Suppose someone extorts money in Russia or in Italy. He got 100 million blood money. Now he wants to transfer to UK/Switzerland/ USA. He buys bitcoin in Russia and send it to your associate in Los Angeles. No question asked. No need to go through banks. Switzerland will be the biggest beneficiary of this.
If you are in China and want to move money to USA. Use bitcoin. Of course you can not convert Yuan to USD. It's not allowed
If you are in Europe and avoid paying wealth tax , this tax and that. Use bitcoin to transfer that to USA , UK and Switz.
Perfect for money laundering. US , Switzerland and UK are the beneficiaries of this. Bitcoin will be the transfer medium. Then once the money is in London, it will get sucked into housing. Once the money in switzerland, it will vanish into swiss banks. Once the money is in USA, it will go into housing, and various luxury item.
Totally understandable why UK, US and Switzerland won't ban it BUT rest of the world is screwed by this. Non stop out flow from crap countries that have crap politics, crime etc
YES!!$$
Suppose someone extorts money in Russia or in Italy. He got 100 million blood money. Now he wants to transfer to UK/Switzerland/ USA. He buys bitcoin in Russia and send it to your associate in Los Angeles. No question asked. No need to go through banks. Switzerland will be the biggest beneficiary of this.
If you are in China and want to move money to USA. Use bitcoin. Of course you can not convert Yuan to USD. It's not allowed
If you are in Europe and avoid paying wealth tax , this tax and that. Use bitcoin to transfer that to USA , UK and Switz.
Perfect for money laundering. US , Switzerland and UK are the beneficiaries of this. Bitcoin will be the transfer medium. Then once the money is in London, it will get sucked into housing. Once the money in switzerland, it will vanish into swiss banks. Once the money is in USA, it will go into housing, and various luxury item.
Totally understandable why UK, US and Switzerland won't ban it BUT rest of the world is screwed by this. Non stop out flow from crap countries that have crap politics, crime etc