Bill Gates/bitcoinnewsboards

Bill Gates is not a “fan” of cryptocurrencies.

“The main feature of cryptocurrencies is their anonymity,” Bill Gates said. “I don’t think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and cryptocurrencies is super risky for those who go long.”

This is what he said in a session on Reddit, supposedly an “Ask Me Anything” session.

Even though the philanthropy under Bill Gates’ name has partnered with cryptocurrency firm Ripple in a bid to help the unbanked, the former Microsoft CEO said on Tuesday(27th Feb.) that the main feature of Bitcoin and its ilk is not a “good thing.”

When questioned regarding his views on cryptocurrencies in his sixth Reddit “Ask Me Anything” session, the billionaire focused instead on the downsides of Bitcoin and its peers. Namely, that the cryptocurrencies don’t reveal the name of their holders in the way a credit card statement might—making it easier for illegal transactions to fly under the radar.

When another Reddit user pointed out that plain cash can also be used for illicit activities, Gates said that crypto stands out because it can be easier to use. “Yes — anonymous cash is used for these kinds of things, but you have to be physically present to transfer it, which makes things like kidnapping payments more difficult,” he wrote.

Bill Gates also warned that the wave of speculation surrounding cryptocurrencies is “super risky for those who go long.”

He is not the only one here, speaking against the speculative assets. His close friend Warren Buffett also predicts a disappointing outcome. “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” the chairman and CEO of Berkshire Hathaway said.

Bitcoin has also been used by hackers to install ransomware on victims’ computers to profit from their malicious activity.

The cryptocurrency is not entirely anonymous in its current state, but there are proposals for adding a better privacy system in the future.

Hence, in conclusion,

Billionaire philanthropist and Microsoft co-founder Bill Gates said no technology has “caused deaths in a fairly direct way” to the extent that cryptocurrencies have. He said that the ease with which people can anonymously buy drugs is a major problem, and suggested that cryptocurrencies are used to launder money and fund terrorist organizations. Gates also added that “the speculative wave” around initial coin offerings and cryptocurrencies is “super risky.”

Read more here: https://www.inverse.com/article/41719-bill-gates-is-not-a-fan-of-cryptocurrency

 

Bitcoins/bitcoinnewsboards

Bitcoin, is it adoptive in UK?

Considering the UK to be a financial center globally, especially London, we might wonder that they are quite keen about bitcoin and other digital currencies. Digital currency is, after all, the ultimate example of a finance/technology hybrid. Well, you would be right.

However, anti-money laundering regulations should be updated to include Bitcoin and other virtual currencies, the UK Treasury has said. The Metropolitan Police says criminals are using cryptocurrency cash machines to launder money in London. The government’s aim is part of a broader update to the EU rules which are under negotiation. The update, revealed in Parliament last month, would mean that traders would no longer be able to operate anonymously.

The UK has laid down laws relating to cryptocurrencies for:

  • Consumer protection: FCA is the regulator with responsibility for ensuring that financial services are provided in a way that protects consumers and maintains the integrity of the market.
  • Prevention of money laundering: The prevention of money laundering is taken very seriously in the UK and indeed in many countries around the world.
  • Taxation: For once UK businesses were happy to have no regulation. We were told that VAT would most likely be charged on bitcoin service charges, but not bitcoin itself. Therefore an exchange would have to charge VAT on its commission, but not on the bitcoins traded.
  • Foreign regulations: Just because there is so little regulation in the UK, it doesn’t mean that UK businesses aren’t affected by foreign laws. Regulations in the US have a habit of reaching beyond the borders of the 50 states.

The lack of regulation in the UK has caused more problems than opportunities for bitcoin businesses. The biggest problem regarding bitcoin in the UK is– access to UK banking services. In short, there isn’t any. With the regulatory picture unclear, banks consider it too risky to offer bitcoin businesses a bank account.

In jurisdictions around the world, lawmakers and regulators are considering if and how to bring digital currencies under their regulatory frameworks.

Until the inevitable question of regulation is settled, one way or another, digital currency businesses will be unable reach their true potential.