US Financial Regulator Warns Against Strict Cryptocurrency Rules

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Cryptocurrencies are prevalent in South Africa and gaining traction as an alternative on the internet currency. This short article, as a result, illustrates the use of cryptocurrency in the facilitation of criminal activity through the critique of existing literature. Lastly, an exposition of the crimes is presented in order to demonstrate how cryptocurrencies can be made use of as a tool and target in the facilitation of cybercrime. Concomitantly, cryptocurrencies are also establishing themselves as an perfect currency for cybercriminals due to their unregulated and pseudo-anonymous nature. Cryptocurrencies can be employed either as a tool or target in the facilitation of cybercrimes, like cyber funds laundering, cyber extortion, phishing, hacking, cyber fraud and other monetary crimes such as Ponzi and investment scams. Given the hugely technical, decentralised and best Coin to mine thus complicated nature of cryptocurrencies, it is crucial for criminologists to have a fundamental understanding of the modus operandi utilised in ‘cryptocurrency crime’. This write-up begins with a brief discussion on the history of cryptocurrencies. The technical underpinnings of a cryptocurrency are thereafter explained in order to contextualise their use in the facilitation of cybercrime.

Some of the participants in this debate have appreciated the part of cryptocurrencies for instance, Kim (2017) argued that the easier infrastructure and decrease transaction price of Bitcoin are positive aspects compared to retail foreign exchange markets. Similarly, Bouri et al. 2017) located that the Bitcoin acts as a hedge against uncertainty, even though Dyhrberg (2016, 2016b) declared it a superior hedge against stocks, the US dollar, and gold, and argued that it can be included in the selection of tools readily available to industry analysts to hedge market particular risk1. Financial innovation has been an crucial platform for the debate and implications of blockchain technologies and cryptocurrencies (for instance, see the particular concern on blockchain)2. The emergence of cryptocurrencies has vital implications for the worldwide economy in common and emerging economies in particular. Furthermore, the danger to Bitcoin technologies can also be minimized and concomitantly, cryptocurrencies have an essential role to play in emerging economies. For instance, a study by Carrick (2016) argued that Bitcoin and cryptocurrencies have idiosyncratic characteristics that make them suitable and complementary to the currencies of emerging markets.

Antivirus application pioneer John McAfee was found dead in his jail cell in Spain on Wednesday, officials said, shortly soon after a court authorized his extradition to the United States where he was wanted for tax evasion. A spokeswoman for the Catalan branch of the legal body which oversees Spain’s courts, the Basic Council of the Judiciary (CGPJ), also confirmed that McAfee had been located dead in his cell at around 7:00 pm (1700 GMT) of an apparent suicide. McAfee has been in jail in Spain given that he was arrested at Barcelona airport in October 2020, just as he was about to board a flight to Istanbul. He is alleged to have deliberately failed to file tax returns between 2014 and 2018, in spite of earning millions from consulting perform, cryptocurrencies and promoting the rights to his life story. The 75-year-old was discovered dead in his cell in the Brians 2 penitentiary close to Barcelona “apparently from suicide”, a spokeswoman for the prison method in the northeastern Catalonia area stated.

Gensler stated his aim was to bring “similar protections to the exchanges exactly where you trade crypto assets as you may possibly expect at the New York Stock Exchange or Nasdaq”. Hsu is, in his own words, “a career public servant and a bank supervisor at my core”. Today, fintechs and technologies platforms are devising payment processing tools that “bring wonderful promise”, he said, “but also risks”. As one of Hsu’s initially acts at the OCC, he asked staff to evaluation a Trump-era decision to give national trust charters to providers that deliver custody solutions for cryptocurrencies. Gensler stated the Treasury department has been focused on “anti-income laundering and guarding against illicit activity” in the crypto marketplace. By installing Hsu at the OCC, Yellen also signalled a modify in method to crypto. The danger is that new and enhanced approaches give rise “to a big and less regulated shadow banking system”. Janet Yellen, the Treasury secretary, has mentioned she fears bitcoin is utilized “often for illicit finance”. While Hsu believes there is no turning back from innovations such as the blockchain technology used in cryptocurrencies, he said in congressional testimony this month that the existing enthusiasm for banking innovation reminded him of the years top up to the monetary crisis.

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