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0:00:00 Expert Claims Cryptocurrency Mining Requires Regulation To Stop Human Trafficking
0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:11 Yesterday, an expert witness testified before a US Senate subcommittee on the link between cryptocurrency and human trafficking.
0:00:19 He presented a series of recommendations to disrupt this abhorrent industry.
0:00:24 One of which proposes for cryptocurrency miners to comply with legacy anti-money laundering legislation.
0:00:30 Which, if implemented, would stifle blockchain payments.
0:00:33 In his address to the Senate subcommittee, David Murray, VP of the Financial Integrity Network, a Washinton DC-based advisory firm, began by drawing attention to the enormous profits involved in human trafficking.
0:00:46 Murray then went on to say that human trafficking interacts extensively with the entire financial system.
0:00:51 Unlike other criminal industries, for example, drugs trafficking, which is mainly a cash business.
0:00:57 Whereas human traffickers use cash, retail payment systems, online payment systems, and cryptocurrencies.
0:01:04 The problem lies in areas of the financial system with poor transparency, which Murray pinpointed as small payments carried out through retail payment systems, online payment systems, cryptocurrencies, and large payments carried out through anonymous companies.
0:01:18 As such, Murray made three recommendations aimed at improving financial transparency across the board.
0:01:24 And in essence, just like legacy financial institutions, cryptocurrency miners would be required to carry out due diligence on counterparties.
0:01:32 This would involve controlling network participation by overseeing any issuers, exchanges, or custodians they serve.
0:01:39 Thanks for checking this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: “NewsBTC”, who originally published this news update on their website.
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Blockchain wordt getipt als dé technologie die alles radicaal gaat veranderen. Talloze partijen omarmen het revolutionaire karakter van blockchain en zoeken naar manieren waarop de technologie ingezet kan worden in hun industrie. Toch is het niet altijd duidelijk wanneer blockchain meerwaarde oplevert. We gaan in gesprek met experts, doeners en kennisinstellingen en onderzoeken aan welke randvoorwaarden voldaan moet worden om blockchain succesvol in te zetten.