Introduction Of Crypto Will Increase Money Fraud With Government or Not?

[wisesaba 49]

Yeah... I trust the government as they can't stop Bitcoin or crypto at large but I feel they are working themselves out to get a law to enact on all the irregularities people tends to do on crypto and bringing them to law

[teebasas 3018]

No, using blockchain technology, it is not possible to make transactions untraceable. We can see how it can be hacked with fiat money, but most cryptocurrency transactions are quite open to everyone.

[Msh9 84]

Some people work with these cryptocurrencies and Bitcoin in an illegal and inappropriate way, and it may cause some problems with governments and some countries have fought this phenomenon with full force, but it will return again.

[Dissy sb 945]

my friend I want to tell you that this is not the fraud if you're adopt the cryptocurrency because this is the digital currency of the world and everyone want to adopt the technology in their phones so how you can say that this is the fraud with the government

[Whited35 15285]

On 1/7/2021 at 10:32 PM, Ghats said:

The anonymity of cryptocurrency is one the main reason why it is yet to become adopted globally this is because it is used to aid not only corruption but also fraudulent activities like embezzlement of fund, human and drugs trafficking since the transactions are not traceable which is one of the major reason why it is yet to be become adopted.

Why transactions are not traceable man? Everything on the blockchain is transparent to everyone and blockchain analysis companies can check the route followed by the crypto. If the suspicious crypto enters to the exchange sites, they can freeze such amounts and government can also seized the suspicious funds.

Edited March 16, 2021 by Whited35

[JJmangla 123]

Many people use cryptocurrency for criminal activities and the cheat governments for example cryptocurrency used in money laundering many peoples save money in cryptocurrencies because they don't pay any taxes so there is a necessary requirement that governments must legalized cryptocurrency

[Dadouasaad123 902]

There are many useful uses of Bitcoin, and indeed the idea of its existence originally to support the people and governments and solve major economic problems, but in any field that unites people who abuse this field, there are bad people who use Bitcoin for bad purposes, for tax evasion and pressure on governments and defrauding them,  I think governments will find a way to control them.

[Samer1997 715]

Yes, I think that this will cause a big problem, but on the other hand, if the government is able to use the cryptocurrency system in its favor, it will achieve great profits and greatly improve its economic reality, so I think that this problem can be overcome in some way

[khaler 1549]

This is very possible because their system is decentralized, so some countries prohibit their use and impose sanctions on their users, but there are also some countries that have created their own central currencies and entered the market with them.

[Jack764 1841]

I think that fraud will exist, but the government has no income with it. The field is decentralized, but it is certain that dealing in cryptocurrencies will affect the economy in the country.

[Success06 537]

Although it is often a bad goal, I believe that anything can be achieved using the crypto environment.However, there would be no block levied by the local financial services authority if a fraud against the government is committed

[HadiLord 926]

I think that this is happening from now, it will be a good way for businessmen and companies to evade taxes by buying cryptocurrencies, and this is one of the features of cryptocurrencies that impede governments from adopting cryptocurrencies officially.

[hghadeer611 689]

In my opinion, I do not think that governments will abolish fiat currencies if they allow cryptocurrencies, so I think they will keep taxes even when these currencies are spread all over the world.

[علي سليمان 1071]

Working on cryptocurrencies is a good thing economically. Relieves pressure on fiat currencies by providing products that you can buy with cryptocurrencies.

[basel23 1722]

It will be difficult to tax users of cryptocurrencies, but adopting cryptocurrencies will help solve many of the defects of the current system such as currency inflation and central banks' control of the global economy.

[kion 381]

Well, I don't think that the introduction of cryptocurrecy will have way for people in evade tax, I have read that Japan have mandated tax in cryptocurrecies, so if that is possible, then we can see that tax can really be administered, though the collection will not be as smooth as the normal tax collection.

[Mousa 758]

According to my own understanding and experience I don't think the introduction of crypto currency had cause money fraud because it has a means of transaction which are very easy and safe and it reduced the form of money fraud as we know that money fraud is very easy with digital currency but crypto currency has make things changes due to the security purposes 

[Ameralsamt 2558]

Dear, there are a lot of scammers around the world and they're really going to work in this field in a not-so-good way so they're really not good for us and for free encrypted currencies. 

[Alema 133]

Cryptocurrencies do not affect governments at all. On the contrary, it increases their earning capacity, their money. And for example, look at why many of them end up accepting cryptocurrencies in their country.