Operation Destabilise is the most stunning example yet of crypto's great use-case, which is to move value between countries outside any controls against money laundering. www.bbc.co.uk/news/article... - ThreadSky

oliverbullough.bsky.social • 90 days ago

Operation Destabilise is the most stunning example yet of crypto's great use-case, which is to move value between countries outside any controls against money laundering.
https://www.bbc.co.uk/news/articles/c70ezyrep1go

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oliverbullough.bsky.social•90 days ago

It is obviously a good argument for better controls on crypto, and for more investment in law enforcement. Imagine what the National Crime Agency could do with more officers, kit and investigators.

oliverbullough.bsky.social•90 days ago

But, it is also an insight into something very old-fashioned: the enduring appeal of cash, which was what was being swapped for the crypto.

Line 1, page 1 on my 'bumper top tips for fighting money laundering book' is: abolish big banknotes. $100, €200, £50 are only of use to criminals.

mrsmokes.bsky.social•90 days ago

wont make a difference getting rid of large denomination bank notes, as most drug dealers will refuse them for smaller denominations, as they are more prone to forgery.

dont ask how i know

dermaximus.bsky.social•79 days ago

Not true for €.
€20 and €50 are by far the most counterfeited, the so-called middle denominations

oliverbullough.bsky.social•90 days ago

Yes, it will make a difference. 80 percent of the value of the paper dollars in existence is in $100, yet you hardly ever see one. That's because they're used by criminals. Get rid of them and it radically changes the criminal economy.

mrsmokes.bsky.social•90 days ago

i mean the other option is to legalise, regulate, tax and educate.

the war on drugs has been a colossal failure.

imagine the revenue the UK could make on legal weed for instance, let alone establishing safety protocols on other more dangerously uncontrolled substances

oliverbullough.bsky.social•89 days ago

I couldn't agree more. The drugs laws are and have long been a complete disaster in every way.

mrsmokes.bsky.social•90 days ago

oh, we're talking american money

i was talking UK denominations

oliverbullough.bsky.social•90 days ago

The picture isn't as dramatic for £50, but there's still a lot of them out there, yet I've not seen one for years. Get rid of them, and you inconvenience no one but money launderers.

oliverbullough.bsky.social•90 days ago

Finally, it's worth noting, this gang used Tether, not bitcoin. Stablecoins are the new Eurodollars and, unless we act quickly, will have every bit as catastrophic an effect on financial regulation.

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