Home Cryptocurrency Different Nations Fight Back to Prevent Cryptocurrencies’ Misuse

Different Nations Fight Back to Prevent Cryptocurrencies’ Misuse


worth of $10,000 to file a report titled FinCEN 114. The FinCEN stated that the people who have to be kept a close watch on are those who try to evade paying taxes aggressively. This is not limited to people residing in the USA. The FinCEN meant the global scale.

The United States went as far as doubling the number of investigators in the Internal Revenue Service Criminal Investigation to ensure that tax evaders are tracked down efficiently.

The United States Immigration and Customs Enforcement also said that it intends to utilize undercover techniques to track down tax evaders and potential money launderers efficiently.

Meanwhile, Japan is in the process of inspecting all cryptocurrency exchanges following the stealing of about $530 million worth of cryptocurrencies.

Last year, the Australian Transaction Reports and Analysis Centre rectified the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to fight against terrorism and money laundering.

Even though some people found a way to make a crime out of crypto money, there are also others who want to solve this problem.

RMIT, an Australian public research university, has just announced the opening of its first university blockchain course.

The eight-week course entitled Developing Blockchain Strategy will not just give you a basic understanding of theoretical claims. It will also teach you why and how to use crypto.

Jason Potts, the director of the Blockchain Innovation Hub, said that this is the time when different technologies have worked together to create something beautiful. In this case, that beauty lies in teaching people in business and executives everything about the blockchain technology. Potts said that he intends to show business people how they can utilize the blockchain technology to enhance their current business models.

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The general manager of Stone & Chalk, Alan Tsen, also shared his point of view regarding the subject. He said that in times like this, there is already working connection between banks and the blockchain technology.

Tsen also mentioned that practically everyone already has a basic idea about cryptocurrency. However, since the knowledge is insufficient, there arises a need for cryptocurrency education. He believes that this new program will help address that problem.

This is not the first time, however, that something like RMIT’s course linked academes and blockchain together. There is also the UC Berkeley which offers a course regarding cryptocurrencies. Later this year, there will also be a South Californian study that will guide young people into the potential blockchain careers that they can venture.

Most likely, the best news so far is about the Brisbane Airport’s plan to make the entire domain blockchain-friendly. With that, stores and restaurants within the airport will start to accept cryptocurrencies as a mode of payment.

The European Parliament has decided to do an investigation into tax evasion and money laundering with regard to digital money.

The parliament has also decided to push a new law entitled the Taxe 3, which will, for the first time, dig deeper into the tax privileges of the overseas territories and crown dependencies.

Since the parliament has limited power to levy taxes, Taxe 3 will have to be confirmed by a plenary vote, which will take place this coming March.

The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), on the other hand, monitors cryptocurrency trade which is under the legislation for money transmitters. It also requires American crypto-denominated account holders exceeding a value

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SAN FRANCISCO, Calif. – Behind the roaring excitement for the intense cryptocurrencies’ prices, some people are also pretty concerned about the direction crypto is headed to. Even though cryptocurrency was initially used as a way of transaction, some people are using it for illicit means.

New cryptocurrencies such as Cloakcoin, Dash, PIVX, and Zcoin have added new services to the blockchain technology.

There were more than 60 financial investigators from the Interpol and Europol organizations from over 30 countries that had attended a workshop which discussed the methods that can be used to stop or at least minimize the exploitation of cryptocurrencies.

Head of Europol Rob Wainwright said that over USD 5.5 billion worth of cryptocurrencies is laundered annually.

Because Monero is focused on a private-centric design, it has come to be known as the drug dealer’s favorite crypto. It was discussed in the workshop that more measures are needed to ensure the proper monitoring of the said cryptocurrency.

With that, the participants of the workshop, including the USA, EU, Japan, and Australia, decided to step up for the war against illegal cryptocurrency trades.


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