Do you think crypto currencies are actually used for illegal activities?

[Mika]

One of the main reasons why governments around the world do not trust crypto currencies is because they believe crypto currencies are used for illegal activities, such as paying for drugs and weapons, funding terrorism, etc.

Not just the governments, investment and finance experts also believe that crypto currencies are actually used to fund criminal activities because of its anonymity.

As far as I am concerned, I don’t the reason to ban crypto currencies simply because terrorists and criminals are using it. One of the biggest terrorist activities on American soil occurred on September 11, 2001. Bitcoin was launched 8 years later. Terrorists funded their activities through fiat currency. Why don’t they ban fiat currencies, first?

Do you think governments’ decision to ban crypto currencies because it is used for illegal transactions is valid?

 

[Lens1000]

Because it lacks central authority, fraudsters often use this to steal public funds.
Nigeria Government believed that digital currency was used to fund insurgency and terrorism like BOKOHARAM. That's the major reason why it was banned by the federal government of Nigeria.
I strongly believe that banning the digital currency is not going to stop insurgency. So, why take the action, depriving millions of the people opportunity to take part in the biggest market all over the world

 

[btaliat]

Most government frowns at the usage of cryptocurrencies based on this singular reason. The reason why it is presumed to he so is that crypto transaction can not be traced and it is easy to perpetuate evil using cryptocurrencies than any other mean. The reason may be true but it is not to conclude thay it is used for fraudulent acts just because it can be used for fraudulent acts.

 

[Chibson]

Even the Fiat currency is used for illegal activities. Cryptocurrency is very decentralized and of course, this can easily make to be used for illegal activities. a lot of bad things has been happening even before the inception of cryptocurrency so I don't think cryptocurrency brought any illegal activity.

 

[A K Rao]

One of the main reasons why governments around the world do not trust crypto currencies is because they believe crypto currencies are used for illegal activities, such as paying for drugs and weapons, funding terrorism, etc.

Not just the governments, investment and finance experts also believe that crypto currencies are actually used to fund criminal activities because of its anonymity.

As far as I am concerned, I don’t the reason to ban crypto currencies simply because terrorists and criminals are using it. One of the biggest terrorist activities on American soil occurred on September 11, 2001. Bitcoin was launched 8 years later. Terrorists funded their activities through fiat currency. Why don’t they ban fiat currencies, first?

Do you think governments’ decision to ban crypto currencies because it is used for illegal transactions is valid?

The crypto currency has been used in many criminal activities in the past including terrorism, drug trafficking, Smuggling and weapon trading. This can also be done with fiat currency. Unfortunately the fiat currency used is fake one or counterfeited and the chances of the getting the deal is cancelled because of this is more!

That is the reason today even the kidnappers are wanting the ransom in the crypto currency , which is the current example how the crypto currency is used for illegal purposes!

 

[Good-Guy]

Yes, it is quite possible that cryptocurrencies are being used for illegal activities and this is one of the main reasons why governments ban cryptocurrencies. This makes good people suffer who are not using cryptocurrencies for illegal activities. The problem is that governments have a hard time tracing crypto users and this is the reason why many fraudsters use crypto transactions as their preferred method to target victims.

 

[sincerem]

Their is no payment gateway that isn't used for illegal activities. Crypto is used for illegal activities, also fiat currencies, paypal too can't still experience some security breaches. Even if it doesn't experience one st the moment, i believe it has experienced it before. So their is no payment institution or currency that is pure.

 

[Alexandoy]

As I had posted last week, Bitcoin was asked as the ransom by hackers of a Pipeline company. The hackers thought that Bitcoin is safer because they can transfer the Bitcoin from wallet to wallet. In our country I have a hunch that crypto is being used for money laundering. Syndicates can convert drug money into cash with no sweat.

Here is the link of my thread - Crypto - Crypto can be used in criminal activities

 

[Jasmine]

Their is no payment gateway that isn't used for illegal activities. Crypto is used for illegal activities, also fiat currencies, paypal too can't still experience some security breaches. Even if it doesn't experience one st the moment, i believe it has experienced it before. So their is no payment institution or currency that is pure.

That's true, all payment gateways are being used for illegal transaction. lot of payment gateways have been banned due to financial misconduct. Therefore, we cannot blame crypto for illegal transaction. However, we also need to agree that crypto has made illegal transaction easy because of anonymity. This is the reason why governments are suspicious

 

[sincerem]

That's true, all payment gateways are being used for illegal transaction. lot of payment gateways have been banned due to financial misconduct. Therefore, we cannot blame crypto for illegal transaction. However, we also need to agree that crypto has made illegal transaction easy because of anonymity. This is the reason why governments are suspicious

Your points are well stated. We can't blame cryptocurrency for illegal transactions acceptance. Some persons are simply fraudulent, even with fiat currencies, in the banking system offline, fraud is conducted. I know crypto anonymous nature makes it quite hard to track the thieves but if government wants to carry such investigation and track down the cyber criminals who conducted theft through cryptocurrency, they'll do that.

 

[minenovo]

Various criminal organizations do use cryptocurrencies, I think that much has been proven already. That said, they also use fiat currencies as well. I think the issue here is control - while criminals do use fiat currencies, governments have control over those and are able to trace them, more or less, and that is not always the case with cryptos, hence the bans.

 

[Nite]

I don't think, cryptocurrencies are used for illegal activities. There are people with bad intention who use everything for illegal activities. And bitcoin is better, faster, cheaper and secure, so government take that as a threat, because they want to control the money supply all by themselves. Government do not like to share power with any new currency.