3 ms·

Enlighten us with how washing differs from laundering then; because I haven't had the crypto koolaid yet.

• pigtailgirl 4y ago
  -- as it was explained to me (I don't crypto) - because everything is public - you might want to disassociate (wash) transactions from yourself for perfectly legitimate reasons - not really needed in traditional finance as people typically don't have access to your bank account - however - this is not necessarily the same as wanting to take money you gained illegitimately and make it legitimate (launder) --
  • woodruffw 4y ago
    This is the hair splitting I mentioned: no government in the world cares that you're doing money laundering because you're opted into a public-by-default money transfer system. The answer is to simply not use an immutable public ledger for your finances, since you're not required to. The government will not carve out a subset of crimes because of an unnecessary self-imposed restriction on financial privacy.
    • pigtailgirl 4y ago
      -- by the same token - it's a bit uncouth to support and provide frameworks of legitimacy for "future focused technology projects" - however not enable services that account for edge cases in said new systems - I generally agree with you - but playing the devils advocate a bit - the crypto folks should probably be able to wash their "cash" if the reporting parameters are implemented correctly - no? --
      • woodruffw 4y ago
        Sure: if they comply with KYC and AML, they are welcome to use whatever fakakta financial system they please.
  • deleted 4y ago
    [deleted]