Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it?
What are your thoughts?
Bitcoin is completely anonymous digital asset. It is the perfect way to wash your money. Just buy bitcoin anonymously then cash it out to your bank with exchange sites. No one can't ask you where is money coming from.
Are you sure about that? You really have to cash it out from the bank? I think bank has more sophisticated control to trace the origin of your transaction because they are regulated by the government and banks do require KYC and they cooperate with the Anti Money Laundering Council.