Regulators’ False Pretense for Limiting Cryptos
by Marvin Dumont
Governments around the world are removing privacy when it comes to banking, technology, and the use of cryptocurrencies. Regulators say it’s necessary to fight crime, anti-money laundering (AML), and terrorism.
But when it comes to cryptos, those reasons seem to be false pretenses. A 2019 study by analytics firm Chainalysis found that just 1 percent of Bitcoin transactions were associated with illicit activity. And a recent study by M.I.T. and IBM, which used Big Blue’s Watson artificial intelligence program, found that just 2 percent of Bitcoin transactions were illicit.
That’s in contrast to fiat cash like the U.S. dollar, and how these are widely used by criminals and organized crime.
According to the book “The Curse of Cash” by Ken Rogoff, more than one-third of all U.S. currency in circulation are unaccounted for. That means one-third of all U.S. currency is the share of cash used to buy and sell illegal goods and services and/or evade taxes.
In June 2019, the Financial Action Task Force (FATF), an intergovernmental organization that fights money laundering and terrorist financing, passed the “travel rule.”
The travel rule requires virtual asset service providers (VASPs) — digital exchanges:
- to collect info about senders and receivers of cryptos
- share these with other exchanges
- collect and share originator name and account number (wallet info)
- identify geographic location
- collect and share beneficiary name and account number (wallet info)
But what is this really about?
Apollo (APL) all-in-one privacy currency combines features of mainstream cryptocurrencies in an unregulatable platform. With two-second block speed, APL is one of the fastest cryptos on Earth. “Apollonauts” use features such as Encrypted Messaging, Smart Contracts, Decentralized Exchange, Dapps, and Decentralized File Storage.
Learn more at www.apollocurrency.com
