As Australia is currently in the process of revamping its anti-money laundering and counter-terrorism financing legislation, the topic of Bitcoin was due to come up sooner or later. Despite the UK government releasing a study that showed no Bitcoin involvement in ISIL funding not too long ago, governments still feel cryptocurrency is a threat.
Similar to that UK report, the study by AUSTRAC can not provide any credible evidence of Bitcoin being used for funding terrorist groups. However, the report does mention new payment methods pose an “emerging risk”, regardless of any evidence confirming those allegations. It is always easier to make unfounded claims than backing them up with any proof.
Granted, Bitcoin does not have the best of reputations as a currency either. AUSTRAC’s Brad Brown pointed towards the Mt. Gox debacle and Silk Road to make the report’s “findings” stick. Then again, traditional financial solutions, including cash and credit cards, are abused by criminals on a daily basis. Not just for terrorism financing, but also for money laundering. The Panama Papers leak was a very recent example of how flawed and anonymous traditional finance is.
http://www.newsbtc.com/2016/08/08/austrac-wants-stricter-bitcoin-regulation-australia/
Topic: [2016-08-08] AUSTRAC Wants Stricter Bitcoin Regulation In Australia (Read 307 times)
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