Post
Topic
Board Economics
Re: Crypto Scams are a global issue
by
jmigdlc99
on 22/10/2019, 00:29:17 UTC
Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

We do need more compliance at the very least to help newbies avoid scams, but the problem is it is hard to impose compliance of any sort when bitcoin/crypto is decentralized in nature. Companies can create services and blockchains on their own and can always choose to, or not to, create safety precautions for its customers.

So given that i don't expect all companies will do compliance, so as such, an alternative way i see is for well-known crypto companies/institutions (like bitcoin.org) to publish more informational campaigns on the matter.