The launch of Bitcoin futures shopping for and promoting has inevitably put cryptocurrencies inside the spotlight of mainstream financial institutions.
While the Chicago Board Options Exchange and Chicago Mercantile Exchange could be credited for pioneering the first ever futures marketplace for Bitcoin, primary selections are being considered by authorities and organizations worldwide.
European Commissioner place
Last Friday, Reuters reported that EU states had agreed to implement stricter pointers on utilizing cryptocurrencies. With a watch on cracking down on Money Laundering and tax evasion, the efforts are calling for additional transparency from alternate operators. European Commissioner for Justice, Consumers and Gender Equality Věra Jourová talked about:
“Today’s agreement will bring more transparency to improve the prevention of money laundering and to cut off terrorist financing.”
In an interview with RT, former MI5 intelligence officer Annie Machon insists that the European Union decision to tighten up legal guidelines on cryptocurrency exchanges is very being accomplished to defend the pursuits of large banks.
M15 former officer response
Analyzing the situation, Machon talked about it’s like another knee-jerk response, as outdated strategies and new collide:
“I think we have a situation where any new form of technology on the internet, we’ve seen this for the last 30 years, that challenges the business models of established businesses is going to be cracked down on by governments, by international organizations to try and protect the old business models.”
“And we have seen it again in the attack on the old business model of the old media where piracy became the new threat and they tried to use laws to stamp that out. I think that is inevitable, if we have something that decentralizes the money supply and threatens the business model of the banks, of course, there’s going to be pushback against it.”
Criminals use banks as properly
Machon conceded that criminals would inevitably use Bitcoin and totally different cryptocurrencies – nevertheless that doesn’t stop them from using banks each. Using that is a easy excuse to infringe on people’s privateness, in accordance to the earlier MI5 official:
“Any crackdown on our rights of privacy on the internet always has an excuse that it is trying to stop money laundering or trying to stop terrorism or pedophiles or whatever. I think, probably the vast majority of users of Bitcoin are doing it legitimately, they just have a legitimate concern to uphold their right to privacy as well.”
It is commonplace for Bitcoin and totally different cryptocurrencies to get a foul wrap from earlier associations to darkish internet marketplaces. But as Machon reminds us, some banks arms are dirty as properly:
“Yes, sure, criminals are going to use this, but criminals already use banks. So many banks have been caught out money laundering on vast scales and have received vast fines for laundering gray and black money from particularly the drug trade. Perhaps, we should say that the EU should close down our banks, too.”
