SocGen SEO: Bitcoin has no future due to its anonymity

Frederic Oudea, CEO of Société Générale belives that in the long term cryptocurrencies are unlikely to survive 
08 November 2017   1094

According to Frederic Oudea, CEO of one of Europe's largest financial conglomerates Société Générale, in the long term, cryptocurrencies are unlikely to survive, as governments will desperately seek to regulate them. The head of the bank shared his opinion in an interview with CNBC.

The benefit so far is it provides anonymity to the people who are making the transactions. I can't see a future of this when I see the attention played by all governments and regulators on anti-money laundering, on anti-tax evasion, on anti-terrorism financing. The anonymity of the transaction is a problem I think which would put pressure on bitcoin.

Frederic Oudea

CEO, Société Générale

Despite the cautious attitude towards crypto-currencies, the banker has a positive attitude towards blockchain-based solutions.

I prefer to use the word distributed ledger technology and not blockchain. I'm more a believer of a distributed ledger technology where you have a defined set of players (that are) well-identified. We choose this mix of crypto technology to secure transactions.

Frederic Oudea

CEO, Société Générale

It should be noted that Société Générale is actively testing blockchain-based solutions. In particular, the financial conglomerate is part of the Commodity Trading Consortium, taking part in testing the platform for the trade in energy resources, which is based on the technology of the distributed ledger.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   270

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.