{"id":282613,"date":"2021-06-24T12:11:00","date_gmt":"2021-06-24T09:11:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/banning-cryptocurrencies-to-counter-crime-is-a-nonsensical-excuse\/"},"modified":"2021-06-24T12:11:00","modified_gmt":"2021-06-24T09:11:00","slug":"banning-cryptocurrencies-to-counter-crime-is-a-nonsensical-excuse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/banning-cryptocurrencies-to-counter-crime-is-a-nonsensical-excuse\/","title":{"rendered":"# Banning cryptocurrencies to counter crime is a nonsensical excuse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41008bf3d76\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41008bf3d76\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/banning-cryptocurrencies-to-counter-crime-is-a-nonsensical-excuse\/#Hackers_remain_drawn_to_cryptocurrency\" >Hackers remain drawn to cryptocurrency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/banning-cryptocurrencies-to-counter-crime-is-a-nonsensical-excuse\/#These_methods_offer_more_privacy\" >These methods offer more privacy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/banning-cryptocurrencies-to-counter-crime-is-a-nonsensical-excuse\/#Putting_cryptos_%E2%80%98criminal_role_into_perspective\" >Putting crypto\u2019s \u2018criminal role\u2019 into perspective<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/banning-cryptocurrencies-to-counter-crime-is-a-nonsensical-excuse\/#Conclusion_A_crypto_ban_isnt_the_solution\" >Conclusion: A crypto ban isn\u2019t the solution<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Banning cryptocurrencies to counter crime is a nonsensical excuse <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvMjMwOTU4MDktNTcyNi00M2ZlLWJjOTYtMjAxNTY4MWIzNWQxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Numerous governments are attempting to ban cryptocurrencies, with recent examples from China, India, Turkey and Nigeria. The reason for doing so is simple: The decentralized nature of cryptocurrencies poses a threat to the legacy financial system, and as the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> itself is still in its infancy, it seems to attract hackers. Even so, banning crypto will not dissuade hackers or scammers in the slightest.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Hackers_remain_drawn_to_cryptocurrency\"><\/span>Hackers remain drawn to cryptocurrency<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ever since the inception of cryptocurrency, hackers have shown an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>etite for this form of money. The perceived appeal of being anonymous when receiving payments has created an aura of invincibility for all cryptocurrencies. However, that is often misunderstood, as none of the public blockchains are private nor anonymous in their current form. While transactions are pseudonymous on the blockchain, users will still need to convert to and from fiat currencies at some point. Those steps often require verifying one&#8217;s identity through official documents, negating the entire anonymity and privacy aspect.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Report on crypto exchange hacks 2011-2020<\/em><\/strong><\/p>\n<p>Even though most hackers acknowledge that cryptocurrencies lack both privacy and anonymity, the overall crime rates remain relatively high. Despite a significant decrease in crypto-related crimes in 2020, according to a report from security firm CipherTrace, there are still plenty of concerns. For this reason, many governments want to ban cryptocurrencies, as they expect such measures will deter hackers from doing harm.<\/p>\n<p>That outcome seems rather unlikely, though. With tools such as ransomware, malware and other types of criminal activities, it wouldn&#8217;t take much effort for hackers to change the way they receive payments. Cryptocurrencies offer pseudonymity, but they are not the only payment methods to do so.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"These_methods_offer_more_privacy\"><\/span>These methods offer more privacy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Gift cards, for example, are a convenient, legal way of transferring value from one person to another. Most convenience stores <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.digitalcommerce360.com\/2020\/01\/09\/why-gift-card-fraud-is-growing-and-why-the-scammers-are-so-hard-to-fight\/#:~:text=First%2C%20gift%20cards%20are%20anonymous,or%20even%20back%20into%20cash.&amp;text=All%20those%20gift%20card%20transactions%20provid\">sell<\/a> gift cards for various services, including Netflix, iTunes, PaySafeCard and so forth. Every gift card has value and does not require a name to acquire or convert to online money. These cards are, in essence, far more private and anonymous than cryptocurrencies will ever be. However, they are also more accessible, making them a more significant problem to governments looking to dissuade hackers.<\/p>\n<p>The same concept applies to prepaid cards for mobile providers. As these cards do not require identity verification to purchase and do not require a check to be activated, they are basically anonymous money. Although prepaid mobile cards aren&#8217;t necessarily viable across borders, it remains a private way of transferring value from one person to the next. <\/p>\n<p>If governments are serious about dissuading hackers, they will also need to find a way to cut them off from the existing financial system. Bank accounts and payment cards can be hacked and abused far too conveniently, even in 2021. Hackers and other criminals can access a bank account through various means, including mobile trojans, fake applications, phishing, keyloggers, man-in-the-middle attacks and so forth. As long as there is a way for hackers to make money without im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te repercussions, they will continue to explore the different options at their disposal.