THELOGICALINDIAN - Bitcoin is generally accused by regulators governments and axial bankers as actuality a apparatus for money bed-making by bent organizations usually after presenting any affirmation A new address from Hong Kong a above all-embracing banking hub and antecedent for barter amid China and the accomplished apple spells this out acutely
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No Evidence of Money Laundering
The government of Hong Kong has appear on Monday its 2018 Money Laundering and Terrorist Financing (ML/TF) Risk Assessment Report. The cardboard examines threats and vulnerabilities adverse the burghal with commendations to the advocacy of the Financial Action Task Force (FATF), the inter-governmental anatomy that sets all-embracing standards on active ML and TF.
Addressing the affair of bitcoin, the address reveals that Hong Kong Police Force ecology indicates no credible assurance of organized abomination or ML/TF apropos the trading of cryptocurrencies. Moreover investigations and intelligence do not advance cryptocurrencies were acclimated or advised to be acclimated in added accustomed assert offenses (e.g. drugs, dutiable appurtenances smuggling) or agitator financing. “The blackmail akin is low.” The government did find, however, that cryptocurrencies accept been acclimated as a affectation in Ponzi schemes or as payments for cyber criminals, mostly blackmailers application ransomware.
Not a Threat to Free Economies
Interestingly, the address additionally explains why the use of bitcoin should not be apparent as a blackmail to governments that don’t try to absolute the banking freedom’s of citizens. “Hong Kong is one of the world’s freest economies with a active adopted bill barter bazaar and no basic controls.” Cryptocurrencies “are accordingly not as adorable as in economies area bodies may try to avoid bill controls or seek ambush from a aerial aggrandizement rate.”
The access of the Hong Kong government apropos fraud, as axiomatic by the report, is that it’s abundant to acquaint the accessible to break acute back ambidextrous with cryptocurrency advance offers and booty activity alone adjoin absolute crime. And clashing added governments in the region, Hong Kong sees no charge to actualize regulations to absolute the accepted use of bitcoin. It considers the accepted acknowledged and authoritative accoutrement apropos to artifice and added crimes to be advanced abundant to bolt offenses, whether involving cryptocurrencies or not.
Will this address access the attitude of acreage Chinese government in any way? Share your thoughts in the comments area below.
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