Concern of illegal use of crypto

[dataispower]

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 ...?

If stating that bitcoin can be lead to money laundering. And the basical thing that makes government to infringe combat with bitcoins is the understand of using for terrorist to survive. because money laundering is easy everywhere and before Bitcoin existing people has been performing money laundering with different styles and tactics. Government hate bitcoin because they don't know the root. And government like to have domination over thing that is moving well

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[Maestro75]

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.

There is also concern of illegal use of vaccine and no one is alarmed by that. Concern for illegal use coercion and we see that in what Russia is doing in Ukraine. My concern is for those who want to always make crypto look bad so they can discredit it. They have tried so hard enough a long time on this but have not been able to stop cryptos and it will continue to frustrate them.

[Nrcewker]

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/

People can say anything and that's their right.
We need to just ignore those news which are done to get fame and importance.
We ourselves know the value and features of Bitcoins, so it will be really worthless if we debate on such a topic.
Everyone needs to understand that each and every thing has both faces, the ministers are only looking at the bad face of the Bitcoins and cryptos.
They don't know that due to the decentralized nature of Bitcoins, soon it will bring revolution in the world.
Excited to hear other people's thought on this.

[lixer]

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 is simply blatant accusation with no actual proofs and if the actual find the illegal transactions only with cryptocurrencies then how these terrorist group and illegal transactions happened before 15 years? Stupids can tell anything so anyone with common sense can identify and ignore them.

I wouldn't say they are accusations. I mean crypto is known to be used for money laundering and even funding terrorist organizations like ISIS, there is no denying that and it has been proven so far. The thing is, if crypto didn't existed, would these things not be done in fiat anyway? Or isn't it done with fiat even right now? Not like crypto just replaced fiat in this sense, we are talking about basically taking over the whole situation as a whole. No, it just created an alternative and that is it, nothing more.

This is why I believe that we have to realize the purpose here is not to show what bad things crypto could be used for, we know it could be used for bad things, but these same bad things are done with fiat as well, or there are so many good things done with crypto as well and ignored.

[Anguwa]

Basically, even though we all know that the government is opposed to cryptocurrency, there are some evil people who use it for fraud, taking advantage of people with little knowledge of cryptocurrency and scamming them, while others use it to divert large sums of money so that they cannot be tracked. We simply hope that those who use it illegally do not result in a permanent prohibition on the use of cryptocurrencies in some countries that have yet to embrace it.

[ShowOff]

Basically, even though we all know that the government is opposed to cryptocurrency, there are some evil people who use it for fraud, taking advantage of people with little knowledge of cryptocurrency and scamming them, while others use it to divert large sums of money so that they cannot be tracked. We simply hope that those who use it illegally do not result in a permanent prohibition on the use of cryptocurrencies in some countries that have yet to embrace it.

The function and use case of bitcoin as a currency can be said to be the same as fiat currency. These two currencies differ only from the idea that bitcoin is decentralized and fiat is centralized. Governments worry about bitcoin's potential to be used for illegal things, while they seem to forget that for hundreds of years fiat has been used more for the same thing. The government's fear of bitcoin is only about their inability to control and that is why they are always looking for reasons why bitcoin is placed as a bad currency.

