Readit Newsstanzheng commented on Cryptography experts trash NFTs on first day of RSA Conference mashable.com/article/rsa-... · Posted by u/wglb
If NFT money laundering is:
acquire Ethereum with dirty money -> buy NFT's -> sell NFTs for Ethereum -> sell Ethereum for USD -> deposit USD in bank account
acquire Ethereum with dirty money -> sell Ethereum for USD -> deposit USD in bank account
In both cases, one must acquire Ethereum in the beginning with dirty money. This can be done on a foreign exchange, transfer in the Ethereum to a domestic exchange and sell it for USD.
In both cases, large deposits in bank accounts will be flagged by banks for review by the authorities. It's not a very good idea.
Arguably, USD stablecoin is a much more efficient method. Just buy them, and sell them off slowly and deposit the USD in ways to avoid scrutiny. This can't be done with Ethereum because of the volatility: you can't wait because your money might lose a ton of value.
My 2 cents. I am not a lawyer.
theres a dimension where an NFT "appreciates" in value and sold at a premium or offset than what was it was originally acquired at.
theres also the uncaptured exchanging of hands between bidders overpaying to build an asset bubble.
I think its better researched replacing NFT with "Fine Art" and seeing how money laundering in the art world happens [1]
[1] https://www.artandobject.com/news/how-money-laundering-works...
I hate to say it, but I think auto safety regulations will now have to incorporate basic interior functions as accepted e criteria. Corporations are too greedy and will compromise safety for money at any time (presumably app buttons could be a revenue stream, and that's why they want to promote it)