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Using a tumbler is not against the law. For one thing, you can't launder bitcoins because bitcoins are a commodity, not considered money.
by iopq 10y ago
Using a tumbler is not against the law. For one thing, you can't launder bitcoins because bitcoins are a commodity, not considered money.
- cortesoft 10y agoMany money laundering techniques use a commodity in the process, that doesn't make it not money laundering. Just because using a tumbler itself is not against the law, if you use it to hide the source of income, it is still money laundering. You can't get around financial laws by using property instead of currency. "A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property." https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidan...
- iopq 10y agoYeah, but then it's hard to prove that you were money laundering in the first place.
- kalleboo 10y agoNot today it isn't, but it's not a very far leap for the law to make if it becomes a widespread problem. Apparently "gold laundering" is a thing in some jurisdictions. https://en.wikipedia.org/wiki/Gold_laundering https://en.wikipedia.org/wiki/Gold_laundering