As we have stated before; As a result of the leaked FinCEN Certificates, it was revealed that the world’s largest financial institutions mediated money laundering operations and played a role in money transfers amounting to 2 trillion dollars.
Bitcoin advocate, technology entrepreneur and writer Andreas Antonopoulos has also prepared a highly informative knowledge on the subject and provided an in-depth analysis to his readers. We will include this analysis in our article.
“Many people interested in cryptocurrencies will see this leak of FinCen documents as proof that banks are money launderers. However, I must warn that this will be used against cryptocurrencies …
Look at the correct analysis of this news, AML / CTF and KYC are not working. They will never work either because they are trying to control the vehicle, not the fault. It’s not money that is illegal, it’s the use of that money to commit crimes.
I’ve talked extensively about this. Besides being ineffective to use money as a crime control mechanism; It has dire consequences that increase poverty for billions of people by creating economic exclusion. So it’s not just useless, “Worse than useless”
The title of one of my talks on this topic is “Worse Than Useless”. For the illusion of unattainable security and crime fighting, we have two obvious and inevitable consequences: Billions of dollars cut off from the financial system and result in the enormous power of corruption given to regulators and bankers.
But despite this obvious truth, nothing will change. In fact, this report will be used to increase the use of controls and oversight. If something doesn’t work, you’ll do more. So this will result in stricter AML / CTF rules.
These new rules won’t work either. These new rules will also corrupt more bankers, regulators, police and politicians. These will destroy more opportunities for millions of people. But they will offer the comfort of correct discourse against evil, while creating more evil.
As these new rules are applied, banking; It will become more difficult for poor people and people pushed by society. So it will not prevent criminals from committing crimes. On the contrary, it will prevent poor people from escaping poverty. It will make banks even more competitive.
These new rules will worsen government oversight and erode democratic institutions. It will enable dictators to economically spy, control and eventually extinguish any opposition. They will use US surveillance technology to impose financial fascism.
Then of course, the need and value of open financial systems based on open, private and uncensored cryptocurrencies will increase significantly. When all the money in the world is deliberately cracked to serve this unattainable goal, the only currency that works is crypto.
More and more people will need to use cryptocurrency to participate in the global economy because the control currency does not work as money. A change tool cannot work as a control tool at the same time. Although a futile effort, they are breaking money to stop the crime.
Open and private cryptocurrencies will not comply with these regulations because they cannot adapt without breaking every feature and ability they have. If some try to comply, they will have to compete (lose) with governments’ cryptocurrencies and Facebook’s cryptocurrencies, which comes as a systemic threat to the control and surveillance system of geopolitical money, not the economic structure of the money. Math money doesn’t play politics, which automatically makes it “rogue” money.
The war against cash and the war against “illegal” money then becomes a total war against the only money that still works. The services offered by cryptocurrencies such as Bitcoin; It presents us as free, open, unlimited, impartial, immutable, censorship-resistant money.
The only type of currency (crypto) available to the poor, oppressed and controlled population will of course be attacked. However, they will have no choice but to continue using the cryptocurrency. Billions of money are already out of the bank with nominal checks.
We have to mock this FinCen leak because it reveals the hypocrisy of those who claim cryptocurrency is for money launderers. Banking is money laundering on a massive scale. But the solution is not to tighten controls over money. This won’t work. “