Business 18 May 2017CoinGeek
Bitcoin Not A Cause For Concern, Says US National Security
A National Security think tank in the US has said bitcoin needs to be understood, rather than feared, following growing calls for legislative action to tackle digital currencies being used by terrorists and international criminals.
The Center on Sanctions and Illicit Finance has been tasked with researching how the currencies can be used to avoid sanctions, and whether there are blockchain-based solutions that could help resolve these issues.
Some have even controversially called for an outright ban on bitcoin, in an attempt to prevent these currencies being used in illegitimate activity worldwide.
While the research remains in its early phases, the project, led by former CIA analyst Yaya J Fanusie, is already suggesting that a ban is unnecessary, instead pointing to a lack of understanding of the technology among lawmakers.
Fanusie said a greater understanding of the risks and benefits of the technology would be a step in the right direction.
“What is needed is a more informed discussion about what the implications may be, because there’s so much defensiveness – there’s defensiveness on both sides, and I think we should come a little bit to the center, point out potential threats, but also point out benefits it has.”
Working alongside the Foundation for the Defense of Democracies, the project advises the Treasury as well as organisations around the world to diminish the risks of terrorism through financial systems.
Fanusie was also keen to point out that the recent outbreak of ransomware attacks worldwide was less a sign of problems with bitcoin, than an example of the currency’s potential.
“The lesson here is that those concerned about illicit finance need to be familiar with these cryptocurrencies, not to fear this technology, but to work in what is an increasingly digital and cyber world.”
The news comes on the day Congress is set to mark-up a new bill aiming to delve further into blockchain and altcoin markets, which could eventually lead to legislation designed to prevent bitcoin in particular being used in similar incidents in future.
As legislators and regulators worldwide make concerted efforts to come to grips with the technology, it remains to be seen how this will translate into policy response.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Business 1 hour ago
Cryptopia hackers stopped by Binance
The Cryptopia cryptocurrency exchange out of New Zealand became the most recent target of hackers. By the time the attack was discovered, thieves had reportedly been able to get away with Ether and Centrality tokens amounting to as much as $3.65 million.
Business 1 hour ago
New platform allows companies to pay salaries in crypto
Companies now have an easy platform through which they can pay their employees using cryptocurrency. Bitwage has teamed up with a payroll company to facilitate crypto payroll payments and already has 45 companies signed up to use the system.
Business 2 hours ago
Unwriter “breaks the rules” with his latest BitDB creation
Unwriter, the prolific cryptocurrency developer, has been hard at work this week, introducing a series of new functions under the BitDB umbrella to make accessing data more easier.