The market of crypto currencies is still quite young. The oldest of them, Bitcoin, is just 10 years old. As is so often the legislature is lagging behind in this area. Many throw Bitcoin and co. to be mainly used for illegal purposes. Accordingly, according to the voices calling for a stronger crypto-regulation. So far nothing new. Now the Vice President of the network for financial integrity, David Murray, has called, in the United States, that the Miner of crypto-currencies should be taken at the regulatory elements of the target.
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Crypto: villain is supposed to support crime?
Some governments see crypto-currencies is very critical. Bitcoin and co. are currencies from the point of view of many of the States competing to your government Fiat-and the money monopoly of the state in question. Little wonder is it, then, that straight out of the policy, the charge is always that crypto-currencies for illegal purposes such as people are used to the trade, drug shops, or the Like. This is associated with the call goes to a stronger crypto-regulation.If the digital currencies are actually used for so many illegal activities, as is often said, it is at this point, all the way. Fiat cash has the highest anonymity at all, even more than Bitcoin. Criminals use the American Dollar proof like no second currency for illegal transactions. Nevertheless, the crypto-regulation is always an issue.
Demand for crypto regulation in front of a Committee of the U.S. Senate
In the discussion of greater regulation of crypto-currencies, the focus is mostly on crypto Exchanges. This is currently the “doorman to the crypto-world,” because to them, the exchange of Fiat-takes place money in crypto. In Many countries, the regulation of this Set of crypto occurred-Ecosystem already, such as, for example, with the KYC (Know your Customer) and AML (Anti-Money Laundering) Set in Europe.David Murray, President of the network for financial integrity (Financial Integrity Network) in Washington has called for a Sub-Committee of the Senate, that the Miner of a regulation should be subject to. More specifically, he plays on a 50-year-old law in the United States.This law is called the “Bank Secrecy Act”, and according to technologyreview.com to introduce US financial institutions guidelines, the support to the government in the prosecution of money laundering and other crimes. It is quite possible that the government will extend this law on crypto-currencies such as Bitcoin.Find the right one for you tax Tool. In our tax tool comparison for Bitcoin & Co, you can find out which providers are there and where are their Strengths and weaknesses lie. Choose currencies for you the optimal Tool for easy and hassle-free tax return for Bitcoin and Crypto. For comparison go.
Auditor of crypto-transactions in Murray’s sights
Murray recommended that the responsible person “to strengthen the crypto-currency legislation, by creating a new class of financial institutions: Virtual Asset Transaction Validators”. In Essence, the Vice President argued that a current lack of Monitoring around crypto-currencies in their current Form, a simple way for Criminals to operate and it is for the United States is quite “difficult” makes these scenarios to prevent.
Sensible or senseless proposal from Murray’s?
With the “controllers of virtual transactions,” as Murray describes it, he says the Miner. He in Essence calls for the regulation of Bitcoin and other crypto-currency miners. But how useful it is to apply the law to a crypto Miner?In the Bitcoin network, the Miner shall ensure that new transactions are incorporated in the Bitcoin Blockchain. In this case, no transaction is behind all the Codes with a specific name, but only with the corresponding Private and Public Keys. This Pseudo-anonymity is what makes Bitcoin accounts especially.A regulation of the Miner 2 fundamental obstacles stand in the way: first, the “Bank Secrecy Act” refers only to the United States, miners have their data centers but anywhere in the world. And secondly, the question of how Miner for a stronger regulatory accountability, if any, of these can not know, of whom the transactions come from?Also, if a stronger crypto-regulation is a necessary step for crypto Adoption, because it creates more confidence in the new area, so it must be useful. It seems almost to need some Managers with a basic introduction to the topic of crypto-currencies and Blockchain.What do you say to the proposals Murray’s? What are you meaningful steps towards a better crypto-regulatory think? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)