From the dawn of time, when the first human beings started to walk the Earth, there was a lot of excitement surrounding virtual currencies.
In the early 1900s, there were over 2,000 currencies in circulation worldwide, and the value of Bitcoin hit $1,000,000.
That was a huge milestone.
But over the last two decades, as the number of virtual currencies has grown and there have been more legitimate uses for the technology, there has been a worrying trend in recent months.
There is an epidemic of money laundering, cybercrime and money laundering operations, with money launderers exploiting loopholes in the global financial system to steal money from banks, investors and governments.
A lot of this is fuelled by the fact that digital currencies are not backed by any kind of central authority, so they don’t require banks to track transactions.
They are anonymous and, in many cases, they can be used by criminals to evade law enforcement and financial oversight.
There have been several reports about cybercriminals stealing $20 billion (£15.6 billion) worth of virtual currency last year alone.
The issue has led to concerns from financial regulators around the world, and some governments are starting to take action to curb the use of virtual coins.
In May, the European Union passed legislation aimed at curbing virtual currencies, and there are proposals to introduce new laws around financial institutions and financial services providers.
The Australian government, for its part, is also looking to regulate virtual currencies as a matter of national security.
In July, the Government announced the introduction of legislation to make it easier for Australians to report any suspicious activity involving virtual currencies to the Australian Anti-Money Laundering Commission.
The move follows a series of investigations, including one that led to the arrest of a suspected money launderer in the US, where the investigation revealed more than $4 million in bitcoin transactions.
“It is important for us to understand that these types of activities are not new and are not going away,” Treasurer Scott Morrison told reporters in July.
“Virtual currencies and the money that is created by them are not only anonymous, they are completely unregulated.”
That is the issue that has been with us for some time.
And the Australian Government needs to take the lead on this issue.
“There are some indications that the Australian government is beginning to be more vocal on the issue.
In September, Treasurer Scott Moore made a similar announcement, saying that he was confident that the Government would act on virtual currency as a national security issue.
The Treasury Department’s new Digital Currency Working Group will also be working with other international bodies to develop guidelines and best practice guidelines for regulating virtual currencies and cryptocurrencies, including the World Economic Forum and the OECD.
Topics:economics-and-finance,financial-industry,government-and.gov.au,finance-and/or-federal-government,digital-currency,money-and ofcom,australia,united-statesFirst posted March 05, 2020 16:42:14Contact Ashley FentonMore stories from Victoria