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Updated October 24, Bitcoin is one step closer to being regulated in Australia, with Parliament expected to this week vote on a bill to strengthen the nation's anti-money laundering laws.
But even at that lower price, many people thought the digital currency was "over-valued". Independent reserve bitcoin news the new laws are passed, the financial intelligence regulator AUSTRAC will be given new powers to police digital currency exchanges — where traders buy and sell Bitcoin, Ethereum and other cryptocurrencies.
It will also become an offence for an "unregistered person" to provide digital currency exchange services. They can be used on darknet marketplaces like Silk Road 3.
The hackers behind the Wannacry ransomware attack, which infected nearly countries around the world demanded their ransom be paid with Bitcoin. That was also the case with the Petya cyber attack in Independent reserve bitcoin news, which targeted the Cadbury chocolate factory in Tasmania. But the buying and selling of Bitcoin and similar virtual currencies is currently unregulated in Australia due to a loophole in existing laws.
The loophole is that the term "e-currencies" is defined too specifically in the Anti-Money Laundering and Counter-Terrorism Financing Act. In particular, the AGD said this specific definition does not cover Bitcoin. That is independent reserve bitcoin news the digital currency is not backed by physical assets at all — but by a "cryptographic algorithm".
There is a "legacy stigma" with digital currencies, independent reserve bitcoin news that people unfortunately associate Bitcoin with crime, Independent Reserve's director Lasanka Perera said. But some digital currency businesses believe that the anti-money laundering bill imposes unduly harsh obligations. He said this includes small transactions like "paying your phone bill or buying a banh mi Vietnamese bread roll for lunch". His concern is, under the proposed laws, he would be required to ask his customers to provide photo identification before they register for an account.
Independent reserve bitcoin news law currently does not require digital currency exchanges to conduct an identification check on customers who open accounts. However, some of independent reserve bitcoin news operators who spoke with the ABC said they, nevertheless, ask for " points of ID" from their customers because it is "best practice".
The imposition of new regulations on digital currency exchanges may also impose high entry barriers to new entrants. However, he conceded that: First posted October 23, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the story behind the story and insights into the making of digital, TV and radio content. Read about our editorial guiding principles and the enforceable standard our journalists follow.
Sexism in parliament isn't new, but it seems to have worsened: By business independent reserve bitcoin news David Chau. Bitcoin value slides as China slaps fundraising ban on booming cryptocurrencies. Civil war threatens future of Bitcoin. Move over bitcoin - there's a new kid on the blockchain. New laws part of Government's efforts to combat money laundering and terrorism financing AUSTRAC would be given new powers to monitor digital currency exchanges These exchanges would be required to identify customers more stringently and report suspicious independent reserve bitcoin news.
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