Watching ABC news this morning where they said that there will be new laws regarding digital currencies shortly.
It's an attempt to stop illegal activities on the "dark web" and also stop money laundering.
http://www.abc.net.au/news/2017-10-...loser-to-being-regulated-in-australia/9058582
Well, that is an irrational move on the part of Australia. Every example of 'bitcoin crime' they cite would not be stopped by their laws, it would only make it so that "customers" have no recourse and businesses will be discouraged from using crypto for legitimate purposes. This is likely what they want. This is push-back on non-centralized, non-bank-owned and profiteering of the banks.
You can tell this by reading the ACIC August report where "Bitcoin" is only even mentioned 3 times in the 43 page report:
Page 11:
The two key enabling technologies currently used to facilitate serious and organised crime are virtual currencies and encryption. Virtual currencies, such as bitcoin, are increasingly being used by serious and organised crime groups as they are a form of currency that can be sold anonymously online
So, ban encryption then!!! Because if you don't then virtual currencies such as Bitcoin are going to be traded through a VPN and the Aussie police will have egg on their face anyways.
So, I'm assuming that money laundering and organized crime was in existence prior to Bitcoin - how did banning their
previous currency of choice work out? Oh, they didn't do that and organized crime persisted anyways, oh well.... pissing in the wind then.
Page 28
Cybercriminals have used ransomware to demand payments from A$500 to A$3,000 (in bitcoin), with some businesses subjected to targeted attacks requesting tens of thousands of dollars. In 2016, the ransomware Cryptolocker was discovered on the computer system of an Australian government agency after an employee clicked on an Australia Post-themed email. Cryptolocker re-imaged the staff member’s workstation, resulting in thousands of files stored on an associated government server being encrypted by the ransomware.
First, these morons don't know what a re-image is vs. encryption... oh great (See first quote).
Second, effectively barring the use of Bitcoin isn't going to help get that Gov't Agency back its' files. Nor will it stop the ransomware.
Page 38
Serious organised crime involvement in environmental crime in Australia is currently unknown, with individuals and smaller networks more commonly reported. Technological developments including encrypted communications, online marketplaces and use of bitcoin currency continue to enable crime in this sector.
So, of the
UNKNOWN serious environmental organized crime, somehow they know bitcoin is a problem. Sounds like a baseless assertion to me.
If they want to ban it or monitor Bitcoin, fine, good luck (have fun failing). But at least come with actual problems and solutions, not some BS law that organized crime isn't going to follow. (Duh!)
I mean c'mon:
(From the article in OP)
If the new laws are passed, the financial intelligence regulator AUSTRAC will be given new powers to police digital currency exchanges — where traders buy and sell Bitcoin, Ethereum and other cryptocurrencies.
These exchanges like Independent Reserve and BTC Markets would need to be registered under the new regime.
Or users can log in using a VPN - which is what people in the US do for overseas exchanges. Overseas Exchanges will likely simply deny Autralia access, like Bitfinex is doing for the US because of regulation:
https://www.bitfinex.com/posts/227
Trust me, doesn't matter. VPN and done. ID for accounts isn't checked or verified unless you provide legal tender for funding. Trading and holding bitcoin requires no ID.
It will also become an offence for an "unregistered person" to provide digital currency exchange services.
I'm sure the criminals are shaking in their boots and awaiting to sign up to be tracked, you know, cause all of this anonymous stuff is too much to handle.
"Businesses that trade digital currencies for money, and vice versa, will be required to enrol and register with AUSTRAC," Justice Minister Michael Keenan said in a Parliamentary speech about the bill in August.
Mr Keenan said these businesses would need to "establish, implement and maintain an AML/CTF (anti-money laundering and counter-terrorism financing) program".
Ya, that's effectively going to kill legitimate use of Bitcoin. Again, none of this stops illegitimate usage.
There is a "legacy stigma" with digital currencies, and that people unfortunately associate Bitcoin with crime, the Independent Reserve's director Lasanka Perera said.
"These new laws would be good for the industry, it will give more confidence to investors, consumers and businesses to enter the industry," he said.
No thanks, Bitcoin doesn't need your help with confidence, Australia. I'm pretty sure the explosive price and market cap of Crypto proves that.
The thing all of these countries are failing to see is that they WILL NOT be the controllers of this. It scares them, it's power to the many and away from the few. The police are going to have to start doing actual work to find criminals instead of simply waiting for the computer to ding at them that something is wrong... you know, like how they did when everyone had only dollars.