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Don\u2019t blame crypto for ransomware<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Putting_cryptos_%E2%80%98criminal_role_into_perspective\"><\/span>Putting crypto\u2019s \u2018criminal role\u2019 into perspective<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While governments strongly believe Bitcoin (BTC) and other cryptocurrencies are the main reason for online crime, the reality is often different. According to a recent Chainalysis report, just 0.34% of the crypto market&#8217;s combined transaction volume <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/go.chainalysis.com\/2021-Crypto-Crime-Report.html\">pertained<\/a> to illicit activity in 2020. That is a sharp decrease from the 2% recorded in 2019. If anything, this research by Chainalysis shows fewer and fewer criminals focus on Bitcoin and other crypto assets.<\/p>\n<p>Digging a bit deeper, it becomes apparent that ransomware remains the top solution for online crime, and it is a very significant threat and problem. As more people now work from home due to COVID-19 restrictions, there are new opportunities for criminals looking to make a quick buck. That doesn\u2019t automatically mean that cryptocurrencies will be phased out, as the majority of consumers have no idea how this industry works. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>COVID-19: Decentralization the norm as workplaces adjust to new normal<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_A_crypto_ban_isnt_the_solution\"><\/span>Conclusion: A crypto ban isn\u2019t the solution<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Any government looking to ban cryptocurrencies will not be successful for multiple reasons. First of all, it is impossible to prevent people from using crypto assets, as governments have no control over these networks, nor are there any central figureheads or CEOs to pressure into shutting down activity, making it nearly impossible for governments to act. While regulators can make it difficult for service providers, those companies are not necessarily essential for sustaining cryptocurrencies.<\/p>\n<p>Moreover, the numerous options that hackers and scammers have at their disposal to make money should not be ignored. If the goal is to prevent illicit activity, tackling the abuse of traditional finance needs to be the top priority. Cryptocurrencies represent far less of a market for criminals compared with bank-related services and products, as well as gift cards and other forms of pseudonymous money. Addressing cybercrime is a pressing matter as costs <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2020\/11\/18\/2129432\/0\/en\/Cybercrime-To-Cost-The-World-10-5-Trillion-Annually-By-2025.html#:~:text=Every%20U.S.%20business%20is%20under%20cyberattack&amp;text=18%2C%202020%20(GLOBE%20NEWSWIRE),%243%20trillion%20USD%20in%202015.\">spiral<\/a> further out of control, but the focus should not be on cryptocurrencies.<\/p>\n<p>Any attempt to crack down on cryptocurrency \u201cbecause criminals use it\u201d is bogus. If that truly is the objective, there are different approaches to explore, rather than banning something. Since one cannot use cryptocurrencies without the traditional financial system, it is not hard to see where governments should focus their attention. Unfortunately, none of them seem willing to acknowledge that the system they help maintain is at fault for most criminal activity today.<\/p>\n<p class=\"post-content__disclaimer\"><em>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Mervik Haums<\/strong> is a blockchain entrepreneur, writer and branding specialist. He founded Startup Fortune in 2018, a global startup platform that lets entrepreneurs from across the world connect and collaborate.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/banning-cryptocurrencies-to-counter-crime-is-a-nonsensical-excuse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Banning cryptocurrencies to counter crime is a nonsensical excuse &#8221; Numerous governments are attempting to ban cryptocurrencies, with recent examples from China, India, Turkey and Nigeria. The reason for doing so is simple: The decentralized nature of cryptocurrencies poses a threat to the legacy financial system, and as the technology itself is still in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":282614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvMjMwOTU4MDktNTcyNi00M2ZlLWJjOTYtMjAxNTY4MWIzNWQxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[15047,74862,74932,74863,76978,76308,71101,4965],"class_list":["post-282613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-privacy","tag-bitcoin","tag-crimes","tag-cryptocurrencies","tag-cybercrime","tag-ban","tag-scams","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=282613"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/282614"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=282613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=282613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=282613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}