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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: 2) by Runaway1956 on Wednesday January 31 2018, @11:09PM

    by Runaway1956 (2926) Subscriber Badge on Wednesday January 31 2018, @11:09PM (#631236) Journal

    That's kinda cool - for corporations. Make everything transparent, I don't care. But, you and me? We are private citizens. We don't make payroll, we don't pollute the environment, we don't shuffle hazardous materials from one plant to another, we don't contribute much if any to noise and light pollution, we don't discriminate against groups of people with our hiring practices - on and on it goes. I'm a private citizen, and it is none of my congress critter's business whether I made $10,000, $100,000, or $1,000,000 this year. On the other hand, IT IS MY BUSINESS how much money HE MADE.

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