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Question

Are nfts money laundering?


Answers (1)

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Niaz Amjad
Feb 02, 2022 22:52:14

NFTs and money laundering Non-Fungible Tokens, or NFTs, are a new type of cryptocurrency that is making media waves. These tokens allow for the sale of items that are not interchangeable; the token itself is a sort of title to an item or collection of items that cannot be easily replaced by another. In this way, NFTs function as a digital certificate of authenticity for their items, but they also act as legal tender in the same way that Bitcoin or Ethereum do. This opens up a question about whether NFTs can be used to launder money. Cryptocurrency is already synonymous with money laundering because it’s so easy to have anonymous transactions with it—as long as you have a digital wallet and access to the internet, you can move money around without having any personal information attached to those transactions. NFTs are different though because they’re not just used for currency. They’re also used as ownership titles, which means there’s always an actual product that exchanges hands when these tokens are bought or sold.

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