Panama Papers Scandal Shows How Bitcoin Could Stop Corruption
A global scandal has erupted with the release of the Panama Papers implicating world leaders, billionaires, dictators, drug kingpins, famous athletes, and even movie stars. Meanwhile, Bitcoin could be a solution to the wide-scale corruption by providing privacy for the masses and transparency for the mega-rich. The biggest leak in journalistic history,....
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Secrecy scandal after secrecy scandal have rocked the financial world since the 2008 financial crisis. In early 2014, the LIBOR scandal uncovered the manipulation of Forex markets. Last week, the Panama Papers detailed the behavior of Panamanian law firm Mossack Fonseca, which has sold shell companies for the past 40 years so individuals could hide their wealth. Political players, drug dealers, celebrities and athletes have been swept up in the revelations of the Panama Papers. It’s exactly this sort of behavior many blockchainers believe could be averted by the public ledger technology....
From beautiful people to heads of states, the Panama Papers leaks have served as a great equaliser and have started bringing the high and mighty to their knees. The King of Bollywood loses presidential sheen. From the kings and queens of Bollywood to presidents and prime ministers, the Mossack Fonseca scandal has trapped the rich and the powerful into one gigantic dragnet. The reaction has been varied depending on the locale and has ranged from outright denial to stony silence. The uproar has been deafening in some parts of the world, whereas in other parts, you could probably hear a pin....
Auroracoin suddenly spiked last week, perhaps upon the leak of the Panama Papers. The papers promptly angered Icelanders, who now feel that the nation is suffering yet another 2008. Although Auroracoin has not been an overwhelming success, its market cap has increased three-fold since the Panama Papers leaked. The peer-to-peer cryptocurrency, launched in February 2014, was marketed as an alternative to Bitcoin and the Icelandic krona. The pseudonymous creators said they planned to distribute half of the auroracoins to all 330,000 people in Iceland’s national ID database for free.....
US launches new measures against tax evasion, money laundering, and terrorism in the wake of the Panama Papers scandal. Time to switch to Bitcoin to maintain your privacy. In an effort to curb illicit financial transactions, the US Department of Treasury announced a tightening on financial regulations last week. This involved amending the US Bank Secrecy Act in order to prevent money from being hidden in offshore companies. The first rule change is targeted at shell corporations, and would require the disclosure of the true owners and would not allow their identity to be protected through....
The European Union (EU) has been working on plans to fight against tax avoidance strategies since the Panama Papers scandal in May, where leaked documents exposed how the rich and powerful use tax havens to hide their wealth. Biggest Leak in History. The Panama Papers release was the largest document leak in history, far larger than the U.S. military....