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US Financial Regulator Warns Against Strict Cryptocurrency Rules

Cryptocurrencies are prevalent in South Africa and gaining traction as an alternative on the web currency. This short article, hence, illustrates the use of cryptocurrency in the facilitation of criminal activity via the assessment 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 utilized either as a tool or target in the facilitation of cybercrimes, including cyber dollars laundering, cyber extortion, phishing, hacking, cyber fraud and other monetary crimes such as Ponzi and investment scams. Given the hugely technical, decentralised and thus complex nature of cryptocurrencies, it is critical for criminologists to have a fundamental understanding of the modus operandi made use of in ‘cryptocurrency crime’. This report begins with a short 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 lower transaction expense of Bitcoin are benefits compared to retail foreign exchange markets. Similarly, Bouri et al. 2017) located that the Bitcoin acts as a hedge against uncertainty, though Dyhrberg (2016, 2016b) declared it a very good hedge against stocks, the US dollar, and gold, and argued that it can be incorporated in the assortment of tools offered to industry analysts to hedge industry precise risk1. Financial innovation has been an crucial platform for the debate and implications of blockchain technology and cryptocurrencies (for instance, see the special concern on blockchain)2. The emergence of cryptocurrencies has significant implications for the global economy in basic and emerging economies in certain. Furthermore, the threat to Bitcoin technologies can also be minimized and concomitantly, cryptocurrencies have an vital part to play in emerging economies. For instance, a study by Carrick (2016) argued that Bitcoin and cryptocurrencies have idiosyncratic options that make them appropriate and complementary to the currencies of emerging markets.

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Gensler said his aim was to bring “similar protections to the exchanges exactly where you trade crypto assets as you may well 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 technology platforms are devising payment processing tools that “bring great promise”, he mentioned, “but also risks”. As one particular of Hsu’s 1st acts at the OCC, he asked employees to evaluation a Trump-era selection to give national trust charters to companies that give custody solutions for cryptocurrencies. Gensler mentioned the Treasury department has been focused on “anti-money laundering and guarding against illicit activity” in the crypto marketplace. By installing Hsu at the OCC, Yellen also signalled a modify in strategy to crypto. The danger is that new and enhanced techniques give rise “to a huge and much less regulated shadow banking system”. Janet Yellen, the Treasury secretary, has said she fears bitcoin is applied “often for illicit finance”. While Hsu believes there is no turning back from innovations such as the blockchain technologies made use of in cryptocurrencies, he mentioned in congressional testimony this month that the current enthusiasm for banking innovation reminded him of the years top up to the financial crisis.

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