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: 0) by Anonymous Coward on Wednesday January 31 2018, @09:15PM (1 child)
You mean like the Federal Reserve? That turned out well. (/sarcasm)
(Score: 2) by bob_super on Wednesday January 31 2018, @10:22PM
The Fed isn't a perfect system, but do you realize how much "taxes" they make banks pay ?
https://www.federalreserve.gov/newsevents/pressreleases/other20180110a.htm [federalreserve.gov]