Cryptocurrencies are not synonymous with fraud! What is the truth?
Using virtual currencies is not a criminal act. Recently, I came across a statement that deeply saddened me: a seasoned legal expert said, “Virtual currency transactions should be presumed to have fraudulent intent.”
At first glance, I was dumbfounded. This isn’t China, and even Hong Kong has already embraced cryptocurrencies. Where did this strange conclusion come from?
But then I thought about it, and I could understand. Perhaps this elder colleague of mine has seen bad people using cryptocurrencies to scam and steal money from good people. I can also understand that when there are consecutive incidents involving exchanges, the older generation of legal professionals may develop a disdain for virtual currencies.
However, at the same time, we must not forget why bad people would want to use cryptocurrencies. It’s because they are useful and convenient, just like how regular people use them in their daily lives.
What saddened me about this statement is that this elder colleague only based his opinion on the most primitive human emotions and focused on a single negative event, thus painting the entire industry with a broad brush and ignoring the reality of 99% of other events.
I don’t believe that if bad people use fiat cash to launder money, we should make a sweeping statement like, “Using fiat cash should be presumed to have fraudulent intent.”
The reality is:
1️⃣ Bitcoin has become legal tender in El Salvador for two years.
2️⃣ Following El Salvador, the Central African Republic has also designated Bitcoin as a legal currency.
3️⃣ The U.S. SEC will make a final decision on the Bitcoin ETF applications from 11 financial giants, including BlackRock, on January 10, 2024.
If this statement were true, it would mean:
1️⃣ People and businesses using Bitcoin in their daily lives are engaging in fraud every day.
2️⃣ Overseas workers using Bitcoin to send money back to their families are deceiving their loved ones.
3️⃣ The Bitcoin ETF applications, including BlackRock, are partaking in the largest-scale fraud in history because they also want to buy Bitcoin.
But the reality is not like that, and the reason is simple:
I don’t believe that if bad people use fiat cash to launder money, we should make a sweeping statement like, “Using fiat cash should be presumed to have fraudulent intent.”
Differentiating between bad actors and tools is the first step that everyone can take. As for the rest, we don’t demand it, because not everyone can keep up with new trends. Just like my most admired idol, Charlie Munger.
️ Further reading:
Charlie Munger, Warren Buffett’s “golden partner,” passes away at 99! He once criticized cryptocurrencies as harmful poison that only brings harm.
#Using virtual currencies is not a crime.
#It’s the bad people who use virtual currencies for nefarious purposes.
The views expressed in this article do not represent the stance of “WEB3+.”
This article is licensed and reproduced from:
Mr. Shell from Guokr
Proofread and edited by: Gao Jingyuan.
