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Why restrict Bitcoin transactions (reasons for Bitcoin ban)

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Why restrict Bitcoin trading

Why restrict Bitcoin trading Why restrict Bitcoin trading? In order to prevent the circulation of digital currency, the US government recently pointed out the reasons why Bitcoin was used to evade sanctions in the 2020 Global Anti Money Laundering and Terrorist Financing Report of the Financial Action Task Force (FATF). This 60 page document shows that FATF is currently investigating the current situation of Cryptocurrency in the country, and suggests that countries should take strict regulatory measures on crypto assets to prevent illegal activities and damage to financial infrastructure According to data statistics from FATF, a total of approximately $500 million has been transferred to cryptocurrencies as of 2018. However, many crypto companies do not comply with FATF’s regulations and requirements on virtual currency, so these exchanges can only receive Bitcoin payments or exchange Fiat money through separate accounts. Although this law has not yet undergone legislative review, it has been widely recognized and there are already many controversies. If any encryption business is to be prohibited, all such service providers, including individuals engaged in encryption related work, must be stopped

Reasons for Bitcoin Prohibition

Editor’s Note: This article is based on the data and is authorized to be reprinted by the Daily Planet.

Bitcoin is one of the most prohibited assets in the world, but it does not have any government support or support

In the past few years, as President Donald Trump of the United States incorporated Cryptocurrency into his economic policies, many people believe that Bitcoin may become an attractive application scenario According to recent data, nearly $10 trillion is currently used to purchase Bitcoin and other digital assets, including commodities such as gold and precious metals such as oil. This means that over 70% of people worldwide are investing in Bitcoin and other non mainstream encryption technologies Nevertheless, regulatory authorities still insist on their view that Bitcoin is not an “illegal payment method” and must comply with the Bank Secrecy Act (BSA) Although these comments may be controversial, they seem to indicate the government’s cautious attitude towards the special currency

However, they pointed out: “Due to the lack of transparency and traceability, when it comes to Cryptocurrency, we should consider the issues related to money laundering.”

However, if people start to worry that Cryptocurrency will destroy its value storage mode and how to use its potential, they should realize that if they cannot effectively prevent innovation, then Bitcoin cannot replace Fiat money The original text is sourced from ambcrypto, compiled and organized by Blockchain Knight. The English copyright belongs to the original author. For Chinese reprints, please contact the editor.

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