get annoyed when I heard people talking about the crypto can be used to sponsor illegal things,

I think we should count it all joy because in so doing it has taken nothing away from bitcoin but rather an added advantage as it help publicile bitcoin the more, i think its pretty good as bitcoin is one of the 3 most search words on google and the more they speak against the more the adoption and awareness.

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. 

All these oppositions doesn't move an inch from what bitcoin is and has come to offer, fiat is no where to standby with bitcoin because the most branded name all over now trending is bitcoin, this is same as the opposition received from bitcoin mining and energy consumption neglecting the disastrous natural resources mining and purification that almost cause the whole world into ransom in environmental pollution and global warming.

[jhonjhon]

They're just trying to cover up their tracks by attacking bitcoin, in my opinion. They're merely making up stories about bitcoin to get people to cash out their money. I believe he should learn more about bitcoin and assess what he is about to say; otherwise, his statement will be rendered meaningless. Bitcoin has been in existence for over a year, and the government's attempts to ban it have failed.

[Bushdark]

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/

You want to think of remedy to this issue? Lol...this might not be possible!
The aim of the creation of Bitcoin is to make it decentralized, so how do you intend to shift the blockchain from decentralization to centralization that will enable the government to have charge of all transactions. It will be difficult for this problem to be handle effectively and stopping the use of Bitcoin for illegal stuffs can not be stopped. We should have it in mind that everything that has advantage do have disadvantage so we need to be prepared for it. It is decentralized so the government will have to take extra miles to have control of this issue.

[BobK71]

Some people try to look different but it doesn't matter. Money is just a medium. No one can say that there is no money laundering or theft in the traditional system. If fiat money is accessible to everywhere in the world then why not crypto currency? Now we are living in the modern age so today or tomorrow fiat will be changed. Here i think crypto is the perfect adoption. So it will be legal all over the world soon.

[jaberwock]

How is it about fiat?
How many crimes using fiat so far?
Well, we cannot deny that crypto is also probably used for any criminal and also money laundering. But, it doesn't mean that crypto is at fault at all. This will depend on who using the crypto itself. And if we blame crypto for the fault, how is it about the fiat that is so far used for crimes? I think that it is much more fiat than crypto.
But once again, the hater will always hate, whatever the additional and fact. Once they hate crypto, they will try to spread FUD again to the world without going to notice the benefits of cryptocurrency so far for their citizen

This is why the government has been fighting hard to regulate the cryptocurrency market so that they will able to know where every transaction is going to and where it’s also coming from. To me it seems like they are close to doing that, they have a strategy and they are starting to apply that strategy, and that’s through the centralized platforms.

I have not really heard of any news that cryptocurrency was being used for funding terrorism. But if the government really wants a solution for this, then I think that regulation is still the only solution to this. Or has there been a better solution than that?

[Oluwa-btc]

People should be the first set too be blamed for, even before cryptocurrencies /bitcoin scam's started other types of Scammers and scamming have been on ongoing swirling around.
Privacy should be one thing every one should make a responsibility, and keep a high level of security.
Dating scam's, debit card scams all have been ongoing, people with retard minds won't grow as they want too blame everything on Bitcoin and Crypto Currencies.
Avoid giving trust to people you barely know online this is the first guide to secure your self from scammers and your fund's.

[wxa7115]

There is a war of perceptions going on. We see the governments are finding the excuses to ban crypto. Be it in china, or Russia the ban is being enforced, sometimes its in name of illegal activity and sometimes its about environment. Lawless lands will have their finace channels. The poppy in afghan for Taliban, the drugs in Columbia. All are dealt in fiat currency. But governments want us to believe crypto is bad. They will keep cooking such stories.

Without a doubt the governments are now using a new approach to try to discredit bitcoin in the eyes of many people, after all being conscious about the environment is something that it is important today so they are trying to exaggerate the danger to the environment that adopting bitcoin will cause if it was used massively.

And if I am honest about this I think this is a decent strategy to slowdown the adoption of bitcoin, however if at some point the economy gets so bad that hyperinflation strikes the world people will soon stop worrying about that and instead they will have to worry about how to avoid fiat destroying their wealth, and at that moment bitcoin will be an option they will use regardless of its environmental impact.

[GeorgeJohn]

Some people try to look different but it doesn't matter. Money is just a medium. No one can say that there is no money laundering or theft in the traditional system. If fiat money is accessible to everywhere in the world then why not crypto currency? Now we are living in the modern age so today or tomorrow fiat will be changed. Here i think crypto is the perfect adoption. So it will be legal all over the world soon.

If cryptocurrency is legalize all over the world, it's very obvious that the values is going to reduce in all ramifications. Indecencies that it will be regardless like Gold marketing trading, so what's keeping bitcoin threading over the continent, it's because some countries values it development and some countries rejected to legalize it, so the argument and the speculation castigation intro cryptocurrency industry today is making it to come to reality and also making it to be popular more.

[bitcrystal]

currently now tracking is being done to apprehend some illegal bitcoin movements and its a big step towards avoiding bitcoin from being labelled with these kinds of laundry scenes. hope we can arrive at a bigger solution to get it solved once and early, its going to be difficult so it might take some time. fiat is also being used to launder but not as easy as bitcoin.

[Kimonoe]

currently now tracking is being done to apprehend some illegal bitcoin movements and its a big step towards avoiding bitcoin from being labelled with these kinds of laundry scenes. hope we can arrive at a bigger solution to get it solved once and early, its going to be difficult so it might take some time. fiat is also being used to launder but not as easy as bitcoin.

As difficult as it is difficult for bitcoins to be misused for money laundering, they can still be found, because from the government that requires KYC for exchange, from there all data can be tracked, indeed this is a dilemma where on the one hand crypto is anonymous, but on the other hand because of KYC, in the end the movement crypto can be traced. but at least with the current rules, it can give crypto some wiggle room for legalized trading