HEyyyy guyz
Welcome to my blog .today we will throw some light about the recent rumors that are spreading about the
bitcoin being used in money laundering globally
All of us are aware Bitcoin exchanges are under fire in India, as many of the nation’s top banks have suspended
or greatly curtailed functionality on exchange accounts. State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI
Bank and Yes Bank have all taken strong action toward crypto exchanges, either closing accounts or severely
limiting functionality. The banks cite the risk of dubious transactions, according to local reports.
The news follows the request of advocate Bivas Chatterjee who recently filed a public interest litigation (PIL) in
Calcutta to impose immediate regulations on Bitcoin and other cryptocurrencies. Additionally, the Ministry of
Finance referred to Bitcoin as a ponzi scheme before the end of last year.
All the above was done only on the bases of that bitcoin is used in money laundering,, smuggling etc etc
But if we have a look on facts .they have something else to say
lets have a look
A recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates
that less than one percent of all Bitcoin transactions involve money laundering.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that
money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later,
AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
The report also indicates that the vast majority of illicit transactions using Bitcoin were processed in Europe,
receiving more than five times as many illicit transactions as North America.
SO when Bitcoin Laundering Less Than One Percent of All Transactions
And Global Money Laundering Transactions are estimated 2 to 5% of global GDP
i think considering the reports and facts goverment of Any country should first stop the traditional money
laundering channels without much focusing on bitcoin
and yeah it seems That no one can control bitcoin Adoption which is really going huge globally day by day
Lets see whats the next
i would love to hear from u guyzzz in comment section more about this
Thanks Alot for Your love and support
Please keep supporting and growing together