[carlfebz2]

~~~

There is also concern of illegal use of vaccine and no one is alarmed by that. Concern for illegal use coercion and we see that in what Russia is doing in Ukraine. My concern is for those who want to always make crypto look bad so they can discredit it. They have tried so hard enough a long time on this but have not been able to stop cryptos and it will continue to frustrate them.

This is fact!

They do really make out focus on having those discrimination or tending to be that negative into something which they dont really like.They do really give out some emphasis into its cons rather than on focusing or praising its benefits or pro's in short.

Its not surprising for governments behavior on having this way since crypto is totally against their preference which it would really be normal that they will really be showing off against or making debates
or issues  which are really focusing into the negative part.

Is this something new?

[Findingnemo]

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 is simply blatant accusation with no actual proofs and if the actual find the illegal transactions only with cryptocurrencies then how these terrorist group and illegal transactions happened before 15 years? Stupids can tell anything so anyone with common sense can identify and ignore them.

I wouldn't say they are accusations. I mean crypto is known to be used for money laundering and even funding terrorist organizations like ISIS, there is no denying that and it has been proven so far. The thing is, if crypto didn't existed, would these things not be done in fiat anyway? Or isn't it done with fiat even right now? Not like crypto just replaced fiat in this sense, we are talking about basically taking over the whole situation as a whole. No, it just created an alternative and that is it, nothing more.

This is why I believe that we have to realize the purpose here is not to show what bad things crypto could be used for, we know it could be used for bad things, but these same bad things are done with fiat as well, or there are so many good things done with crypto as well and ignored.

Basically what they say is based on assumption, if they can say these terrorist group were funded by cryptocurrencies then how they are going to prove their claims, if they didn't prove then its not a valid statement. And they are talking like people were dying due to car accidents so we are going to ban all the cars so that people can now live safer.

[blatchcorn]

Basically what they say is based on assumption, if they can say these terrorist group were funded by cryptocurrencies then how they are going to prove their claims, if they didn't prove then its not a valid statement. And they are talking like people were dying due to car accidents so we are going to ban all the cars so that people can now live safer.

I have a simple question that if crypto is that bad then why governments are allowing centralized crypto exchanges that do KYC and has no objection on centralized crypto like XRP, tether etc. There point is very clear that since they can't control decentralised crypto like BTC, they are banning it.

[Hypnosis00]

Basically what they say is based on assumption, if they can say these terrorist group were funded by cryptocurrencies then how they are going to prove their claims, if they didn't prove then its not a valid statement. And they are talking like people were dying due to car accidents so we are going to ban all the cars so that people can now live safer.

I have a simple question that if crypto is that bad then why governments are allowing centralized crypto exchanges that do KYC and has no objection on centralized crypto like XRP, tether etc. There point is very clear that since they can't control decentralised crypto like BTC, they are banning it.

Can't deny that some people use crypto/Bitcoin for their illegal activities. But, I don't just understand why some people will put the blame on crypto which in fact, fiat money is also been used before and until the present time. They finger point everything to Bitcoin and ruin it because of their personal interest, indeed, they want to control Bitcoin as they see huge money out there. It is not the reason for them to protect the people but what they want is to put influence in the crypto market.

[Findingnemo]

Basically what they say is based on assumption, if they can say these terrorist group were funded by cryptocurrencies then how they are going to prove their claims, if they didn't prove then its not a valid statement. And they are talking like people were dying due to car accidents so we are going to ban all the cars so that people can now live safer.

I have a simple question that if crypto is that bad then why governments are allowing centralized crypto exchanges that do KYC and has no objection on centralized crypto like XRP, tether etc. There point is very clear that since they can't control decentralised crypto like BTC, they are banning it.

So governments can control the centralised cryptocurrencies like Ripple and tether? Yes technically possible though but it need order from the government and not going to happen always. The same applies to centralized exchanges as well no matter what the cryptocurrency is the user data will be shared with the government.

[macson]

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/

he said that cryptocurrencies were used for money laundering and terrorist financing but he did not say that fiat had been used first for money laundering and terrorist financing.  this world will never be fair, let alone the government, they will find ways to destroy things that can interfere with their interests.  but we don't need to pay attention to this news because FUD about bitcoin like this has been around for a long time.

[bitbunnny]

I think that is one of the oldest fears regarding Bitcoin and other cryptocurrencies, that is used for illegal and criminal activities. That was especially pointed out at the beginning
But I think that with time this has changed and that many people are aware now, including governments, that Bitcoin is not criminal currency and that they are probably not more misused that amy other fiat currency, especially when it comes to money laundering
