According to a filing in US District Court, Russian Military Intelligence operatives used Bitcoin to help finance the cyberattack on the US democracy that began during the 2016 Presidential Election campaign.
PBS: Read Mueller’s full indictment against 12 Russian officers for election interference
The Russian espionage made hundreds of transactions using Bitcoin and purchased the means to disseminate disinformation over the Internet. One of the inhibiting factors in the growth of cryptocurrency has been the danger of anonymous transactions. While most cryptocurrency exchanges have thorough ID and vetting procedures, some require little or no identification.
Considering the large sums of money and value transmitted daily in cryptocurrency, the lack of ID procedures opens opportunities for criminal activity terrorism, cyberattacks, and money laundering.
In the spring 2018, many customers on peer-to-peer sites like LocalBitcoin experienced account disruption. Their trading privileges were suspended by the peer to peer exchanges until they provided substantial identification. Suddenly the freedom of private transactions seemed lost. Many wondered why the peer-to-peer sites suddenly changed when they had resisted the know-your-customer policies by providing a platform forno-ID trades in cryptocurrency.
The Mueller probe’sindictment of GRU officials for interference in the 2016 election contained details of use of Bitcoin to accomplish significant steps in the criminal conspiracy. The trend towards requiring identification for all cryptocurrency transactions now has an additional impetus. The cyberattack on the US democracy used cryptocurrency to pay for services. They conspiracy included buying cryptocurrency and making it by blockchain mining.
-Cryptocurrency has vast potential
Cryptocurrency has emerged as a leading source of funds for projects and start-ups. The blockchain technology and some use of smart contracts on the Ethereum platform have revolutionized crowdfunding. As more mainstream investors and hedge funds look to cryptocurrency for profitable investment, the governments around the globe have made stronger demands for compliance with Know your customer and thorough Identification.
-A Need to Know Your Customer and Compliance with AML
The Russia attack on the US election could have gone forward without cryptocurrency, but the anonymous transfers added an additional layer of secrecy. During the Special Counsel investigation, reports surfaced concerning the low level of spending that the Russian attack used to accomplish their goals. The low level of funds- estimated at about $1.5 million seemed inadequate to support an expansive program. The July Indictment demonstrates that there were other and largely untraceable sources of funds for the cyberattack and unregistered contributions of campaign funds.
Coinbase is a leader in the US cryptocurrency industry; it has formed a political action committee . Coinbase is the most widely followed and influential digital currency exchange in the US. Along with Gemini, it is among the early leaders in government engagement to promote publicly -beneficial regulation. Coinbase also works with the ownership of the NYSE and provides valuation services for crypto-derivatives traded on the Chicago Board. The Coinbase PAC represents a further step towards mainstream integration; public acceptance of digital currency will likely depend on confidence based in some form of regulation. - Political Action is Important The modern trend in business to government relations involves supporting leadership that advances interests favorable to the industry. This is a wrong-headed approach that verges on corruption. An earlier approach allied business interest with the pubic interest. GM, for example, could fairly support leaders that advocated
Investors of every size make investments to hedge against stock market volatility. When stocks show problems in inflationary times, investors often turn to bonds. When federal taxes are a focus, they can balance a portfolio with tax-free Municipal Bonds. In the age of the NYSE joining strategically with Coinbase, the question occurs: how would a cryptocurrency market affect investor behavior during a correction or periods of high volatility? Today, investors can invest in crypto-derivatives through the Chicago Board, and a few international funds offer instruments based on cryptocurrencies like Bitcoin, Ethereum, Litecoin, and ZCash. The rise of cryptocurrency( Bitcoin topped $15,000 in 2017) and the growing acceptance of cryptocurrency by US security regulators offers institutional investors an opportunity. They can bet on rising ICOs and trends in older, highly liquid currencies. The test will come in the event of a market correction such as the type of upheaval that a trade w
The economic impact of the Covid-19 pandemic has changed the US and global economies. The common thread of governmental responses to the pandemic have involved various degrees of quantitative easing and monetary policy. The overall effect suggests that there will be currency inflation due to policies that increase money supplies. Preserving Cash Value The past impact of economic shutdowns were sharp and severe. They required governmental action to ensure economic viability for broad swaths of populations. In the US, government efforts included multi-trillion dollar investments in economic sectors. businesses, and households. Whether this type of action will continue may be in douubt, but the Federal Reserve policy seems certain- they will continue to pump money into the banking and finance systems. In a period of monetary easing, some companies with cash reserves have decided to diversify their holdings with Bitcoin. Their theory is that Bitcoin may be a more stable value in a peri
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