Good Bye Traditional Banking Secrecy, Bitcoin to the Rescue
The New York Times, RT and many other top news outlets report that 51 nations on Wednesday signed what Germany's finance minister hailed as a milestone in the fight against tax evasion - an agreement that commits them all to automatic exchange of tax information starting in 2017. The two-day summit was organized by the Organization for Economic Cooperation and Development (OECD) and the Global Forum on Transparency and Exchange of Information for Tax Purposes. With Britain, France, Germany, Italy and Spain leading the effort, other signatories included Singapore, Liechtenstein and....
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When people think of traditional banking, they often think of the building down the street full of tellers taking money into a vault. It’s associated specifically with traditional national currency and has been that way for years. But what if someone decided to take a more science fiction take on the idea of banking? Something associated with a futuristic utopia or even one of the Futurama television series? To SpaceBIT founders Pavlo Tanasyuk and Ian Angell, the invention of crypto-currency opened up opportunities that people one never thought were possible.
With contributions from Zerado, FinTech Network have produced a whitepaper that looks at smart contracts and how they could improve efficiencies within the banking sector. The whitepaper highlights: How smart contracts aim to provide security that is superior to traditional contract law and ways they can reduce other transactional and administrative costs. The workings of Ethereum as one of the best examples of smart contracts in practice. Ways that smart contracts could benefit areas such as mortgages, clearing and settlement, KYC & bonds. How challenges with conceptual misalignment,....
Ethereum stakeholders are set to secure their future and prevent a repeat of the June 17 attack as they are bound to decide on a DAO rescue fix. On Tuesday June 21, Ethereum announced the release of DAO Rescue HotFix 1.2.8, with the critical Ethereum soft-fork update aimed to rescue the stolen DAO funds. The proposed solution of this release is to freeze all transactions trying to move any funds from The DAO or the child DAOs. However, the rescue fix is still for the miners to decide on. Miners have limited power. Speaking to Cointelegraph, Christopher Franko, President of Borderless....
Finance ministers from more than 50 countries recently signed the Multilateral Competent Authority Agreement, with another 30 countries pledging to sign the agreement by 2018. The agreement, signed in Berlin, is an effort to end what the US Bank Secrecy Act, which they called “obsolete.” The ministers met for two days in a summit arranged by the Organization for Economic Cooperation and Development (OECD) and the Global Forum on Transparency and Exchange of Information for Tax Purposes and was hosted by German Finance Minister, Wolfgang Schaeuble. The “Bank Secrecy Act” (Currency and....
The founders of cryptocurrency derivatives exchange Bitmex, Arthur Hayes and Benjamin Delo, have pled guilty to violations of the U.S. Bank Secrecy Act. “As a result of its willful failure to implement AML and KYC programs, Bitmex was in effect a money-laundering platform,” said the U.S. Department of Justice. Bitmex’s Founders Guilty of Bank Secrecy Act Violations The U.S. Department of Justice (DOJ) announced Thursday that the founders of cryptocurrency derivatives exchange Bitmex have pled guilty to violating the Bank Secrecy Act (BSA). The DOJ stated: Arthur Hayes....