Do you think cryptocurrency increase illegal activities?

[kirubel]

As we all know there are a lots of countries which are banning use of cryptocurrencies and in some countries using cryptocurrency is considered as an illegal thing and you will face some banishments for using it or for holding cryptocurrencies, and the governments of those countries are banning using crypto the reason was because some criminals use the crypto coins for transaction their illegal moneys without any fear because the transaction of crypto is untraceable and uncontrolled by central bank system.
So do you think cryptocurrency really increase illegal activates?

 

[timewo]

Large amounts of crypto may be used for illegal activities. However I have noticed that a large number of online businesses are having their paypal account closed, so they are using crypto for making payment, usually for small amounts.

 

[Stardom22]

For sure the crypto currency doesn't increase any fraudulent activities in my own opinion. This is because the whole thing of the crypto currency is controlled by the Blockchain and every transaction is encrypted by it.

 

[eldavis]

One of the reasons why the government in my country placed a ban on crypto was cause they believed a lot of people where using it for illegal activities such and money laundering.

 

[SHAHID987]

I feel cryptocurrency given us a lot of support as we were able to write well, and able to do other tasks but mostly sites were giving only one payment option, which mostly were not available in all countries. Now these people easily take withdraw in cryptocurrency.

 

[kirubel]

Large amounts of crypto may be used for illegal activities. However I have noticed that a large number of online businesses are having their paypal account closed, so they are using crypto for making payment, usually for small amounts.

In my country some illegal peoples use cryptocurrency for illegal things like money exchanging or transactions and also for black market system, they sell cryptocurrency wit the black market price and they take payments for some criminal things with bitcoin so the government will not know.

 

[timewo]

In my country some illegal peoples use cryptocurrency for illegal things like money exchanging or transactions and also for black market system, they sell cryptocurrency wit the black market price and they take payments for some criminal things with bitcoin so the government will not know.

I am not aware of the illegal activities, the government should track the source of funds and reason for payment to determine whether it is legal or not. For online workers making less money, it is only a paypal alternative.

 

[ekta]

Cryptocurrencies can be used for both legal and illegal activities. While they offer privacy and decentralization, this attracts illicit transactions. However, the majority of cryptocurrency users engage in lawful activities, and regulatory measures are evolving to address potential misuse.

Post automatically merged: Nov 13, 2023

Cryptocurrencies can be used for both legal and illegal activities. While they offer privacy and decentralization, this attracts illicit transactions. However, the majority of cryptocurrency users engage in lawful activities, and regulatory measures are evolving to address potential misuse.

Post automatically merged: Nov 13, 2023

Cryptocurrencies can be used for both legal and illegal activities. While they offer privacy and decentralization, this attracts illicit transactions. However, the majority of cryptocurrency users engage in lawful activities, and regulatory measures are evolving to address potential misuse.

 

[kirubel]

I am not aware of the illegal activities, the government should track the source of funds and reason for payment to determine whether it is legal or not. For online workers making less money, it is only a paypal alternative.

Yeah if the payment have central control and if the government can trace and regulate any money transaction maid by peoples then it is no problem, but with crypto transactions no one can trace the transactions and money sent between peoples so it will be hard.

 

[Golden9]

While cryptocurrency may facilitate criminal activities, it doesn't seem to be doing that more than any other financial tool. Infact, reports show that more money is lost through criminal activities through fiat than cryptocurrency.

 

[deucher]

I have only noticed in my country that such activities have increased very much and even the government itself is trying to fight it, but I can't stop it because no one controls cryptocurrency, so it will be easy to use it for illegal operations

 

[kirubel]

I have only noticed in my country that such activities have increased very much and even the government itself is trying to fight it, but I can't stop it because no one controls cryptocurrency, so it will be easy to use it for illegal operations

Yeah also in my country they are using crypto coins for some illegal things like money launder and also for payment system for illegal activities.

 

[Suba]

One of the characteristics of crypto is that it is anonymous, it is not known who the sender and recipient are, especially if you use a private coin whose traces will be traced, so it is often used by online criminals and transacts on the dark web, however, currently crypto is being reversed, but when it enters a crypto exchange then it will be easy to find out who the owner is.

 

[kirubel]

Yeah since the crypto transactions and crypto exchanges are untraceable and it is anonymous who the sender or the receiver is so it will be perfect transaction currency for those criminals.

 

[nomad]

There were illegal activities long before cryptocurrency evolved, however, it is also true that cryptocurrencies have made easier for people to get into illegal activities, especially financial frauds and money laundering.

 

[kirubel]

Yeah there war illegal activities and criminals are using other things for their works, i have heard that on the dark web peoples are getting payments with crypto coins in order to avoid trace back, and to get anonymous.

 

[Ratine]

No l don't think so. The cryptocurrency is very legit virtual currency and operates based on the blockchain.

 

[Etini Willie]

As with any other thing, people would always find loopholes to use it to do illegal things. Truth be told. It is easier to finance illegal activities with the nature of crypto existence.

 

[Ratine]

I don't think so because of the fact that the people can commit crimes on the fiat currency too.