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“FinCen’s leak is used against cryptocurrencies”

September 22, 2020

The popular Greek crypto educator referred this Monday September 21st via Twitter on the leak of the Financial Crime Control Network (FinCen, short for English), where the money laundering and corruption practices involving the world’s major commercial banks came to light to explain the situation “”is used against cryptocurrencies”.

According to the Greek, the correct way we should analyze this leak is the following The “AML / CTF and KYC guidelines are not working” as those in power will continue to try to control the tool and not the crime itself. In addition, this report only serves to increase the use of controls and surveillance. This will result in more stringent rules and regulations regarding money laundering practices.

However, Antonopoulos adds this later These rules “also don’t work” and only create a more corrupt system. Likewise, the application of these norms will add to and complicate banking for “the poor, the undocumented and the marginalized from society” With these coming norms, states will worsen government surveillance and undermine democratic institutions. They will allow dictators to financially monitor, control, and ultimately wipe out any opposition. “

An environment where cryptocurrencies are seen as enemies

“FinCen’s leak is used against cryptocurrencies”
“FinCen’s leak is used against cryptocurrencies”

In all of this situation, the popular crypto educator mentioned this “The need for and value of open financial systems based on open, private and uncensible cryptocurrencies” will tend to increase as this is the “only money that works” while the “control currency” does not work.

This will create an environment where cryptocurrencies are viewed as one, according to Antonopoulos “Systemic threat” to the system of control and surveillance of geopolitical money. It also explains that cryptocurrencies do not comply with the regulations and that this will lead to a war against this “illegal” money.

Finally, add a reminder for everyone to mention that those who believe that governments will make changes and propose sensible laws and systems willEnable human trafficking and economic inclusion“Are in a mistake, mention this it will only bring “even greater” control and with policies that turn money into an “instrument of political power”.

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