Can Bitcoin Help Curb Corruption in Government Offices?
Bitcoin brings a lot of hope to the table. The digital currency, which was launched with an aim to destabilize crony capitalism, certainly sounds revolutionary. In Nigeria, a mobile phone service was launched to report against corrupt border police, and it successfully helped truckers and small traders to pass border without paying bribes. In Afghanistan, the government introduced automation to its tax collection process that helped reduce opportunities for tax theft. In India, the government launched schemes that utilized the power of internet in distributing subsidized fertilizers among....
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The U.K.’s former Prime Minister David Cameron said on Monday that the blockchain can be used to fight government corruption and that he is ‘excited’ about the potential that the technology presents. Speaking at the opening of FinTech startup Blockchain’s new London offices, Cameron said that what ‘most excites me is the potential that your technology has to fight corruption and to deal with failures of governance and governments and the rule of law all over the world,’ reports Business Insider. Talking about countries where so many people are trapped in poverty with corrupt and failed....
The specter of corruption rules the world. Indeed, over 6 billion people live in countries afflicted by an acute corruption problem. Brazil is a case in point. In the scandal du jour, the government-controlled oil company, Petrobras, allegedly has lost billions of U.S. dollars due to fraudulent contracts, bribery, and money laundering. Fortunately, there....
Over the past few years, banks have destroyed the precarious trust relation they had established with their customer base. Ever since the latest financial crisis hit in 2008, banks have been facing a lot of scrutiny from the general population and government officials alike. The latest anti-corruption campaign in Beijing has claimed three more victims, one of whom is the president of one of China’s largest banks. Company executives and government officials have been targeted by China’s massive anti-corruption probe since 2013 when President Xi Jinping was put in charge. Over the course of....
Blockchain can reportedly return billions of dollars back to Kenya’s budget. Blockchain technology can help countries like Kenya from losing billions of dollars to corruption, according to an official at the United Nations’ drugs and crime agency.David Robinson, the regional anti-corruption advisor at the UN’s Office on Drugs and Crime, believes that new technologies like blockchain will help Kenya combat government corruption and other economic crimes.According to Nation Media Group on Nov. 3, Robinson claimed that blockchain-based solutions can provide full traceability of transactions,....
Goldman Sachs has reportedly agreed to settle with the U.S. government over its role in a corrupt Malaysian government investment fund, which is one of the firm’s worst scandals since the financial crisis. In addition, Goldman Sachs previously agreed to pay the Malaysian government billions of dollars to end a criminal probe. Goldman Sachs’ Billions of Dollars in Settlement Goldman Sachs Group Inc. has agreed to pay about $2.8 billion to the U.S. Department of Justice (DOJ) to settle a case involving a corrupt Malaysian government investment fund, the Wall Street Journal....