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posted by Fnord666 on Wednesday January 31 2018, @11:02AM   Printer-friendly
from the gotta-hide-it-somewhere dept.

Submitted via IRC for Bytram

British Prime Minister Theresa May and Indian Prime Minister Narendra Modi are among the world leaders who've expressed alarm at the rise of virtual cash to move money offshore. The U.S. Congress held hearings this month, and Treasury Secretary Steven Mnuchin called on the world's 20 biggest economies to work together to make sure cryptocurrencies don't "become the next Swiss bank account." The concern comes after a successful international crackdown on tax havens in traditional banking.

"Every country is scrambling to come up with an answer," said Drake, who serves on the boards of 25 public and private companies. "There needs to be a regulated structure that won't kill the industry."

The earliest adopters of the practice were criminals, and their involvement has risen steadily, according to a three-year study by the Foundation for Defense of Democracies, a non-partisan Washington think tank. Next came users like Drake, who said he follows U.S. law by reporting his companies' holdings. Drake said better oversight would help legitimize the industry.

Source: https://www.bloomberg.com/news/articles/2018-01-29/crypto-as-next-swiss-bank-account-sends-governments-scrambling


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  • (Score: 0) by Anonymous Coward on Wednesday January 31 2018, @01:17PM (1 child)

    by Anonymous Coward on Wednesday January 31 2018, @01:17PM (#630931)

    Governments work for their money like the rest of us.

    They did in the past... but some people found that to socialist/communist/against the "free" market, so governments were forced to sell these.

  • (Score: 2) by The Mighty Buzzard on Wednesday January 31 2018, @01:24PM

    by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Wednesday January 31 2018, @01:24PM (#630933) Homepage Journal

    Thus the independent entity stipulation. If it can't dip into government coffers and is legally prohibited from getting preferential treatment, it's all happy capitalism again. Mind you, this is an off the top of my head idea. It undoubtedly needs some fleshing out.

    --
    My rights don't end where your fear begins.