BISCointelegraph.comCrypto regulationsCryptocurrencies

Bank of International Settlements head says cryptos require more regulation

Agustín Carstens has called for cryptocurrencies to be subject to more regulations while arguing that virtual currencies have not made a significant dent in global finance.
Agustín Carstens, general manager of the Bank for International Settlements, has called for even more crypto regulations stating that virtual currencies are a tool for circumventing financial laws.In an interview with CNBC on Wednesday, the BIS general manager identified money laundering and terrorism financing as areas that require more robust cryptocurrency regulations.Carstens’s comments, a common refrain among crypto critics, come despite the preponderance of established facts indicating that crypto criminality occupies a minute proportion of global cryptocurrency commerce.According to Carstens, cryptocurrencies have a notoriety for being instruments of criminal activities due to the pseudonymous nature of virtual currency transactions.However, blockchain intelligence firms continue to work with regulators and law enforcement agencies to provide robust crypto forensic capabilities. Indeed, the traceable nature of Bitcoin (BTC) transactions enabled U.S. law enforcement to locate and shut down a global child pornography ring back in October 2019.Darknet narcotics vendors who adopt crypto payments are routinely apprehended and put on trial in many countries around the world.Apart from espousing well-worn anti-crypto soundbites, the BIS general manager argued that cryptocurrencies are not a threat to the global financial establishment. Meanwhile, back in December 2019, Carstens expressed fears that private cryptos could disintermediate central banks in the global financial architecture.Carstens added that he did not see the path forward for global crypto dominance, adding …
Story continues on Cointelegraph

Related posts
bitcoin regulationCointelegraph.comCryptocurrenciesCryptocurrency ExchangemastercardUK GovernmentWireX

Wirex halts UK signups after consultation with financial regulator

Wirex has temporarily halted signing up new U.K. customers following what it called “constructive dialogue” with the Financial Conduct Authority. London-based cryptocurrency and fintech firm Wirex has announced that it will no longer take on new U.K.-based customers following discussions…
anti-money launderingCointelegraph.comCryptoRussia

Russia's money laundering watchdog monitoring crypto to ruble transactions

Rosfinmonitoring has informed the Russian parliament that it is paying close attention to transactions involving the conversion of crypto to rubles. Russia’s Federal Financial Monitoring Service, or Rosfinmonitoring — the country’s Anti-Money Laundering body — is policing crypto to fiat…
Blockchain.comCointelegraph.comCryptocurrenciesInvestments

Blockchain.com raises $300M in crypto industry's third-largest capital raise

The investment round was led by DST Global, Lightspeed Venture Partners and VY Capital and gave Blockchain.com a $5.2 billion valuation. London-based cryptocurrency services provider Blockchain.com has raised $300 million in a new investment round that valued the firm at…