Wie MasterCard das Prinzip Bitcoin auf den Kopf stellen will
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Wie MasterCard das Prinzip bitcoin auf den Kopf stellen will
MasterCard will ein Mindestreserve-System für Kryptowährungen einführen und hat dafür ein Patent angemeldet. Damit führt sie das Prinzip bitcoin ad absurdum. MasterCard, eines der größten Kreditkartenunternehmen neben VISA, will eine Mindestreserve-Bank für Kryptowährungen bauen. Gelingt ihr dies, führt sie das Prinzip bitcoin ins Absurde. Das Mindestreserve-System Das Mindestreserve-System, auch fraktionales Reserve-System genannt, sieht vor, dass […]
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Sony Develops Contactless Cryptocurrency Hardware Wallet
Sony Computer Science Laboratories, an arm of Sony Corporation, announced October 23, 2018, in a press release the development of a contactless IC card with the purpose of being used as a cryptocurrency hardware wallet. Securing Cryptocurrency As cryptocurrency becomes a more popular option for wealth accumulation and storing of funds, users are taking a second look at how exactly…. The post by Nigel Dollentas appeared first on , bitcoin, Blockchain & Cryptocurrency News
An update to US anti-money laundering (AML) legislation currently going through Congress would oblige travelers to declare digital currency at the border.
AML Rules Target $10k+ Crypto Holdings
, a new bill sponsored by Senator Chuck Grassley, proposes adding the terms ‘digital currency’ and ‘prepaid access devices’ to existing list of financial items subject so such AML procedures.
It would also include reference to “any digital exchanger or tumbler of digital currency.”
Ostensibly designed to prevent trafficking of funds over $10,000 in value, the resulting powers given to border authorities could be nonetheless considerably more sweeping than at present.
While it is unclear how those arriving in the US would be screened for digital currency holdings, the Bill makes provision for a report to be commissioned ironing out the finer points.
The text states:
Not later than 18 months after the date of enactment of this Act, the Secretary of Homeland Security, in consultation with the Commissioner of U.S. Customs and Border Protection, shall submit to Congress a report—
(1) detailing a strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States; and
(2) that includes an assessment of infrastructure needed to carry out the strategy detailed in paragraph […]
Coin Center ‘Reaching Out’ For Debate
The bitcoin community is already reacting with caution to the legislation as it stands, with multiple questions being raised as to how lawmakers could enforce it in practice.
“We’re reaching out to the relevant offices,” CEO Jerry Brito said in a Twitter response.
We’re reaching out to the relevant offices. Not a whole lot is getting through Congress these days, tho.
The move is reminiscent of similar plans across the pond in the European Union regarding declaration of digital currency funds, this time at the point of spend.
While border controls are not currently on the table, legislators are keen to enforce similar AML controls on anyone holding any form of virtual funds.
Formally in March, users could soon face obligatory linking of their personal identity to their wallet.
More recently, a joint “consortium” by the European Commission, INTERPOL and others will research ways in which illicit use of the dark web can be curbed. Participants promise that:
“The consortium will analyze legal and ethical requirements and define guidelines for storing and processing data, information, and knowledge involved in criminal investigations without compromising citizen privacy,” participants .
What do you think about the Bill being considered by Congress? Let us know in the comments below!
Re: Mexico and bitcoin Truthfully I find a very large majority of articles like these to be filled with some very iffy reporting most of the time, and while the peso did crash on election […]
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MasterCard will ein Mindestreserve-System für Kryptowährungen einführen und hat dafür ein Patent angemeldet. Damit führt sie das Prinzip bitcoin ad absurdum. MasterCard, eines der größten Kreditkartenunternehmen neben VISA, will eine Mindestreserve-Bank für Kryptowährungen bauen. Gelingt ihr dies, führt sie das Prinzip bitcoin ins Absurde. Das Mindestreserve-System Das Mindestreserve-System, auch fraktionales Reserve-System genannt, sieht vor, dass […]
