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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.
(Score: 2) by crafoo on Wednesday January 31 2018, @02:13PM
Thank you. This is what we should be discussing. The answer is NO. They do not. Free men conduct business as they wish and without the need for "big daddy and mommy" oversight. If you are a suspected criminal and they have a warrant? Fine, obviously in that particular case they need to follow the money. But that isn't an excuse to force everyone under surveillance. No, that's the point at which they have to start doing police work. It's hard work and it takes warm bodies with able minds. That is what freedom demands. That is part of the price we will pay. Yes, this also means they will need to prioritize their targets. Again, this is probably for the best.