Bank of England Governor Says Cryptocurrency Transactions Shouldn't Be Anonymous

Bank of England Governor Mark Carney said cryptocurrency transactions are often used for illegal actions  
01 February 2018   149

According to the Bank of England Governor Mark Carney cryptocurrency is usually used for illegal actions. In his opinion, the use of different cryptocurrencies is mostly illegal, for example, it is often used in money laundering schemes. He believes that it is very important to introduce more transparency into cryptocurrency transactions.

Mark Carney pointed out that he spoke about the concern of international regulators about the use of cryptocurrencies. He expects this topic to be on the agenda at upcoming G20 meetings.

As Bank of England Governor states there are a lot of opportunities for cryptocurrency, for example, it can be integrated into the formal financial system. That is why it is very important to face some decisions about what we should expect from cryptocurrencies in future.

Although Carney did not mention Bank of England’s plans, The Bank of England has been researching cryptocurrencies in order to create its own digital currency. The new currency would be linked to the value of sterling and would allow people to keep their money in the central bank itself, cutting out the need for a retail bank.

In order to increase the country’s GDP, the central bank would have to issue enough digital currency units to equal 30 percent of the current GDP against government bonds. This will allow increasing GDP by about 3%.

First real-life cryptocurrency robbery reported in Taiwan

Four men stole 5 million Taiwanese dollar worth of Bitcoin, the police has already arrested the suspects
22 February 2018   57

Bitcoin has attracted lots of unwanted attention from hackers and scammers alike. Recently not a week passes without news of an exchange or user being hacked or some company's computers being hijacked to mine cryptocurrency. And now Taiwanese news outlets report first real-life robbery of Bitcoin in their country.

The robbery took place in Taichung, Taiwan's central city. The police reports three men being involved in the robbery itself and one as a planner. Criminals persuaded the victim to meet with them face-to-face under the guise of being interested in buying Bitcoin from him. After the victim showed the robbers the proof of his bitcoins on his phone, the men attacked him and his friend and transferred 18 bitcoins worth 5 million Taiwanese dollar via the phone wallet.

The suspects then forced the unfortunate seller to drink strong local liquor to make everything look like a drunken fight had taken place. The police arrived at the scene after receiving the reports of a fight and found two victims. Two of the offenders had fled, but the third has been arrested at the scene of the crime. He later provided investigation with information about his accomplices. They were arrested soon after.

The police later apprehended the man believed to be the mastermind behind the plan. All this was released in the yesterday's report by the Taiwanese law enforcement and the case is already viewed as “the first domestic case of bitcoin robbery”. The report doesn't mention if the crypto was returned to the rightful owner.

Similar cases has been rumored to happen in the US, but no records are released as of yet. So the unofficial governmental advice is to be more cautious of the buyers requesting face to face meetings in the light of this event.