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Countries and states fight cryptocurrencies

Октябрь 2, 2012

countries and states fight cryptocurrencies

The rise of stablecoins as cryptocurrency is a bigger threat to established, government-backed currency than Bitcoin. Some of the biggest. Separate data from 1xbetbookmakerregistration.website, tracking bitcoin transactions on the world's two biggest peer-to-peer crypto trading platforms, show that. legislative actions of countries like China, the United States, One proposal to combat the illicit use of cryptocurrency is to expand the legal. POINT AND FIGURE CHARTING FOREX EXCHANGE

In this article, we take a look at some common legal issues related to cryptocurrencies. A smart contract automatically pays the other party when they perform their contractual duties. The United States has no federal contract law that applies to the country as a whole. Accordingly, contract law varies from state to state. The only exception is the Electronic Signatures in Global and National Commerce Act of , which provides limited legal validity to smart contracts.

Accordingly, transactions conducted on blockchain offer greater privacy than transactions conducted on traditional platforms. But this advantage poses a complex jurisdictional challenge. First, since the nodes of a crypto transaction are located in different jurisdictions, they may be subject to conflicting legal frameworks.

Data Theft and Financial Fraud Data theft and financial fraud are additional pressing legal concerns surrounding cryptocurrencies. Similarly, crypto wallet maker Ledger recently compromised 1 million email addresses in a data security breach. Whether existing data laws can address data theft and financial fraud originating from cryptocurrencies remains unclear. Privacy Concerns Privacy concerns are closely related to data theft in the cryptocurrency space.

However, Chainalysis showed this anonymity to be threatened by the continuous improvement in blockchain analytic tools. The United States has no comprehensive federal data protection framework. Money Laundering Several commentators suggest that cryptocurrencies provide criminal organizations with a new way to commit fraud, money laundering, and a host of other financial crimes. Before criminals can convert their illegally acquired cryptocurrency into cash, they have to convert it into liquid cash.

The popular exchanges for this conversion are subject to anti-money-laundering rules that require firms to identify their customers. But Chainalysis researchers suggested that criminals have found a way to circumvent these rules using over-the-counter trading OTC. Tax Implications For US federal income tax purposes, cryptocurrencies are property—not currency.

In response, the U. Perhaps the highest profile success story of this effort was the seizure last year of The implication was that this was not a one-off success but instead the beginning of a period of much more serious policing of cryptocurrency transactions that would result in similar such seizures in the future. At the same time, the retrieval of the Bitfinex funds suggests that law enforcement may be successfully targeting some of the most important or large-scale criminals with their investigations.

The most promising signs of progress for cryptocurrency regulation lie not in law enforcement efforts to catch cybercriminals and take back their illicit profits, but instead in efforts by the Treasury Department to make it harder for them to receive those profits in the first place. On September 21, , the Treasury Department announced its first ever sanctions against a virtual currency exchange and blocked transactions with the Russia-based Suex exchange.

Of course, circumventing these restrictions is simple—just shift to a non-sanctioned exchange—so the only way for this strategy to work was for the U. In May , Treasury went a step further and sanctioned virtual currency mixer Blender. It remains to be seen whether the United States can keep that list of sanctioned cryptocurrency intermediaries up-to-date and comprehensive enough to put a real dent in overseas cybercrime profits, but for the first time, they are pursuing a strategy that might actually have a chance at succeeding.

Success would mean that criminals have to expend real time and effort to identify and move to new intermediary organizations, including exchanges and mixers, in order to receive payments and ransoms from U. So, if the rate of ransomware attacks slowed, or shifted to non-U. The push for a U. Unlike cryptocurrencies, CBDCs are intended to be centralized, issued, and, in some cases, directly managed by central banks rather than public, decentralized blockchains.

Given the backing of a central bank, CBDCs might compete more directly with stablecoins than other cryptocurrencies like Bitcoin that are not pegged to a reference asset. Ideally, CBDCs would offer some of the benefits of cryptocurrencies—fast transactions, innovation, financial inclusion—while also, like stablecoins, offsetting some of the risks, such as volatility, criminal activity, and energy-intensive mining. The effort to develop CBDCs is driven in part by a desire on the part of national governments to supplant cryptocurrencies with a form of virtual currency that will be designed to conform to existing financial systems and regulations.

But it is difficult to imagine many of the users of cryptocurrencies who were drawn to the decentralized blockchain design of Bitcoin or Ethereum wanting to use something like a CBDC. And so much depends on the specifics of those designs —exactly how centralized these currencies will be, how anonymous, how traceable, how susceptible to fraud—that it is difficult to determine at this early stage who, if anyone, will want to use such state-backed virtual currencies and what benefits, if any, they will provide over and beyond existing forms of currency.

Thus far, China is the country that has been most aggressively committed to the development of a CBDC, perhaps in part due to its determination to stamp out any private sector competitors in the cryptocurrency space. Many of those benefits, particularly financial inclusion and easier access to currency for unbanked people, have proved largely elusive. The people who seem to have gained the most from cryptocurrencies were not unbanked but rather entrepreneurs with easy access to capital and the ability to treat cryptocurrencies as investments rather than use them as a means of covering needed expenses.

In that regard, developing CBDCs may be not so much a means of replacing cryptocurrencies as an attempt to make good on some of their as-yet-unrealized promise for a larger group of people. There are also significant concerns around privacy and security linked to CBDCs. This is a particular fear that authoritarian governments that might view CBDCs as an opportunity to conduct surveillance on their population, though many central banks, including the U.

But the exact mechanisms by which that data would be protected—as well as who would have access to it under what circumstances—remain hazy since many countries have not yet decided on the implementation of their CBDCs. But as that statement implies, U.

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