Australian authorities to regulate bitcoin

The Australian Parliament makes a move to control use of cryptocurrency
17 October 2017   757

Within the reform of governmental anti-money laundering and counter-terrorism financing law Australian authorities published a revision of the bill according to which bitcoin exchanges will be strictly controlled by the law. The Senate Legal and Constitutional Affairs Legislation Committee give priority to the regulation of digital currency operators.

The main measures applied to digital currency exchanges include the possibility of imposing civil penalties for operators of digital currency exchange services which are not registered, and enabling chief executive of Australian Transaction Reports and Analysis Centre to expand or narrow the boundaries of the digital currency definition.

AGD informed the committee that this aspect of the bill reflects technological advancements in digital currency. It noted that the current regulatory regime under the AML/CTF Act was designed in 2006 and applies only to an 'e-currency', which is 'backed by a physical thing. It excludes convertible digital currencies, such as Bitcoin, which are backed by a cryptographic algorithm'. 
 

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 

The approach of the committee to regulation is supported by an overview of the current legislation in accordance with the recommendations of the Attorney General (AGD). Legal Board called for recommendations on possible exemptions for transactions with a low value of less than $ 1,000 at bitcoin exchanges while The Law Council called imprisonment in connection with aggravating offenses between 2-4 years and even up to 7 years in cases which are extremely severe.

As soon as the committee recommended the bill to be introduced, the new service and register will be designated within six month’s from the adoption of the bill.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   97

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.