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Shower thought: How do regulators suggest Bitcoin's "dark" uses (payment for drugs, weapons, money laundering, other potential illicit activities) warrant negative propaganda against Bitcoin when USD fiat has literally billions of dollars out there just to service organized crime?
What the ACTUAL CHINESE NOTICE (not summary) says: This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don't claim it is official Chinese currency. THAT IS WHAT IT SAYS.
People keep analysing the press release summary not the notice and the press release summary is inaccurate. What the actual Chinese notice (not press release summary written by someone else) says in an ACCURATE SUMMARY IS: This is legalization for Bitcoin in China to be bought and sold and traded even for goods and services by everyone except banks and money launderers as long as people don't claim it is official Chinese currency. THAT IS WHAT IT SAYS. see here: This is the actual translated Chinese notice. begin quote " People's Bank of China Ministry of Industry and Information Technology China Banking Regulatory Commission China Securities Regulatory Commission China Insurance Regulatory Commission Notice on preventing Bitcoin risk Recently, a so-called Bitcoin calculated using certain computer programs gained widespread worldwide attention, there are also organizations and persons in China taking this opportunity to promote Bitcoin and related products. In order to protect the public's property rights, to protect RMB's official currency status, to prevent money laundering risk and to protect financial stability, according to the People's Bank Act, the Anti-Money Laundering Act, the Commercial Bank Act, Telecommunications Regulations etc, the following notice is made: 1 Correct knowledge of Bitcoin Bitcoin has four main characteristics: no central issuer, limited quantity, no geographical limits and anonymity. Although it is called currency, it is not issued by a monetary authority, it does not have the status of legal tender and obliged payment status of currency, it is not currency in the true sense. Bitcoin is a specified virtual commodity, it does not have equal legal status with currency, and it cannot and should not be circulated as currency on the market. (OP reviews: so 1. It doesnt have LEGAL status as an official currency issued by the state becuase it is not and so it shouldn't be CALLED a currency. you can however trade and exchange things for it without restirction as long as you aren't laundering money. That's like saying you can't call a Bitcoin a USD dollar because it isn't. THe government doesn't back it. None the less it is compleletely legal to buy sell or hold or exchang ethings for it. You can exchange stuff for it. it is legal to do that and buy and sell it and hold it. just like you can trade a can of beans for an ounce of gold. you just CAN'T SAY ITS OFFICIAL CHINESE CURRENCY BECAUSE IT ISNT. THAT 'S ALL) 2 Financial institutions and payment institutions must not start Bitcoin related business At this stage, all financial institutions and payment institutions(only emphasis added - othe rbusinesses can do as they like) must not use Bitcoin to set price for product or services, not buy or sell Bitcoins, not act as a market maker for Bitcoins, not underwrite insurance related to Bitcoin or cover Bitcoin in insurance, not directly or indirectly provide other Bitcoin related services, including registering, trading, clearing, settlement; not accept Bitcoin or use Bitcoin as payment tool; not start a Bitcoin and RMB or foreign currency exchange; not start a Bitcoin saving, trust or mortgage service; not issue Bitcoin related financial services; not use Bitcoin as the investment in trusts or funds. (OP reviews: so in other words banks stay out of bitcoin and don't manipulate it and play any of your corner the market games with it or charge customers fees for it.) 3 Strengthening regulation of Bitcoin websites According to the Telecommunications Act and the Regulation on Internet Information Service, websites that provide Bitcoin services like registration, trading etc should register with the telecommunications regulation authorities. The telecommunications regulation authorities, following the determinations and punishment opinions of the relevant management authorities, should close down illegal Bitcoin sites according to law. (OP reviews: register your websites - about as minimal a requirement as they could have given) 4 Prevent possible Bitcoin money laundering risk Branches of the People's Bank should closely monitor the trends and activities Bitcoin and other similar virtual commodities with the characteristics of anonymity and easy cross-border access, seriously consider its money laundering risk, research and implement targeted preventative measures. The branches should include lawfully established organizations that provide Bitcoin registration or exchange services in its area into its anti-money laundering monitoring, and supervise them to strengthen their anti-money laundering monitoring. Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number. If financial institutions, payment institutions or Bitcoin websites discover suspicious transactions involving Bitcoin or other virtual commodities, they should immediately report it to the China Anti-Money Laundering Monitoring and Analysis Center, and cooperate with the People's Bank's investigation; if they find evidence of fraud, gambling, money laundering using Bitcoins, they should report it to the police. (OP reviews: don't launder money with Bitcoin. track people and report those who look suspiciously like they ARE laundering money with btcoin. everyone else - you are ok to do as you like with Bitcoin- its official- bitcoin is fully legal.) 5 Strengthening public education on money knowledge and investment risk Departments, financial organizations and payment organizations should in their daily tasks teach the public the correct concept of currency, to emphasize on public education about currency, and to add to public financial knowledge education the contents of correct knowledge of currency, correct views of virtual goods and virtual currency, rational investment, control of investment risk and defending one's financial safety, in order the public have correct views on currency and investing. (OP reviews: educate people so they aren't deceived. duh) Financial monitoring authorities can set implementation details according to this notice Would the People's Bank branches please distribute this Notice to financial organizations and payment organizations in their area. Any new situations or questions arising from this notice please report promptly to the People's Bank." " END QUOTE This comes from the link below and is ONLY THE BOTTOM PART. NOT THE TOP PART WHICH IS SOMEONE ELSES PRES RELEASE SUMMARY AND WRONG. http://www.reddit.com/Bitcoin/comments/1s5hzl/my_human_translation_of_the_china_regulation/ edit: additional confirmation of my interpretation from http://www.scmp.com/business/banking-finance/article/1374052/surge-use-bitcoin-leads-ban-china-trading "However, the central bank said the public was free to take part in internet transactions provided they take on the risk themselves. Internet companies serving as trading platforms should ask clients to register with information including their name and identity card number, it said. Bitcoin exchanges may be forced to inform authorities about sizeable or suspicious transactions, Bloomberg reported, citing unnamed sources." also "The People's Bank of China (PBOC) said no financial institutions, payment agencies or insurers should price products and services in bitcoin, nor are they allowed to trade or provide bitcoin exchange or settlement services. "
FED Biz Ops post- Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool
FED Biz Ops post- “Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool
"The Financial Services Agency (FSA) of Japan is reportedly compelling virtual currency exchanges to delist privacy-centric altcoins in an effort to minimize the risk of cyberhacking and money-laundering. https://t.co/7LqkzwLESY" $btc $ltc $neo $eth #btc #bitcoin #crypto #et…
Shower thought: How do regulators suggest Bitcoin's "dark" uses (payment for drugs, weapons, money laundering, other potential illicit activities) warrant negative propaganda against Bitcoin when USD fiat has literally billions of dollars out there just to service organized crime? /r/Bitcoin
Looking at transactions on blockchain and seeing major money ($2000-$10000) moving from 1 address to another in a seeming endless chain, feels like someone is using some sort of bot to constantly move money around. I even sometimes a "hub" address where a large deposit comes in and gets split into many smaller amounts to other addresses. Can anyone expand on this? I want to learn more about this. I wonder if a tracking bot can be written that follows the money around and determines origin and destination and see how money is moving around.
Index Terms—Bitcoin, Money Laundering, Deanonymization I. INTRODUCTION The recent crackdown on Liberty Reserve, supposedly the largest case of cross-border money laundering in history , has put a spotlight on other digital currencies as potential vehicles for money laundering. This includes Bitcoin, a decentralized cryptographic currency which emerged over the past three years and has ... A Man resident in Ohio, U.S arrested for laundering 300$ valued bitcoin by running Darknet-based Cryptocurrency laundering Service and committed a big laundering fraud between 2014 to 2017. Larry Harmon, 36 of Akron, Ohio was charged in the District of Columbia on Feb 11 for unlicensed money transmitting business with the name of Helix, a Darknet-based cryptocurrency laundering service. €29 Million Worth of Bitcoin Seized Following Money Laundering Schemes Author: Himadri Saha Last Updated Oct 28, 2020 @ 11:20. A Rotterdam court sentenced two bitcoin traders from Hilversum to 2 and 2.5 years in prison for money laundering. The court, while announcing its judgment, said that authorities have seized BTC worth around 29 million euros. Bitcoin’s public and pseudo-anonymous ... The agency claims that the service processed 27,000 Bitcoins (valued at over $270 million), and that it suspects a big portion of the transactions to be tied to criminal activity. That said, although the website and servers of the service have been confiscated, the founder has still not been identified. Who launders money using Bitcoin? Contrary to popular belief, most money laundering in ... US Financial Watchdog Fines Bitcoin Mixer Service $60 Million . Larry Dean Harmon, founder and operator of early bitcoin mixing services Helix and Coin Ninja, is being fined $60 million by the U.S ...
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