How to curb illegal activities in Crypto currencies?

[Trexxxy]

I think one of the major advantage or disadvantage is the anonymity that comes with the use of crypto. However that is not enough to place a complete ban on it.

 

[ahmedo24]

I think one of the major advantage or disadvantage is the anonymity that comes with the use of crypto. However that is not enough to place a complete ban on it.

Yeah, it is so unfortunate that bad people are abusing the anonymity of cryptocurrencies especially for coins like monero, zcash and dash coin.

 

[GIFTMICHAEL]

Its not easy to control Cryptocurrency to be free from scam. Since it is decentralized, and uses smart contract Dapp to process transactions without anyone's authoritative. It won't be easy straightforward, but if countries takes it as primay need they'll overcome the security issues.

 

[Trexxxy]

Yeah, it is so unfortunate that bad people are abusing the anonymity of cryptocurrencies especially for coins like monero, zcash and dash coin.

Indeed, I think the use of cryptocurrencies to funnel illegally stolen funds is sadly here to stay. All over the world, people who don't want their money found use crypto a lot.

 

[Dowenship]

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 think the government are now monitoring the amount of money coming in and going out of exchanges and wallet, this is one the reason US told its citizen of imposing on any asset they hold for a year.

 

[ahmedo24]

I think the move to monitor money in and out is not a bad decision because people are already abusing cryptocurrencies anonymity nature.

 

[Ralphjoe]

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.

This is also my opinion on this issue because an outright ban on cryptocurrency does not augur well for the government and for the people of our country so they have all day to come up with a mechanism for the regulation of cryptocurrency.

 

[Bookwormlux]

This is also my opinion on this issue because an outright ban on cryptocurrency does not augur well for the government and for the people of our country so they have all day to come up with a mechanism for the regulation of cryptocurrency.

I am Also thinking that the government knows it would cost them much trying to regulate crypto currencies, that was why the chose the easier option (banning it).

 

[Ralphjoe]

I am Also thinking that the government knows it would cost them much trying to regulate crypto currencies, that was why the chose the easier option (banning it).

I don't think that regulating crypto-currency market would be that expensive for them to do because you already have big resources at their disposal and then banning cryptocurrency would not solve the problem instead it will escalate the problem.

 

[Bookwormlux]

I don't think that regulating crypto-currency market would be that expensive for them to do because you already have big resources at their disposal and then banning cryptocurrency would not solve the problem instead it will escalate the problem.

They won't want to spend a dime on it since it is not something that has prospects of generating Revenue for them to use for national development. That's what I meant.

 

[Justin]

I do not buy the reason for cryptos being used for illegal activities. Long before crypto currencies were introduced, there were already too many illegal activities that were funded with fiat money.

 

[Ralphjoe]

They won't want to spend a dime on it since it is not something that has prospects of generating Revenue for them to use for national development. That's what I meant.

And they don't know that cryptocurrency is capable of generating revenues for them because a lot of people who make use of them invest in them and also get returns on their investment which will definitely had to the country's gross domestic product.

 

[Bookwormlux]

And they don't know that cryptocurrency is capable of generating revenues for them because a lot of people who make use of them invest in them and also get returns on their investment which will definitely had to the country's gross domestic product.

When youths make profits from crypto currencies, they would definitely convert them to local currency and then purchase things with them. Which shows crypto currencies also add indirectly to the country.

 

[Ralphjoe]

When youths make profits from crypto currencies, they would definitely convert them to local currency and then purchase things with them. Which shows crypto currencies also add indirectly to the country.

Ok this is awesome and I am sure that most of this government I'm not aware of this inherent benefit in cryptocurrencies but they are just making up silly excuses for why they are against cryptocurrency.

 

[Richard92]

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.

The only way to call illegal activities on cryptocurrency it's to improve on the security of cryptocurrency wallet and also have good regulation in the cryptocurrency market.

 

[Ralphjoe]

The only way to call illegal activities on cryptocurrency it's to improve on the security of cryptocurrency wallet and also have good regulation in the cryptocurrency market.

I agree with you that improves security in cryptocurrency will definitely reduce the rate at which illegal activities are being performed using cryptocurrency but the best way as far as I'm concerned to curb illegal activities from cryptocurrencies is to make sure that anyone that buys cryptocurrency has done a KYC to ascertain their identity.

 

[Bookwormlux]

I agree with you that improves security in cryptocurrency will definitely reduce the rate at which illegal activities are being performed using cryptocurrency but the best way as far as I'm concerned to curb illegal activities from cryptocurrencies is to make sure that anyone that buys cryptocurrency has done a KYC to ascertain their identity.

Already so many exchange platforms like binance are collecting the kyc details and I believe they would be ever ready to give it out to government agencies whenever they want to investigate an account.

 

[GIFTMICHAEL]

Curbing crypto scam, money laundering activities willresult in exchangers/wallet being strict, like ensuring that all users are subject to biometrics to take all personal information of the user incase something go wrong they can track down the culprit.

 

[Haveit]

Every thing that has an advantage has a disadvantage, crypto currency has many advantage and so has disadvantage too, one of this disadvantage is online fraud, which can be curbed by making use of ledger tracking system.

 

[Good-Person]

I feel really bad when cryptocurrencies get a bad image due to criminals and hackers misusing the blessing of cryptocurrencies in a negative way. This makes cryptocurrencies look bad, however, the fact remains that cryptocurrencies are not at all bad if you use them properly and positively.