Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6942220497057107968
Economists Finally Recognizing Crypto-Risks & Need for Regulation! https://lnkd.in/dBBE4isM : In developing economies, #crypto has already become a significant vehicle for avoiding #taxes, #laundering money, and evading #financial #regulation… With #cryptocurrency #prices plummeting as #central #banks start to raise #interest #rates, many are wondering if this is the beginning of the end of the #bubble. Perhaps not yet… A more interesting question is what will happen when governments finally get serious about #regulating #bitcoin and its brethren. Of the major economies, only China has so far begun to do so… Some economists naively argue that there is no particular urgency to regulate bitcoin and the like, because #cryptocurrencies are difficult and costly to use for #transactions. Try telling that to #policy #makers in #developing #economies, where #crypto has become a significant vehicle for #avoiding #taxes, #regulations, and #capital #controls.
We Told You So…:
2013: #Bitcoin #Protocol: #Model of #Cryptographic #Proof Based Global #Crypto-#Currency & #Electronic #Payments #System: https://lnkd.in/ePsDYDK : The #future of #money becomes entangled with future of #moneylaundering when focus is not on #privacy and #anonymity alone, but also lack of #traceability. Quoting IEEE Spectrum (30 May 2012): ‘#Bitcoin is of particular interest given it is truly #untraceable and… cannot be recovered if lost or destroyed.’ Debate is on among worldwide #governments about how to #regulate Bitcoin: as #currency or #financial #instrument as it defies most such comparisons given its notorious uses as well as #price-#volume behaviors. Besides world’s largest multi-billion dollar #moneylaundering case, Bitcoin has been linked with multiple other #criminal #activities such as child pornography, bank hacking, and sale of prohibited drugs. On the day of US Senate Hearing, Forbes published about the online service #Assassination #Market for #crowdfunding #political #assassinations by collecting #anonymous #BTC #contributions… Bitcoin identifies individual users by “addresses” that are ‘plausibly deniable’, i.e., a #merchant receiving BTCs as #payments may not deliver on promised services and yet the #payments are NOT #reversible.
2014: Hong Kong Institute of CPAs (HKICPA) Interview: Future of Bitcoin & Statistical Probabilistic Quantitative Methods: Global Financial Regulation: https://lnkd.in/efcwAnD :
The much-vaunted #security of [Bitcoin’s] underlying #protocol has also been questioned. “Several #risks, #threats, and #vulnerabilities are inherent in the design of the bitcoin protocol which is susceptible to #cryptographic #vulnerabilities,” says Dr. Yogesh Malhotra, Chief Research Scientist at Global Risk Management Network… – Hong Kong Institute of CPAs (HKICPA) Magazine, A+, Feb 2014.
AWS Partner: Silicon Valley-Wall Street-Pentagon-Global CEO-CxOs: Global Risk Management Network LLC:
AIMLExchange.com : BRINT.com : C4I-Cyber.com :
