Cointelegraph

Hong Kong Gov’t Report Says Bitcoin Poses ‘Medium-Low’ Risk In Financial Crime

The Hong Kong Financial Services and Treasury (FSTB) released a report on the status of money laundering and terrorism financing. The report concluded that virtual currencies, like Bitcoin, are not particularly involved in either type of financial crime. Hong Kong's financial regulators and law enforcement agencies are working together to look into risks associated with Initial Coin Offerings (ICO) and cryptocurrencies. In March this year, Hong Kong’s Securities and Futures Commission (SFC) halted an ICO in Hong Kong and made the company return the money raised. More recently, in mid-April, the SFC said that the type of fundraising done through ICOs is better suited to venture capital funds.

Crypto vs. Cash - How the Numbers Stack Up on Drugs, Guns, Murders

There was a time when Bitcoin was used often for buying of illegal substances, from drugs to guns and even hitmen. It was decentralized, anonymous and digital. As Bitcoin has organically grown and been adopted into more mainstream markets, the use of the digital currency as a Darknet tool has been declining. According to a recent analysis conducted by Carnegie Mellon University, weapons represent a very small portion of the overall trade on anonymous marketplaces. Drugs are far more common. Specifically, MDMA and marijuana each account for about 25% of sales on the dark web. Yet, the vast majority of drug users still purchase illicit substances via more 'traditional' methods. According to a 2017 Global Drug Survey, the global median for a percentage of drug users who use the darknet is 10.1%. The ease and convenience of buying online extends to the illegal markets, and just because there is a tool to do it with, doesn’t mean that the tool is the enemy.

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