Abstract
We now examine how most countries have dealt with virtual currencies and, as anticipated, some countries welcome the newest technology, some prohibit it totally as being dangerous to the local currencies, others are satisfied with issuing warnings, while yet others seek to tax gains made from the exchange. We also examine how international organizations and entities such as the European Union and its banking organizations are interposing regulatory regimes to prevent money laundering and other misuses of the new technology.
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Notes
- 1.
The Bank for International Settlements , headquartered in Basel, Switzerland, was established on May 17, 1930 and is an international financial organization owned by 60 member national central banks and Hong Kong SAR, that make up about 95 percent of global GDP. Its mission is to serve central banks in their pursuit of monetary and financial stability, to foster international co-operation in those areas, and to act as a bank for central banks. https://www.bis/org/cpmi/publ/d137.htm
- 2.
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- 6.
Virtual currency schemes – a further analysis, European Central Bank, Feb. 2015, http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf
- 7.
Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32015L0849
- 8.
European Commission, Fact Sheet, Memo 16/2381, http://europa.eu/rapid/press-release_MEMO-16-2381_en.htm
- 9.
Proposed amendments to the Fourth Anti-Money Laundering Directive, http://www.europarl.europa.eu/RegData/etudes/BRIE/2017/607260/EPRS_BRI(2017)607260_EN.pdf. The text of the proposal for an amendment to (EU) 2015/849 is Eur. Parl. Doc. (COD) 2016/0208, http://ec.europa.eu/justice/criminal/document/files/aml-directive_en.pdf
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- 25.
The G20 (Group of Twenty) consists of central bank governors of the leading industrial nations plus the EU. The nations represented are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the United States, and the EU.
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Girasa, R. (2018). International Regulation. In: Regulation of Cryptocurrencies and Blockchain Technologies. Palgrave Studies in Financial Services Technology. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-78509-7_8
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