Crypto Why is crypto coin getting involved in money laundering?

[Alexandoy]

In the evening news on tv last night was the news that money laundering in our country is checking the use of crypto coin by the criminals. I am not aware that but for sure the criminals are always one step ahead of the authorities. The explanation in the interview is the convenience of handling crypto currency that can be passed on from wallet to wallet that authorities will not be able to track down.

If crypto currency transaction will be prevalent in money laundering cases then our government may ban that use of crypto currency including the crypto wallet. I cannot say how that ban can affect the crypto users here because the money laundering is from abroad and probably foreigners. That means there are no locals who are using crypto for that modus operandi as of now.

 

[Mandy96]

To be honest, I have been waiting for someone to ask this very question. It is easy, it keeps getting involved in money laundering because it is a decentralized currency and they are usually very hard to track the transactions. That’s why fraudsters nowadays usually prefer to convert there money into crypto

 

[Mika]

I will give you an example, the knife does not kill people, it is the individuals who hold the knife. Crypto currencies are not actually involved in money laundering, it is the people who are using crypto currencies to launder money. There is ni way anyone can stop criminals to stop doing this.

 

[minenovo]

Cryptocurrencies are difficult to track by design. That, unfortunately, makes them a tempting tools for criminals.

 

[btaliat]

Though just like other commentators have rightly spoken, people have used the loophole in cryptocurrency to perpetuate evil. They have intentionally use it to do whole such bad things because they know that it cannot be traced neither can the sender be known therefore making it easier to do money laundering.

 

[minenovo]

I wonder whether regulation can crack down on that sort of thing, but how do you regulate something that is untraceable by design?