So just use your comon sense and don't believe every bad thing you hear about crypto.

[Anonylz]

I am aware that Bitcoin has been used by people engaging in illegal activities and it does bother me. However, I have never done anything illegal with crypto so it’s not that relevant to me personally. I guess I’m concerned it gives the entire crypto space a bad reputation when this kind of thing happens. I fear people may start blaming BTC over a few bad apples and that’s potentially bad for long term investors like me.                                                      

Exactly, the concern is for those who use it for bad and illegal activities and knowing how the media always like to capture and loud the negative side of things even though one thing has nothing to do with the other, btc will end being the target, they will make it look as if btc is the culprit. Unfortunately, no one can control what people do with their btc,  even centralize fiat, people still finds a way to use it for illegal activities. It is the nature of human.

[noormcs5]

Basically, even though we all know that the government is opposed to cryptocurrency, there are some evil people who use it for fraud, taking advantage of people with little knowledge of cryptocurrency and scamming them, while others use it to divert large sums of money so that they cannot be tracked. We simply hope that those who use it illegally do not result in a permanent prohibition on the use of cryptocurrencies in some countries that have yet to embrace it.

This illegal use of crypto can only be stopped or minimized by strict regulations. Governments first need to legalize crypto and then make strict rules and regulations so that people are not encouraged to do crypto scams. If few of the culprits are giving heavy fines, the rest will not even think of scamming people.

[LUCKMCFLY]

My position on this is very irreverent, being from a country where a government pretends to manage everything is something that teaches certain types of people to learn to evade any prohibition that is imposed by governments, however there are many ways that ban crypto you can get many tools like VPN, not using traditional local banks, and not letting KYC on every thing or body that have connection with government.

A government cannot track every step that people make in crypto, if I would be careful not to use Binance, because Binance usually has a certain weakness against governments, I would go for an exchange that gives me more confidence like Kucoin, Bitfinex, Kraken , some of those that are much more private and that handle somewhat considerable volumes, but I would never use crypto where they identify me with my data, I would do everything with VPN and in addition to that I would protect myself with protocols analogous to those used to enter to the dark web.

[DanWalker]

Authorities in my country say that money laundering will be more easier with crypto then with fiat.

Due to the anonymity of cryptocurrencies, it makes it easier for criminals to launder money compared to fiat I think this is justified.

Though money laundering is in full swing with fiat but authorities have no objection on that.

It's not that they don't protest, they really don't have a way to completely stop the criminals from raging.

Its natural and with time hate among government bodies for crypto will increase not lessen for an obvious reason.

It's all just an excuse to justify their hatred for crypto, they don't like bitcoin but can't find any good reason to get rid of bitcoin so they will assign any crime which can. The ultimate goal remains to prevent people from using cryptocurrencies.

[Ultegra134]

Authorities in my country say that money laundering will be more easier with crypto then with fiat.

Due to the anonymity of cryptocurrencies, it makes it easier for criminals to launder money compared to fiat I think this is justified.

Though money laundering is in full swing with fiat but authorities have no objection on that.

It's not that they don't protest, they really don't have a way to completely stop the criminals from raging.

Its natural and with time hate among government bodies for crypto will increase not lessen for an obvious reason.

It's all just an excuse to justify their hatred for crypto, they don't like bitcoin but can't find any good reason to get rid of bitcoin so they will assign any crime which can. The ultimate goal remains to prevent people from using cryptocurrencies.

Money laundering? Seriously, we're now blaming cryptocurrencies for that? For years, people were creating offshore companies or even non existent ones just for show in order to launder money for decades. Cryptocurrencies have been around for a few years compared to fiat, but suddenly they are to blame for everything.

Yes, I don't deny that they're being used in illegal activities, such as the darknet markets whatsoever, but they're certainly not accountable for this world corruption.

[TheGhostMan]

Well, for entities that do not agree with crypto assets, they generally defame it and want to leave it bad at any time to sabotage the use of people in these worldwide. According to these to the illicit activities that digital currencies lend. They practically start from the moment they present anonymity since large or small amounts of money are transferred without any information, purchase and sale of weapons, drugs and not to mention cyberattacks and money laundering...

It may be that some other activity is carried out in these forms of payment but in general these entities that do not accept it do not want them to continue in this path that they are going through and now less seeing that more countries join the adaptation of cryptographic assets.

[MiF]

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/

Well in my country crypto is now having a bad image because cryptocurrency is used by some scammer and now having a bad image, but i already explained to my friends that crypto is legit and the only problem is that crypto is used by scammers and because of this bitcoin image is now becoming bad. But people will know soon and bitcoin image will surely cleared in the future.