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Davos and financial establishment wakes up over Bitcoin?
US Treasury official urges regulation of crypto currencies
A senior U.S. Treasury official touring Asia has urged banks and financial regulators in the region and elsewhere to do more to tighten oversight of booming trading in bitcoin and other crypto currencies.
Sigal Mandelker, the Treasury undersecretary for terrorism and financial intelligence, said Friday that more needs to be done to prevent money laundering and other criminal activities using such transactions.
Speaking to reporters in Tokyo after visiting China, Hong Kong and South Korea, she lauded recent moves to keep closer tabs on such dealings.
The U.S. started regulating such transactions in 2013 and considers traders and administrators of cryptocurrencies as “money transmitters” who are required to have strong anti-money laundering and other controls to prevent their use for illegal purposes, she said. It has imposed fines for violations of those regulations.
Britain urges global regulation of bitcoin
The British government called Thursday for global regulation of controversial virtual currency bitcoin, adding that the G20 would address the topic in March.
“I think we should be cautious about bitcoin,” finance minister Philip Hammond told Bloomberg TV on the sidelines of the World Economic Forum in Davos, Switzerland.
"Possibly we do need to look at the way we regulate this environment before the amount of outstanding bitcoin becomes large enough to be systemically important in the global economy.
“It is not there yet but it could get there soon,” added the minister.
Bitcoin shouldn’t become the new Swiss bank account: Mnuchin
Dominant digital currency bitcoin should not be allowed to become the Swiss bank account of the modern era used to hide illicit activity, Treasury Secretary Steven Mnuchin said Friday.
Mnuchin pledged to work with other governments, including within the Group of 20, which includes the world’s major economies, to monitor the activity of those who invest heavily in the cryptocurrency.
“One of the things we will be working with the G20 on is making sure that this doesn’t become the Swiss numbered bank account,” he said at a conference, referring to the famously secretive accounts used by some to hide ill-gotten gains.
“We want make sure that bad people can’t use this currency to do bad things.”
US rule require banks to have information on customers with bitcoin accounts to try to prevent money laundering and other illicit activity.
The gas knob under the crypto pot is turned all the way to the right. The soup is cooking!
This is one of the things i feel excited about as a part this generation.
It appears that governments realise their lack of control over cryptocurrency and want to first undertand and then regulate. Of course banks that are organically tied to national and international economies resist this (instead of trying to adapt to the future, something that would extend their longevity), and try to apply pressure in a manner that political descisions will be made in their favor.
There are a few bumps on the road ahead, but still, its a long and promising road.
Also, huge interest in this years davos. Very interesting to say the least.
Regulation of cryptocurrency = legalization and acceptance.
I have heard about this a while ago, and I am in favor of its legalization, it’s for everyone’s safety.