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[Josemendez]

According to a senior official at the Ministry of Public Security China , it has been revealed that every year a sum of $145.5 billions is been transfered outside China by gamblers using Bitcoin.

These gamblers capitalize on the annoymous nature of Bitcoin to carry out this transaction and this makes it difficult for the Ministry to track such event.

 

[Niftyicon]

According to a senior official at the Ministry of Public Security China , it has been revealed that every year a sum of $145.5 billions is been transfered outside China by gamblers using Bitcoin.

These gamblers capitalize on the annoymous nature of Bitcoin to carry out this transaction and this makes it difficult for the Ministry to track such event.

Has it become so bad that a whole authorized government entity cannot trace a repeated activity of some group of people even if it is done through bitcoin? There really should still be a way to track such since the security agency is concerned about it.

 

[Ewogboka]

It is very bad with the way transactions are on going on bitcoin blockchain I hope the security agencies will be able to track them since the location is know to he China.

 

[Josemendez]

Has it become so bad that a whole authorized government entity cannot trace a repeated activity of some group of people even if it is done through bitcoin? There really should still be a way to track such since the security agency is concerned about it.

The challenge is this . If money is moved to a bank account , the account name and passport can be used to trace the person but with cryptocurrency , all that is available is address which can't offer any information

 

[Kingsley23]

Has it become so bad that a whole authorized government entity cannot trace a repeated activity of some group of people even if it is done through bitcoin? There really should still be a way to track such since the security agency is concerned about it.

 

[SCAMEXPOSER]

The challenge is this . If money is moved to a bank account , the account name and passport can be used to trace the person but with cryptocurrency , all that is available is address which can't offer any information

Remember that most of these trading or Exchange platforms do KYC for members mostly involved in the transaction of huge amount so that can be used to track them.

 

[Niftyicon]

The challenge is this . If money is moved to a bank account , the account name and passport can be used to trace the person but with cryptocurrency , all that is available is address which can't offer any information

My question was actually rhetorical. I know that the anonymity that bitcoin and other Cryptos offer will make it next to impossible for them to track those transactions.

 

[Josemendez]

Remember that most of these trading or Exchange platforms do KYC for members mostly involved in the transaction of huge amount so that can be used to track them.

Presently , they have extended it to all users because a small investors today can be a huge investor tommorow and perhaps a scammer

 

[Niftyicon]

Remember that most of these trading or Exchange platforms do KYC for members mostly involved in the transaction of huge amount so that can be used to track them.

You are right about that. The KYC if done with genuine data should be enough to initiate an investigation. But the question is are all KYC data genuine?

 

[Ewogboka]

I don't think all kyc data are genuine, the easiest way they can be genuine is the use of finger print to auto match and update the exchange platform with members original data.

 

[Brain]

According to a senior official at the Ministry of Public Security China , it has been revealed that every year a sum of $145.5 billions is been transfered outside China by gamblers using Bitcoin.

These gamblers capitalize on the annoymous nature of Bitcoin to carry out this transaction and this makes it difficult for the Ministry to track such event.

Wow, these gamblerd are really balling with these kind of huge amount. But what are the authorities during to curb this.it isn't just about finding out.

 

[Niftyicon]

I don't think all kyc data are genuine, the easiest way they can be genuine is the use of finger print to auto match and update the exchange platform with members original data.

I don't think they are all genuine too. The finger print would have been a better idea especially for countries with good database that could easily auto match.

 

[Ewogboka]

Yeah but as for now the Crypto currency stakeoholers will continue to find solutions to problems as they are unleashed by scammers.

 

[Brain]

Yeah but as for now the Crypto currency stakeoholers will continue to find solutions to problems as they are unleashed by scammers.

That will be a good one for the world of crypto if scammers can be limited from their usual activities, it high time a solution is given to this.

 

[Ewogboka]

Solutions are been provided as the new methods of scamming are used by scammers, it will be a continuous thing because youth are becoming more lazy by the day and theybsee scamming as easiest way to make money.

 

[Josemendez]

Wow, these gamblerd are really balling with these kind of huge amount. But what are the authorities during to curb this.it isn't just about finding out.

They are not actually gambling with it . They are using gambling to cover up their money laundering activity so that they won't be suspected .

 

[Wisdom01]

This would really weaken their economy ,and even instead of tracking those involved , it's better to just make strict laws that will stop it

 

[Josemendez]

This would really weaken their economy ,and even instead of tracking those involved , it's better to just make strict laws that will stop it

This is why they are trying to figure out those who are involved in this laindering using gambling. I think they may end up banning gambling as a measure to stop this

 

[Wisdom01]

This is why they are trying to figure out those who are involved in this laindering using gambling. I think they may end up banning gambling as a measure to stop this

Well if they make strict laws and implement it that fear to did such thing will be there and all these will reduce also that's just it

 

[AudraMiller]

According to a senior official at the Ministry of Public Security China , it has been revealed that every year a sum of $145.5 billions is been transfered outside China by gamblers using Bitcoin.

These gamblers capitalize on the annoymous nature of Bitcoin to carry out this transaction and this makes it difficult for the Ministry to track such event.

Wow that is a lot of funds that goes towards gambling for crypto. I think that with gambling, especially in crypto there is such easy access to it and this is what makes it such a lucrative industry. almost all of the faucets sites have some sort of gambling element to it as well.