Despite the Concerns From Lawmakers Cryptocurrency Use Is Thriving in Detroit

in #esteem • 7 years ago

According to the local news agency, 14 Detroit stores were contacted in Metropolitan area with Bitcoin ATM, but none of the owners wanted to make a statement. FDD researcher Fanussi does not believe that Money Laundering is a major problem for the owners of Crypto ATMs in Detroit. Fanusie explains, "Such money will be seen by fundamental federal regulators - but if you want to use them to pay for a local drug dealer, SOURCE https://news.bitcoin.com/bitcoin-atms-thriving-in-michigans-most-populous-city/

#good-karma #blockchain #bitcoin #cryptocurrency
7 years ago in #esteem by
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     7 years ago 

    use them to pay for a local drug

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     7 years ago 

    Makes sense.

    Money laundering should only be an issue if you can buy bitcoin with cash - that's the stage where the money is laundered. If you're taking it out of an ATM (even a crypto-sourced one) then the money is already clean, almost by definition.

    That's why most AML screening is done where the money actually PASSES - going from fiat to crypto, since you need an exchange with banking.

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