The Telegraph: 'Police to Get Bitcoin Training Amid Money-Laundering Worries'

London police to become the first force in the country trained to deal with cryptocurrencies while others see almost no connection between crypto and money-laundering

Police of London will become the first force in the country to be trained to use cryptocurrencies in an investigative manner. This announcement comes amid fears that such technologies allow criminals to launder money more easily than before.

While everyone talks about money-laundering, The Hong Kong Police Force (HKPF), for example, sees no connection between this type of a fraund and cryptocurrency. The Hong Kong Police Force (HKPF) notes that they see 'no apparent sign of organized crime or ML/TF concerning trading of cryptocurrencies'. According to the Money Laundering and Terrorist Financing Risk Assessment Report report published in April, Hong Kong government assesses the money laundering risk of cryptocurrencies to be far lower than that of Stored Value Facilities, such as the popular Octopus Card, Paypal or Alipay.

Two weeks earlier Mark Carney, the governor of the Bank of England, said that cryptocurrencies aren't a risk to the financial state , but he thinks they will be subject to some form of regulation.

There are these exchanges where you transfer your Canadian dollars for a cryptocurrency and those in general are unregulated and in some cases, there’s plenty of serious abuse or at a minimum, they are very porous to a cyber attack and theft and they just do not meet the standards. There is no reason why that should be tolerated.

Mark Carney, the governor of the Bank of England

According to the UK National Risk Assessment (NCA) of Money Laundering and Terrorist Finansing 2017, the risk of cryptocurrency use for money laundering is relatively low. Although NCA deems it likely that digital currencies are being used to launder low amounts at high volume, there is a little evidence of them being used to launder large amounts of money.


3,911 USD -1.71%
Volume, 24h
1,608,942,166 USD
68,950,908,173 USD

Related news

Ethereum’s [ETH] Vitalik Buterin discusses his first foray into Bitcoin [BTC] with Abra CEO

The cryptocurrency market witnessed a lot of the proponents coming out in support of the industry recently owing to various ground-breaking developments. The latest luminaries to speak together for the crypto-verse were Bill Barhydt, the Chief Executive Officer [CEO] of Abra, and Vitalik Buterin, the co-founder of Ethereum. Barhydt started by saying that 2019 had been a fantastic year for Abra with the launch of their index token and native EOS support. Barhydt also revealed that the company launched native support, using which users could conduct deposits and transfers directly within the wallet. The discussion then converged to Buterin, who spoke about his role within Ethereum and its functioning. The computer scientist stated that he was the one who came up with the initial idea of Ethereum, right down to its white paper. In his words: “Right now I am focused on research problems and the deeper workings. I am also working on releasing the latest Ethereum upgrade to serenity and providing a more efficient work chain which will go hand in hand with the scalability improvement.” The change to Serenity was also discussed recently during an Ethereum core dev meeting which was focussed on the Istanbul hard fork, the final step before moving into Serenity. Vitalik Buterin further stated that he was working on the details of the upgrade, while at the same time, revealing that he was working on other strings of research as well. Buterin then spoke about the things that attracted him to Bitcoin and the reasons why he decided to kick-start Ethereum. He said: “Bitcoin was basically the place where all my interests were gathered into one place. The math, the computer language and the different social-economic ideas all coealltted into one place was a thing of beauty. We also saw socialists and mutualists coming together and Bitcoin brought the technology that could impact the world. It was the perfect storm for me to get into.” Vitalik was also in the news recently when he said that he would lose a certain amount of hope for humanity if Tron overtook Ethereum. When asked about projects that would provide competition to Ethereum, he had earlier said: “Dfinity. Dominic [Williams, the president and chief scientist of Dfinity] and I use the aspirational term ‘sister network.” The post Ethereum’s [ETH] Vitalik Buterin discusses his first foray into Bitcoin [BTC] with Abra CEO appeared first on AMBCrypto.

‘The Main Use For Bitcoin Today is as Digital Gold’: Claims Economists

The crypto-winter continues to prolong as we come towards the end of the first quarter of 2019. Bitcoin (BTC) is primarily trading in the $3000-$4000 range since November 2018. The main roadblock towards cryptocurrency and Bitcoin adoption has been regulatory and Government Approval. Nevertheless, according to Garrick Hileman, head of research at Blockchain and research associate at the London School of Economics there essentially has been only a regulatory delay but with positive developments. Hileman said, “When regulation tightens, we’ve seen the bitcoin price respond positively more often than not. It’s helped legitimize bitcoin … regulator have, by and large, not sought to ban bitcoin and other cryptocurrencies. In the early years of bitcoin there was a fear that bitcoin would simply be outlawed.” He also hinted towards the auction conducted by the US and Australian Government of the seized cryptocurrencies by the authorities. “Law enforcement typically doesn’t auction off seized cocaine,” Hileman added. “There’s a growing acknowledgment that bitcoin’s going to be here.” Also Read: Bitcoin ETF In ‘Wait and Watch’ Mode As SEC Receives Rife Criticism Against It On Bitcoin’s Utility Although there hasn’t been direct regulatory disapproval towards Bitcoin and cryptocurrencies, the questions surrounding Bitcoin’s utility as an asset class looms at large. Hileman continued to reaffirm the fact that Bitcoin’s primary use is as a store of value compatible with Gold. “The main use for bitcoin today is as digital gold,” Garrick Hileman told AltFi’s Crypto For Earthlings podcast. “The question is though, who will be buying digital gold? If central banks start to accumulate bitcoin, that could be hugely impactful on bitcoin’s price.” Central banks, which set interest rates for the countries and regulates the inflation also have the responsibility of monitoring the Federal Reserves. They include a variety of assets in reserve to reduce risks; these include Foreign Currencies, Bonds and Swaps. Therefore, going by the rate of improvement in Bitcoin, the Federal Authorities might choose to accumulate Bitcoin as well. The FinTech leaders and proponents of Bitcoin and cryptocurrency like John McAfee and Novogratz too have asserted their belief in Bitcoin. According to them, the next Bitcoin bull cycle will go higher than before. The post ‘The Main Use For Bitcoin Today is as Digital Gold’: Claims Economists appeared first on Coingape.

P2P bitcoin marketplace LocalBitcoins implements new ID verification process

CryptoNinjas LocalBitcoins, the popular Finland based person-to-person bitcoin trading site, announced it is currently developing a more efficient and reliable identity verification process. The new ID verification system will build upon recent updates by introducing 4 individual account levels per trade and BTC transaction... P2P bitcoin marketplace LocalBitcoins implements new ID verification process

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.