FRANKFURT/LONDON: Cryptocurrencies such as bitcoin are set to be subjected to rules to prevent their abuse for money laundering, a global watchdog will announce on Friday, the first worldwide regulatory attempt to constrain the rapidly growing sector.The Paris-based Financial Action Task Force (FATF), a coalition of countries from the United States to China, will tell countries to tighten oversight of cryptocurrency exchanges to stop digital coins being used to launder cash.The move reflects growing concern among international law enforcement agencies that cryptocurrencies are being used to launder the proceeds of crime.Simon Riondet, head of financial intelligence at Europol, the European police agency that coordinates cross-border investigations, told Reuters he saw a growing use of cryptocurrencies in laundering criminal money.Earlier this year, Europol broke up a Spanish drugs cartel that laundered cash using two crypto ATMs, machines that issue cryptocurrencies for cash.Riondet … [Read more...] about Money-laundering watchdog to clamp down on cryptocurrencies
When bitcoin will grow
BSP to public: Be wary of cryptocurrencies Lawrence Agcaoili (The Philippine Star) - June 10, 2019 - 12:00am MANILA, Philippines — The Bangko Sentral ng Pilipinas will continue to address the risks brought about by the growing use of virtual or cryptocurrencies in the country, according to BSP Governor Benjamin Diokno. He said he is not fully convinced about the use of cryptocurrencies in the country since this could be used for terrorism financing. “I think that is my view. So we will go easy on that,” Diokno said. Cryptocurrency is a type of virtual currency that uses cryptography – a method of storing and transmitting data in unreadable form so that only the intended recipients can read and process it. Bitcoin, introduced in 2009, is the first and most popular cryptocurrency to date. BSP Deputy Governor Diwa Guinigundo said there are limitations of bitcoins as substitute for fiat money in terms … [Read more...] about BSP to public: Be wary of cryptocurrencies
PETALING JAYA: Bitcoin, the most heatedly debated subject in the financial market a year ago, has seen some renewed interest recently when its price topped the US$8,000 (RM33,360) mark on May 15. This marks a year-to-date increase of over 100%, but how would bitcoin perform this time around and what is driving its rally? As at 6pm today, bitcoin price was trading at around US$7,975 (RM33,261), compared with US$8,099 (RM33,779) on May 15, according to blockchain and cryptocurrency online portal Coindesk. Recall that bitcoin hit its peak of over US$20,000 (RM83,820) in late 2017, but it was followed by a sharp plunge in early 2018 with its price reaching a low of US$3,339 (RM13,993). According to Yusho Liu, CEO of Coinhako, a crypto exchange platform based in Singapore, the spike in demand for cryptocurrencies recently was not an overnight surge as people have been monitoring the price movement all along for the past six to 12 months and the volume on its platform has doubled over the … [Read more...] about Bitcoin price on ascent again – is it a fluke?
With widespread poverty, lax laws, and creaking judicial systems, Thailand, Cambodia, Vietnam, Laos, and the Philippines have long been seen as soft spots by foreign and local paedophiles seeking out underage sex in person. Tougher policing and greater awareness has deterred some offenders, but technology has shifted the patterns of abuse in a region with growing access to broadband internet and encrypted technology. Paedophiles can now use an array of mobile and online tools – including social networks, video-sharing sites, and the dark web – to direct and watch child rape and sexual abuse with anonymity, experts warn. “Predators watch the rapes on large platforms that are not likely to close,” says Fran?ois Xavier Souchet, of Thai-based NGO Terre des Hommes. “It’s live, nothing is recorded ... everything is encrypted. They pay more and more in Bitcoins, encrypted money makes their transactions as secure as possible,” he … [Read more...] about SE Asia’s kids targeted by new wave of online paedophiles
LONDON: Bitcoin's share of the cryptocurrency market is sliding, with a host of alternative digital coins gaining ground as developers race to create digital cash that can gain a footing in mainstream commerce and finance.As these "altcoins" grow in prominence, Reuters is publishing a series of stories that examines the features and characteristics of some of the alternatives to bitcoin that have grabbed the attention of developers, investors and regulators.The first in this series looks at Monero - referred to as a privacy coin because it allows users to conceal nearly all details of transactions. It has become increasingly used for illegal purposes.Since its launch in 2014, Monero has grown to be the 12th biggest cryptocurrency by market capitalisation with around US$1.4 billion-worth in circulation.HOW IS MONERO DIFFERENT TO BITCOIN?Every transaction involving Monero obscures the digital addresses of the senders and receivers, as well as the value of the transaction. That offers … [Read more...] about ‘Privacy coin’ Monero offers near total anonymity