Yesterday, the International Monetary Fund (IMF) published a Staff Discussion Note on how distributed ledger technology may enhance the global economy. The authors share insights into cross-border payments, central banking, and regulatory guidance.
The Central Bank of Samoa’s most recent statement against digital currency “get-rich-quick schemes” is reflective of an ongoing issue across a number of countries gaining familiarity with the technology. However, skepticism could be the catalyst to enable appropriate regulations.
Recently, the Delaware Senate passed Senate Bill (SB) 69, which would amend the Delaware General Corporation Law (DGCL). This bill paves the way for “distributed ledger shares,” a development that could have national implications.
The Government of Australia has announced it is taking steps to become a global financial services leader by loosening a number of policy standards. One includes removing the double tax that currently implemented on digital currencies.
Recently, Connecticut House Bill (HB) 07141, an Act Concerning Secured and Unsecured Lending, passed the state legislature. The proposed legislation would establish capital requirements for money transmitters dealing in virtual currency.
On June 8, the Terrorism and Illicit Finance Subcommittee heard testimony from public and private sector experts on the potential exploitation of virtual currency by bad actors. Education, additional investigative resources, and enhanced international cooperation are key to mitigating criminal finance that utilizes virtual currency.
Pakistan’s Federal Board of Revenue has begun investigating potential tax evasion and money laundering by bitcoin traders. In Pakistan, bitcoin is regarded as a commodity, not a cryptocurrency. No laws formally regulate Pakistan’s growing bitcoin trade.