Cryptocurrency does not equal scam! What is the truth?
Using virtual currency is not a crime. I recently saw a sentence that made me sad. A senior legal person said: "In virtual currency transactions, there should be a presumption of fraudulent intent."
At first glance, I was stunned. It’s not China? What's more, even Hong Kong has turned its back? Where does this strange conclusion come from?
But then I think about it, and I can understand that maybe the old-timer saw bad people using cryptocurrency to defraud good people out of their money. I can also understand that the older generation of lawyers may be disgusted by the sight of virtual currencies as exchanges have had troubles one after another.
But at the same time, we must not forget, why would bad people want to use it? Because it is useful and easy to use, just like ordinary people use it every day.
What makes me sad about this sentence is that this old-timer only started from the most primitive emotions of human beings, from a single negative event, to overturn the entire boat in one stroke, while ignoring 99% of real events.
I don’t think that when bad guys use legal tender cash to launder money, there should be no limit to the general outline: “When using legal tender cash, it should be presumed that there is an intention to defraud.”
The reality is:
1️⃣The 2nd anniversary of Bitcoin becoming the legal currency of El Salvador2️⃣Following El Salvador, the Central African Republic has also listed Bitcoin as legal tender3️⃣The U.S. SEC will finally decide on January 10, 2024 whether to approve the Bitcoin ETF product applied for by 11 financial giants (Includes BlackRock)
If this sentence is true, it means:
1️⃣People and businesses who use Bitcoin for daily life are being defrauded every day.2️⃣Representing overseas migrant workers in using Bitcoin to remit money to their families is deceiving their families.3️⃣Representatives who apply for Bitcoin ETFs (including Blackrock) are committing the largest fraud in history. Because they also want to buy Bitcoin
But this is not the case. The reason is simple:
I don’t think that when bad guys use legal tender cash to launder money, there should be no limit to the general outline: “When using legal tender cash, it should be presumed that there is an intention to defraud.”
Distinguishing the bad guys from the tools is the first step everyone can take. And we don’t force the rest. After all, not everyone can keep up with new trends. Just like my favorite idol, Charlie Monger.