The Currency Analytics
By Steven Anderson
BTC/USD exhibited a resistance level at $10,575 and $10,700 respectively; however, confluences have not been detected.
The recently conducted G-20 summit took place in Osaka, Japan, and they will be adopting the standard set by the Financial Action Task Force (FATF).
"When these standards are into effect, interexchange transactions will require transparency regarding senders and receivers of cryptocurrency.”
This will lead to a lot of scrutinies from the regulators eventually warranting a need to probe different ledgers to identify illicit participants from crypto exchanges, hacks,…
Yang further stated, “It’s like trying to deposit money in a bank that is from a drug cartel or criminal enterprise; banks will refuse to process transactions.”
China prefers virgin Bitcoin, and the mining industry in China is thriving well. Yang further stated that the actual buyers are from the US and other regulated areas.
Buyers buy these coins in approval of its novelty and by perceiving the ease-of-compliance associated with the token in a situation involving regulatory uncertainty.
In reality, virgin Bitcoin will not help family funds or individuals making the buy, but there is more confidence in virgin coins, and therefore, this coin fetches high premiums.
The transaction history of the Bitcoin might reveal whether it has passed through a host of illegal pathways or money laundering attempts.
CEO of CipherTrace stated, “While this is less likely to affect those holding small amounts, larger traders could potentially, and unwittingly, hold larger amounts of stolen…
This is noteworthy because even a single shady transaction might render the coins from an entire cryptocurrency exchange to appear shady.
The new question doing the rounds now in the market is on whether Donald Trump can ban the Bitcoin? Several investors have a knee jerk on listening to this proposition.