US Treasury says it must 'modernize and adapt' to digital currencies
"Digital assets and payments systems could harm the efficacy of our sanctions” if left unchecked, the Treasury said. The United States Department of the Treasury has issued a review on sanctions and suggested the government do more to develop its infrastructure and policies in regards to digital assets.In an Oct. 18 report, the Treasury Department said the growing use of digital assets was hampering the implementation of sanctions while balancing funds from legitimate humanitarian organizations. The department suggested that better communication between itself and the crypto industry,....
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The rumors have been flying that the UK Treasury is looking into digital currencies and how to create some form of legal net for these currencies. The UK Treasury is asking for information on new digital currencies from the public, law enforcement agencies and financial regulators. However, most of these people do not know what digital currencies are. That is why the UK government is giving the hand of friendship toward the Bitcoin community ( kind of). According to our information, the UK Treasury will be looking at examples of regulation in other countries, but will make up their own....
The head of an independent US agency within the US Treasury that supervises national banks has issued new statements on virtual currencies and their "potentially revolutionary" impact on banking. Speaking before the Institute of International Bankers this week, the head of the Office of the Comptroller of the Currency (OCC) Thomas J Curry discussed virtual currency as part of a speech aimed at addressing the Bank Secrecy Act (BSA) and its ability to adapt to new innovations. In his remarks, Curry referenced the "serious challenges" the banking industry faces from terrorist and criminal....
The United Kingdom Treasury's public call for information on digital currencies closed yesterday, after a 31-day consultation period. The Treasury issued the call on 3rd November after the Chancellor of the Exchequer said in the summer that a "major programme of work" would be launched around researching digital currencies and associated technologies. Now, the UK Digital Currency Association and several companies in the industry have published their responses to the Treasury's call. The UKDCA's 46-page response underlines the fact that digital currencies should be treated as a 'financial....
The Australian Department of the Treasury is claiming bitcoin and digital currencies are a potential threat to its tax collection efforts. In a new report, the government agency outlines areas in which it hopes to change the structure of its tax revenue system, citing the emergence of new financial technologies, including bitcoin and other digital currencies, as challenges it has yet to adapt to. The report notes: "New ways of transacting, including cryptocurrencies such as bitcoin, were not contemplated when the current tax system was designed." The specific risks, the paper continued,....
The UK Government, through Her Majesty's Treasury (HM Treasury) has asked for public feedback to assist in their formation of digital currency regulations. https://www.gov.uk/government/consultations/digital-currencies-call-for-information. HM Treasury has been aware of the developing Bitcoin space for quite some time, yet previously (2013) they had agreed to take a "wait and see" approach, allowing businesses in the bitcoin space to develop within the UK without any hindrance. Earlier this year, George Osborne (Chancellor of the Exchequer), asked HM Treasury to investigate the potentials....