Stories
Slash Boxes
Comments

SoylentNews is people

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


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 1) by bobthecimmerian on Thursday February 01 2018, @12:19PM

    by bobthecimmerian (6834) on Thursday February 01 2018, @12:19PM (#631442)

    I agree the original Bitcoin doesn't solve this problem, for the exact reasons you state. But many of the other newer cryptocurrencies made changes from Bitcoin specifically to address these classes of problems - faster transactions, lower fees, and in some cases much more energy-efficient algorithm designs.