Buying And Selling NFT Become A Money Laundering Means? Expert: Easy To Prevent!

NFT assessed as potential for money laundering (photo: Otcpm24)

JAKARTA - Metaverse expert from Indonesia Digital Millennial Cooperative (IDM Co-op) MC Basyar revealed that the NFT business can be a means of money laundering. However, with today's technology, these activities can be tracked easily.

Basyar believes that all businesses, including NFTs, tend to have loopholes for money laundering activities.

"All businesses must have a tendency towards it (money laundering) but what I clearly feel is that when it comes to NFT avoid or the early warning system, it is easier," said Basyar, quoted by CNN, Wednesday (19/1).

He also believes that the Blockchain technology used for NFT transactions will make it easier to dispel money laundering activities. "On the blockchain I think it's easier to dispel," said Basyar.

The Corruption Eradication Commission (KPK) will find it easier to monitor activities through Wallet accounts in NFT. This is because the crypto ecosystem in Indonesia must go through the stages of depositing to an exchanger. New users can send funds to a digital wallet after doing these steps.

Exchangers also have a Know Your Customer (KYC) feature. This means that when you want to register, users are required to upload a document in the form of a photo ID. Basyar assesses that exchanger users have a clear identity and it is certain that no one is anonymous.

The tracking of money laundering crimes cannot only be carried out by the government alone. However, ordinary citizens can easily do this by checking Wallets owned by other people.

"Never mind the government, I can also track, for example, if an official's son sells NFT there, I can track his wallet, I can see where he bought it, where it was sold and where it was sent," he explained.

The IDM boss also hopes that the government or regulator must adapt to the blockchain climate. With that, the government does not falter if there are reports of money laundering activities.

With the blockchain technology used by cryptocurrencies, these criminal acts can be cut downstream. For example, when someone conducts buying and selling digital assets, the liquidity of the asset can be traced in the form of dollars or rupiah.