How to curb illegal activities in Crypto currencies?

[ahmedo24]

The Central Bank of Nigeria recently banned cryptocurrency citing the use of the coins or the Currencies for illegal activities and volatility as their major points, to an extent I don't agree with them as regards to volatility but they have a point as regards using cryptocurrency to fund illegal activities like terrorism. In your opinion what do you think the blockchain technology all the exchange platforms can do to minimise or control the use of cryptocurrency illegality.

 

[Debola]

Over the past few years, cryptocurrencies have grown rapidly in price, popularity and mainstream adoption. To put it into context, the numerous online cryptocurrency exchanges and markets have daily dollar volume in the billions. With such volumes, a link between cryptocurrency and crime is, unfortunately, inevitable.
There are several ways to combat this downward spiral. The first is to tap into criminal error. Believe it or not, bitcoin isn’t as anonymous as you may think, as it uses a blockchain system that serves as a virtual record of all transactions on the network.

Remember, the Blockchain is publicly accessible, which allows anyone with a bit of computer-savvy to trace digital footprints of anonymous traders. It’s for this very reason that bitcoin is often used on the Darknet with the anonymising software, The Onion Router (Tor) for extra security and anonymity

 

[Ralphjoe]

The only way that I can advocate for the authorities to be able to curb all illegal activities that is associated with cryptocurrencies is by introducing a well-rounded KYC recommendation for all cryptocurrency holders so that it can be regulated and controlled in a manner that will reduce illegal activities associated with it.

 

[Bookwormlux]

Their excuse is not a credible one since even fiat Currencies have been used even before the beginning of Crypto Currencies. They should just get a way of regulating crypto, not ban it.

 

[FreshKaz11]

The Central Bank of Nigeria recently banned cryptocurrency citing the use of the coins or the Currencies for illegal activities and volatility as their major points, to an extent I don't agree with them as regards to volatility but they have a point as regards using cryptocurrency to fund illegal activities like terrorism. In your opinion what do you think the blockchain technology all the exchange platforms can do to minimise or control the use of cryptocurrency illegality.

I really don't think there is anything the could do to stop the bad side of using the Bitcoin at this present moment, because most people use it in a good away why some use it in a bad way.

 

[Bookwormlux]

I really don't think there is anything the could do to stop the bad side of using the Bitcoin at this present moment, because most people use it in a good away why some use it in a bad way.

Absolutely, the same is true for all fiat Currencies. Imagine the government of any country banning USD because it is being used by drug dealers for transactions. It doesn't make sense.

 

[eLdavis]

Like they say everything has its good and bad side. Tho i dont think it can be stopped nor can it be totally controlled but i believe it can be controlled to some level to at least reduce the rate of it.

 

[ahmedo24]

I really don't think there is anything the could do to stop the bad side of using the Bitcoin at this present moment, because most people use it in a good away why some use it in a bad way.

Proper regulations can still reduce the illegal means of using cryptocurrencies in the country despite that we all know that the situation can't be fully crackdown

 

[Kunkun]

The government banning crypto for such reasons in the first place makes no sense, also concerning curbing illegal transaction there are other ways to go about it than outright banning

 

[Shigobad2020]

The Central Bank of Nigeria recently banned cryptocurrency citing the use of the coins or the Currencies for illegal activities and volatility as their major points, to an extent I don't agree with them as regards to volatility but they have a point as regards using cryptocurrency to fund illegal activities like terrorism. In your opinion what do you think the blockchain technology all the exchange platforms can do to minimise or control the use of cryptocurrency illegality.

I don't believe there's a way to curb the use of crypto currency illegally in the country, people use crypto currency as an avenue to launder money in and out of the country and that's why the government put a ban.

 

[Josemendez]

Curbing illegal activities in cryptocurrency is something that is not easily feasible because of the lack of online cryptocurrency governing board ,but it can be possible locally.

 

[ahmedo24]

Sure the only way out is modalities to reduce it because even the fiat currencies we use today the illegal activities being committed with them are not curable till now.

Curbing illegal activities in cryptocurrency is something that is not easily feasible because of the lack of online cryptocurrency governing board ,but it can be possible locally.

 

[GIFTMICHAEL]

Adopting the operation KYC verification and using 2FA security to secure the personal account via an exchange platform will help reduce illegal activities circling around crypto.

 

[Alexandoy]

A few days ago is the news of the ransom paid by a Pipeline company to hackers. They paid in Bitcoin as required by the criminals. How can you stop that kind of transaction? It is a crime and the criminals want Bitcoin or maybe even another crypto coin. Now we see that crime versus the government and crypto is in the middle.

 

[Jlife]

this is a job for the FBI and other government organisation that has to do with cyber crime, but we as a good citizen we must try as much as possible to deviate yourself from anything that could made us to get in trouble with the government.

 

[Josemendez]

Sure the only way out is modalities to reduce it because even the fiat currencies we use today the illegal activities being committed with them are not curable till now.

There is corruption in the world and most times the government cannot be able to stop it. There may put major to reduce it but will not stop it completely .

 

[ahmedo24]

There is corruption in the world and most times the government cannot be able to stop it. There may put major to reduce it but will not stop it completely .

They can only minimize and also prevent further corruption loopholes which is normal. In cryptocurrencies the same thing goes crimes should be made minimal and improvement to prevent further criminal activities should be provided.

 

[Puji giantoro]

Maybe this is a trick of big investors to drop the price of digital currency, and they buy it at a cheap price

My advice still refers to technical analysis..don't listen to bad news

 

[Niftyyem]

I think that ensuring every user of all Exchange platforms do KYC is a step in the right direction and ensuring exchange owners are liable for fraudulent activities going on using their platforms would make them sit up and be more vigilant.

 

[Josemendez]

They can only minimize and also prevent further corruption loopholes which is normal. In cryptocurrencies the same thing goes crimes should be made minimal and improvement to prevent further criminal activities should be provided.

Cryptocurrency is so open that such control won't really be easy at all. There should be a body that will be in charge of cryptocurrency in the world for this to be achieved.