Monday, March 19, 2018

Ousmène Jacques Mandeng and Piroska Nagy-Mohacsi — Cryptocurrencies challenge the status quo

Cryptocurrencies have been the subject of recent attacks by official sector representatives, and the G20 finance ministers will consider regulatory proposals at their next meeting in Buenos Aires. This column argues that while cryptocurrencies present certain risks, they also represent an important innovation that promises to enhance choice and efficiency in monetary transactions. A proportionate, risk-based regulatory approach is required to accommodate differential attitudes and experiences and to avoid stifling innovation and competition. This implies having an open debate before sweeping regulatory action.... — CEPR's Policy Portal
Cryptocurrencies challenge the status quo
Ousmène Jacques Mandeng, Visiting Fellow, LSE Institute of Global Affairs, and Piroska Nagy-Mohacsi, Programme Director, Institute For Global Affairs, London School of Economics

Washington tax authorities are treating crypto-currencies as properties and not money and this means US investors are starting to receive some unexpected and large tax demands.
"Prosecution futures." (ht Yves Smith)
Money laundering. Tick. Ponzi frauds and market manipulation. Tick. Terrorist financing and drug dealing. Tick. Tax evasion? Yes, that too can now get a tick on the checklist of supposed crypto crimes.

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