Terrible use of Crypto.

9 66
Avatar for Amjad_Ali_Waince
1 year ago

23-10-2022

Crypto invention brings revolutionary change in traditional financial system of the countries. It made the transactions more easier, secure and confidential then before. Then it's block chain technology not allowing any one to check , invade, tempar or alter it on any stage. But lot of terrible use has been invented as well. Which creating a new threat to financial system and stability of peace in world.

FATF ( Financial action task force) is a organisation which ranked countries for favourite in trades & ease of business atmosphere. Pakistan was in grey list where lot of countries were in hesitation to trade with. ( Black , grey and White lists are terms used in ranking). Since 2016 , Pakistan was in rehabilitation corridor to bring back its system according to guidelines of FATF.

Anti money laundering & anti terror financing bills were prime points. After 6 years of great efforts, laws , implementations and regulations Pakistan comes out from grey list just couple of days and enrolled in white list. The very strange thing for me was point of Crypto use and linked with Terror financing by FATF.

The terror financing by Crypto was identified very firstly by CTF department of Indonesia way back in 2015. When they track & investigate some Crypto transactions to Iraq which were suspected donations.

Homeland security of USA latest report also has huge concerns over Crypto uses in terror financing. They warns CBCDs to made strict KYCs and ease in tracking of transactions to identify the people in Crypto trail.

How terror organisations using Crypto?

Crypto currencies or digital assets are becoming softest way to collect money for Thier needs in terror. The handlers of such People & organisations putting their dirty money ( smuggling, drugs, corruption, money laundering ) around the globe in the exchanges to convert into Crypto and taking out as white money.

Fund raising.

These organizations has top secret fund raising networks and Crypto made it more easier. Where decentralised currencies getting transaction without possible monitoring of transfer. Especially when they use different accounts for transactions. Sending collective funds through Crypto gets no time to reach on destination and without any tax or legal record.

Donations.

Donation in Crypto is newly invented term where illegal groups / NGOs in different countries presenting themselves as humanitarian service providers. They urge people to donate in Crypto for a cause, on the name of God , humanity, needy people and that collection went silently to terror financing.

Illegal trade.

Illegal trade cross the borders in the world also puts share in terror financing when it convert into Crypto and send out without any liability from hives to unknown destinations in no time.

Conclusion:

We can't eliminate the factors of criminal minds in any case but we should stay in safe side by not going to be part of such people or organisation even unconsciously. Terror financing by Crypto is worst use of this assets and terrible for the community and the world.

Thanks for reading my article and hope you enjoy it. Like, upvote and leave a comment for your kind feedback.

Follow me here,

Tweeter| readcash| noisecash| noiseapp

Lead image: pixabay (modified & edited on canva app)

@Amjad_Ali_Waince

18
$ 1.96
$ 1.37 from @TheRandomRewarder
$ 0.05 from @esmeesmith
$ 0.05 from @Idksamad7869
+ 14
Sponsors of Amjad_Ali_Waince
empty
empty
empty
Avatar for Amjad_Ali_Waince
1 year ago

Comments

It's really these illegal users of crypto that is affecting us all, giving a bad name to crypto.

$ 0.03
1 year ago

You are absolutely right, Sir, this is a very informative and interesting article. I hope there will be more such good and informative article.

$ 0.03
1 year ago

Sir the contents very informative and impressive. For newbies like me it is very beneficial.

I have one question, Pakistan comes out from the Grey and enrolled in the White list. Is it alarming (about participating in terror)?

$ 0.03
1 year ago

It means Pakistan add new laws and regulations about money laundering and anti terror financing. The local organisations can't collect any charity until they not registered, they can't hide the trail of money etc.

$ 0.00
1 year ago

Well said dear friend, anything useful to humans, we still try to misuse it

$ 0.02
1 year ago

Decentralisation will only be successful if people will be good, otherwise it will be source to fund crime in a better way than before.

$ 0.03
1 year ago

Cryptocurrency must have check and balance system that assure security against terror financing, illegal trades, black money that politicians are grabbing as corruption.

$ 0.03
1 year ago

Cryptocurency has changed the way of capitalism.... This technology has a huge number of benefits. But it's negative use is easy, as dark web transactions are being made in Cryptocurency especially Bitcoin is being used as transaction method. I hope the change in policies of Cryptocurency usage will make it helpful to prevent from its negative use.... I love decentralization of Cryptocurency. ❤️

$ 0.03
1 year ago

Right now in our place there are crypto accepting way of payment and they legalized to use it. I feel in the near future it will spread as well without abusing and way of payments method

$ 0.03
1 year ago