Digital currencies are fundamentally changing the way we think about money and banking. The rapid rise of cryptocurrencies like Bitcoin, along with the
But unless you use Monero or other crypto with similarly strong privacy all you do is leave a permanent trail for agencies to investigate.
Using shell companies on the Cayman Islands might be the safer approach.
And even with Monero, it’s about the same as physical cash, if you avoid the bank reporting for suspicious transactions. And if the police are suspicious, Monero is arguably worse because there’s the possibility to get transaction data if the police can access your device, whereas that’s not a thing w/ cash. And then you still have the issue of converting back to fiat, which either involves a KYC service (in most countries) or P2P cash transactions, in which case we’re back to cash.
Money laundering will happen regardless, and IMO it’s not worth the privacy violations required to attempt to eradicate.
But unless you use Monero or other crypto with similarly strong privacy all you do is leave a permanent trail for agencies to investigate.
Using shell companies on the Cayman Islands might be the safer approach.
And even with Monero, it’s about the same as physical cash, if you avoid the bank reporting for suspicious transactions. And if the police are suspicious, Monero is arguably worse because there’s the possibility to get transaction data if the police can access your device, whereas that’s not a thing w/ cash. And then you still have the issue of converting back to fiat, which either involves a KYC service (in most countries) or P2P cash transactions, in which case we’re back to cash.
Money laundering will happen regardless, and IMO it’s not worth the privacy violations required to attempt to eradicate.