Cryptocurrency

[AtW]

I would think hiding, preventing access to or deliberately miss valuing crypto assets would be fraud and prosecuted as such by the authorities?

Yeah, but if they can't find it then it's not a problem is it? Tulipcoins are perfect for that.

[Jog On]

Isn't crypto simply an asset like anything else and has to be declared with a real money value on the asset register? In the event of insolvency the assets are liquidated and their cash equivalent used to pay of the creditors. I would think hiding, preventing access to or deliberately miss valuing crypto assets would be fraud and prosecuted as such by the authorities?

Yes - this article is written by someone who doesn't understand blockchain.

[Jog On]

Nice flow of good news recently -

"Cryptocurrencies could lead to ‘limitless’ losses for UK government

Experts warn of danger of untraceable funds if companies accepting payments in cryptos go bust

The government could face “limitless” losses as a result of businesses that accept payments in untaxed and untraceable cryptocurrencies going bust, an insolvency expert has warned.

A growing number of companies, including the ethical cosmetics firm Lush and office-sharing firm WeWork, have begun taking payments for goods and services in cryptocurrencies such as bitcoin, alongside debt, credit or cash.

But while the shift has been welcomed by crypto-Mor Ons, experts say it could be an easy way for directors to hide cash from authorities, particularly when companies go bust.

Julie Palmer, a managing director at insolvency firm Begbies Traynor, said the growing popularity of cryptocurrency payments would make it harder for administrators – who are in charge of winding down a business after it fails – to track where money has come from, and whether owners, staff or directors are stripping funds out of the business illegally.

It means criminals could walk away with income that would usually be clawed back and distributed to creditors, including the tax collectors at HM Revenue and Customs and local authorities.

Palmer said that without new regulations and taxation plans, the government could face huge losses. “The potential is limitless, depending on how popular this becomes,” she warned."

https://www.theguardian.com/technolo...-uk-government

Blockchain fixes all of these problems

[tazdevil]

"Cryptocurrencies could lead to ‘limitless’ losses for UK government

Experts warn of danger of untraceable funds if companies accepting payments in cryptos go bust

https://www.theguardian.com/technolo...-uk-government

Isn't crypto simply an asset like anything else and has to be declared with a real money value on the asset register? In the event of insolvency the assets are liquidated and their cash equivalent used to pay of the creditors. I would think hiding, preventing access to or deliberately miss valuing crypto assets would be fraud and prosecuted as such by the authorities?

[AtW]

Nice flow of good news recently -

"Cryptocurrencies could lead to ‘limitless’ losses for UK government

Experts warn of danger of untraceable funds if companies accepting payments in cryptos go bust

The government could face “limitless” losses as a result of businesses that accept payments in untaxed and untraceable cryptocurrencies going bust, an insolvency expert has warned.

A growing number of companies, including the ethical cosmetics firm Lush and office-sharing firm WeWork, have begun taking payments for goods and services in cryptocurrencies such as bitcoin, alongside debt, credit or cash.

But while the shift has been welcomed by crypto-Mor Ons, experts say it could be an easy way for directors to hide cash from authorities, particularly when companies go bust.

Julie Palmer, a managing director at insolvency firm Begbies Traynor, said the growing popularity of cryptocurrency payments would make it harder for administrators – who are in charge of winding down a business after it fails – to track where money has come from, and whether owners, staff or directors are stripping funds out of the business illegally.

It means criminals could walk away with income that would usually be clawed back and distributed to creditors, including the tax collectors at HM Revenue and Customs and local authorities.

Palmer said that without new regulations and taxation plans, the government could face huge losses. “The potential is limitless, depending on how popular this becomes,” she warned."

https://www.theguardian.com/technolo...-uk-government

[AtW]

"Crypto-based ‘shadow financial market’ spooks regulators

Watchdogs are warning that some DeFi activities are probably illegal under federal law and pose serious danger to consumers.

New financial services built on cryptocurrency are offering consumers the ability to borrow and trade billions of dollars without the oversight of bankers or their regulators.

Washington is now scrambling to catch up, amid concerns of illegal activity and mounting consumer risks.

Decentralized finance, or DeFi, operates on technology that powers digital currencies like Bitcoin and Ether. The services replicate the functions of traditional lenders and exchanges but operate autonomously and automatically across computer networks.

Regulators across the country are now working to get their arms around DeFi, including the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve and the Office of the Comptroller of the Currency.

Watchdogs are warning that some DeFi activities are probably illegal under federal law and pose serious danger to consumers, who are putting their money into systems that have inherently less human oversight and accountability and are vulnerable to cyberattacks."

https://www.politico.com/news/2021/0...ulators-500696

Shut 'em all down!

[AtW]

"EU Proposes Ban on Anonymous Cryptocurrency Transactions

The European Union is proposing to prohibit anonymous cryptocurrency transactions as part of a broader plan to combat money laundering and terrorism financing.

The EU plan unveiled Tuesday includes a number of proposals to boost the supervision of financial transactions, including creating a new EU body with around 250 staff members to supervise risky financial institutions and prohibiting cash transactions higher than 10,000 euros ($11,800).

In particular, the EU would ban anonymous crypto asset wallets, according to an EU fact sheet, with the European Commission saying that systems like Bitcoin should be governed by the same rules as regular bank wire transfers.

“We shouldn’t have different rules for the financial system. They should apply across digital currencies as well,” EU financial srevices commissioner Mairead McGuinness said at a news conference Tuesday.

The package would have to be approved by the European Parliament and the European Council, which can be a lengthy process. The EU said its aim is to make the new anti-money laundering body operational starting in 2024.

“Money laundering poses a clear and present threat to citizens, democratic institutions, and the financial system,” McGuinness said in a prepared statement. “Today’s package significantly ramps up our efforts to stop dirty money being washed through the financial system.”"

https://www.bnnbloomberg.ca/eu-propo...ions-1.1630937

2024?!?! Should have been done in 2014 already!

[AtW]

Rats jumping ship -

“Ethereum Co-Founder Says Safety Concern Has Him Quitting Crypto

In recent years, Di Iorio jumped into venture-capital investing and startup advising. He was also for a time chief digital officer of the Toronto Stock Exchange. In February 2018, Forbes estimated his net worth was as high as $1 billion. Ether’s price has more than doubled since then.“

https://forums.contractoruk.com/repl...ocurrency.html

Somhe is cashing out for real money - this will need 2 bln green bucks from mugs to do so

[Jog On]

Converted and staked for 8.93%

[AtW]

I'm moving all my stablecoins into USDC, that's the Goldman USD stablecoin - they're not going to ban that. Wouldn't surprise me if it became the fed's CBDC.