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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: 1, Insightful) by Anonymous Coward on Wednesday January 31 2018, @06:25PM
the governments of the world are the enemies of free humanity. just look at the counterfeit greenback (fed reserve note) in the US as one example. it's basically an IOU for the loan the government took out from the international banksters at the federal reserve on "your" behalf. they spend the money they borrowed with your labor on making themselves rich with war machines to steal from other countries and pork to steal from the poor and give to the rich. ignorant slaves have the audacity to act like this system is legitimate in some way. most "modern" countries probably have a similar financial system/slave money.
globally, i suspect the whole point of the IMF is to go into countries that have monetary systems where their governments still actually control the money directly for the people (for better or worse) and get control for the international banksters. i know they make loans they can't repay. probably to force them to hand over control. eventually they would link all these slave states together with one privacy-free digital currency. this is why we have to have cryptocurrencies with privacy baked in. to fight against these scum. this is a war! just because most people don't seem to know it's raging doesn't change that fact.