More Regulation Incoming!

[bbc.reporter]

News update.

It appears that when these lawmakers witness that bitcoin is pumping very vigorously, it comes back on their agenda and begin their fud campaign again hehehheeh. These people who are funded by tax payer's money should ge ashamed. They certainly do not care about solving the problem on moneylaundering and terrorist financing. I reckon if they wanted to solve this problem, they would start crackdown on banks and money processors. Fiat is still the biggest medium of exchange for terrorism and crime.



The extent to which crypto is used to finance bad actors like drug dealers and militant organisations is worse than analysts estimate, Congress was told on Thursday.

The role of crypto in illicit financing is currently a topic of bitter debate among lawmakers.

The crypto industry likes to cite research showing that money laundering accounts for a tiny fraction of crypto transaction volume — 0.62% in 2022, according to Chainalysis.

But these figures underestimate the extent of crypto’s role in illicit finance, Carole House told Congress on Thursday, because they don’t account for offchain activity.

During a separate hearing in the House Financial Services Committee on Wednesday, Brian Nelson, undersecretary of Treasury’s Office of Terrorism and Financial Intelligence, conceded that crypto’s role in terror financing is limited.

“Terrorists still prefer, frankly, to use traditional products and services,” he said.

Read in full https://www.dlnews.com/articles/regulation/crypto-crime-worse-than-reported-expert-tells-lawmakers/

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[bbc.reporter]

News update. Another fud campaign from the American government creared through the treasury department.

I reckon before they inspect carefully every transaction created on bitcoin and the cryptospace, I reckon that they first should be it on the banks within their jurisdiction. The biggest currency used as a medium of exchange for terrorist financing is the American dollar!



Financial institutions have reported $165 million in potential crypto transactions that may be tied to Hamas, according to the bureau of the U.S. Treasury department that combats terrorism financing.

The Financial Crimes Enforcement Network analyzed suspicious activity reports filed between January 2020 and October 2023, according to a letter signed by Deputy Treasury Secretary Adewale Adeyemo. The letter, reviewed by CoinDesk, was directed to the leaders of the Senate Banking and House Financial Services Committees and asked for their support in passing legislation that would broaden the Treasury Department's oversight authority over crypto transactions.

Source https://www.coindesk.com/policy/2024/03/14/fincen-is-analyzing-165m-in-transactions-that-may-tie-crypto-and-hamas-senior-official-says/

[zasad@]

News update. Another fud campaign from the American government creared through the treasury department.

The same thing is happening in Russia. The largest bank, Sberbank, conducted a study of the shadow market and found that many people have many bank cards and make money from this by selling their bank cards.
The situations are different, but the bank is lobbying for an increase in its own powers to control bank transfers.

[bbc.reporter]

@zasad@. However, the difference is that they have not proven that those transactions were done for terrorist financing. This is very dangerous because they can look at the blockchain, choose a group of transactions and declare that they might be transactions used for terrorist financing then use this allegation to get an executive order against their targets. The targets does not have to he the terrorists, it can be organizations they do not like. This is very headshaking that much of us in the community do not see this.

They will repeat this tactic repeatedly to get more authority and decrease the people's freedom through these executive orders. I am quite certain in the next few months the next transactions chosen will be declared to be from the Lazarus Group hehehehee.

[zasad@]

@zasad@. However, the difference is that they have not proven that those transactions were done for terrorist financing. This is very dangerous because they can look at the blockchain, choose a group of transactions and declare that they might be transactions used for terrorist financing then use this allegation to get an executive order against their targets. The targets does not have to he the terrorists, it can be organizations they do not like. This is very headshaking that much of us in the community do not see this.

They will repeat this tactic repeatedly to get more authority and decrease the people's freedom through these executive orders. I am quite certain in the next few months the next transactions chosen will be declared to be from the Lazarus Group hehehehee.

The social rating system has existed for a long time, it’s just that people tend to remain silent about it. And all applications are considered to be accidental.
For example, if you say the wrong things, despite freedom of speech, then your bank accounts are blocked, you are not notified of benefits, if you have a business, then checks begin there, and so on, so that the person shuts up.
And for fools, the government shows opposition clowns who are subordinates and carry out assigned tasks.

[bbc.reporter]

@zasad@. I am not quite certain what you are implying when you mentioned the social rating system because those wallets in the blockchain are anonymous. However, I agree that there are these wallets that were involved in receiving stolen coins but what I am arguing about are the identities of the wallets. Lazarus Group's wallet is only an allegation that it belongs to North Korean hackers. We cannot be sure that there are North Korean hackers because we do not know or cannot prove that they have good programmers and computer scientists in their country. They might not also have internet hehehehe.

[FinneysTrueVision]

@zasad@. I am not quite certain what you are implying when you mentioned the social rating system because those wallets in the blockchain are anonymous. However, I agree that there are these wallets that were involved in receiving stolen coins but what I am arguing about are the identities of the wallets. Lazarus Group's wallet is only an allegation that it belongs to North Korean hackers. We cannot be sure that there are North Korean hackers because we do not know or cannot prove that they have good programmers and computer scientists in their country. They might not also have internet hehehehe.

Blockchain analysis and digital forensics used to blame North Korea are both examples of pseudoscience being weaponized by governments in order to take more rights away and to weaken those they see as enemies. Just like the Sony hack, the evidence wasn’t entirely convincing — North Korea is just an easy scapegoat. When people have been conditioned through endless propaganda not many are willing to question the official narrative, regardless of how dubious it might seem upon closer inspection. As long as they are told it’s for their own protection everyone just accepts that now everything will require more and more privacy invasion, they aren’t allowed to use privacy tech, and they are heavily restricted by how they can spend and transfer their money.

[zasad@]

bbc.reporter, We usually think that our wallets are anonymous, but in reality there are many ways to find the owner. For example, when a person looks at the blockchain explorer, his IP is recorded and analyzed. and VPN will not always help limit anonymity. But most of life does not happen on the blockchain, and a person can be punished through a social rating system if he is bad in the opinion of the country's government.