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❕NEWS Australian man arrested for laundering money through Bitcoin

AudraMiller

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An Australian man has been arrested for trying to launder money through the use of cryptocurrencies namely Bitcoin. According to the article that was published on coindesk, this man allegedly converted a large portion of money laundering to the Digital currencies such as Bitcoin. It is believed that the money that he had on him and other drugs and narcotics was trying to be converted to cryptocurrency in order to store its value and so that it cannot be traced. The man is currently awaiting his trial date. In my opinion it is news such as this that provides cryptocurrency with a bad name.
 

sh199

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I think, only bitcoin or other digital currency have any drawback that its anonymity behavior. Many peoples can do whatever he wants and get the money without and paper works. For these only reasons, Bitcoin is still illegal in many countries. But things are changing now, many govt is trying to take over users data who put their money on bitcoin.
 

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I think, only bitcoin or other digital currency have any drawback that its anonymity behavior. Many peoples can do whatever he wants and get the money without and paper works. For these only reasons, Bitcoin is still illegal in many countries. But things are changing now, many govt is trying to take over users data who put their money on bitcoin.
It is actually sad that people now uses bitcoin and other few Crypto currencies to launder money. I hope government intensify effort to track them down.
 

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It is actually sad that people now uses bitcoin and other few Crypto currencies to launder money. I hope government intensify effort to track them down.
For anonymity behavior, we read many incidents happening all over the world. The light of hope that these kinds of incidents are now decreasing and Govt. monitoring it timely to prevent the money laundering and other illegal activities.
 

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An Australian man has been arrested for trying to launder money through the use of cryptocurrencies namely Bitcoin. According to the article that was published on coindesk, this man allegedly converted a large portion of money laundering to the Digital currencies such as Bitcoin. It is believed that the money that he had on him and other drugs and narcotics was trying to be converted to cryptocurrency in order to store its value and so that it cannot be traced. The man is currently awaiting his trial date. In my opinion it is news such as this that provides cryptocurrency with a bad name.
Thanks to new technologies , cryptocurrency has not really been offering private transaction as earlier experienced . Money laundering is thus decrypted easily
 

AudraMiller

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Thanks to new technologies , cryptocurrency has not really been offering private transaction as earlier experienced . Money laundering is thus decrypted easily
This is very true and I think that it to a certain extent is a good thing because it will help with the legalization of cryptocurrency and the acceptance of the cryptocurrency within the various governments globally. I think this was one of the major concerns that they had.
 

BerWhitley

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till this time i thought it will never happen , but you just tranding , like wow how ...
 

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This is very true and I think that it to a certain extent is a good thing because it will help with the legalization of cryptocurrency and the acceptance of the cryptocurrency within the various governments globally. I think this was one of the major concerns that they had.
Another thing is the fact that the blockchain network used by cryptocurrency can be utilized by the government in their country to enhance development
 

JamesSemaj

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Crime is one of the major reasons why some federal governments does not support the use of crypto. It's shameful to see people taking advantage of the anonymousity of cryptocurrency
 

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It is a good thing that he was discovered. Many criminal individuals who see Cryptocurrencies as a way of escape would now realize that they could still be traced and brought to book.
 

Josemendez

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Crime is one of the major reasons why some federal governments does not support the use of crypto. It's shameful to see people taking advantage of the anonymousity of cryptocurrency
Actually the anonymous nature of cryptocurrency has been reduced to a greater extent. Thus , it is wise to be careful ,because transactions are easily traced these days
 

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People had bad intention towards the anonymous nature of Crypto currencies but the move by government to regulate Crypto currency activities has reduced it.
 

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People had bad intention towards the anonymous nature of Crypto currencies but the move by government to regulate Crypto currency activities has reduced it.
Secondly , the blockchain is been developed continuously in such a way that it is not easily used to carry out scamming activities of any type .
 

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The more Crypto currencies make gains the more all blockchain will be improved to deal with all forms of criminalities people will want to practise with the system.
 

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This should serve as a lesson to others , you could get arrested for performing or involving in any money laundering involving bitcoin,
 

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Such stories are what makes cryptocurrencies to be illegal in many countries. Their transactions are anonymous hence making it easy for fraudsters and criminals to get away with anything. I am just glad that some of them like this man have been caught.
 

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Such stories are what makes cryptocurrencies to be illegal in many countries. Their transactions are anonymous hence making it easy for fraudsters and criminals to get away with anything. I am just glad that some of them like this man have been caught.
Yeah but now some countries are already taking steps in tracking crypto transaction and monitoring it to , why do those countries who make it illegal not do same thing
 

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Yeah but now some countries are already taking steps in tracking crypto transaction and monitoring it to , why do those countries who make it illegal not do same thing
They may be doing that in disguise may be when they are done test running the prototype they may come up with terms and conditions towards regulations.
 

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With what he is doing , he is giving bitcoin a bad name , i wish he is given more terms to signal the people doing same thing , to stop very fast
 

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With what he is doing , he is giving bitcoin a bad name , i wish he is given more terms to signal the people doing same thing , to stop very fast
Yeah, such bad behaviours really give bitcoin and cryptocurrencies a bad name. It is making it even harder for governments and other institutions to fully accept them. I hope those caught serve as an example to others so they stop it.
 
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