U.S. Planning Cryptocurrency Rules on Transparency

[malevolent]

They don't have the resources to fight crime, generally. The overwhelming majority of property crimes already go unsolved. When you add in the pseudonymity of cryptocurrency and the multi-country jurisdiction of the platforms we use, I become really skeptical that "cyber protection laws" are going to do much.

So like in the rest of the world... And for some reason we're not seeing any concrete steps being taken to allow for better international cooperation between police forces and judiciaries of various countries to make it easier to catch scammers and fraudsters. The best EU and the USA can come up with are onerous regulations.

[Linkkoin]

So like in the rest of the world... And for some reason we're not seeing any concrete steps being taken to allow for better international cooperation between police forces and judiciaries of various countries to make it easier to catch scammers and fraudsters. The best EU and the USA can come up with are onerous regulations.

There are some attempts, but the thing is the people in these law enforcement bodies have problems with understanding the nature of blockchain and cryptocurrencies - their main solution is to try to make them work in the same way as bank wire transfers and use already available tools.
But this is a true challenge - you can cut off eg. whole Iran from the international banking system due to the UN sanctions, but how to do the same in case of cryptocurrency wallets? Especially as you yourself can create a cold wallet?

[malevolent]

There are some attempts, but the thing is the people in these law enforcement bodies have problems with understanding the nature of blockchain and cryptocurrencies - their main solution is to try to make them work in the same way as bank wire transfers and use already available tools.
But this is a true challenge - you can cut off eg. whole Iran from the international banking system due to the UN sanctions, but how to do the same in case of cryptocurrency wallets? Especially as you yourself can create a cold wallet?

Maybe it's time to do away with the whole concept of issuing broad sanctions against entire countries. If they work at all, they tend to hurt unrelated people the most.

[Linkkoin]

Maybe it's time to do away with the whole concept of issuing broad sanctions against entire countries. If they work at all, they tend to hurt unrelated people the most.

In our opinion targetting innocent civilians with sanctions is often counterproductive as the real wrongdoers holding power in such state bypass sanctions anyway

[Meowth05]

I vote for the further execution of transparency of cryptocurrency because it will establish trust to people that cryptocurrency is safe and this also makes sure that there will be a reduction if not annihilation of transaction for illegal means.

[Tiews223]

Treasury Secretary Steven Mnuchin said on Wednesday that the United States will soon announce new regulations related to crytocurrency and digital payment systems.
While he did not talk about these regulations, but it seems that they are aimed at tracking currencies and making sure they are not used for money laundering "or to make sure of imposing taxes on them," where he said:

Financial Crimes Enforcement Network is preparing rules that will improve transparency and prevent cryptocurrencies from being used as “secret bank accounts.”

“We will be rolling out new regulations to be very clear on greater transparency so that law enforcement can see where the money is going and that this isn’t used for money laundering,” Mnuchin said.

Read more and source ---> https://www.bloomberg.com/news/articles/2020-02-12/cryptoasset-rules-set-for-release-by-trump-administration
It seems that the United States will spend more money to scrutinize Bitcoin transactions.

This is a good move by the US government in Crypto transparency. I think many will appreciate the efforts of the US government in enabling its country to be more transparent and ready with the crypto emerging at greater heights.