Terrorism, money laundring: the risks of digital currency trading

The Monetary Authority of Macao (AMCM) has informed Macau News Agency that the trading of virtual currencies still implies considerable risks, including money laundering and terrorism financing.

The response was issued after an inquire on current works related to digital currency legislation, with the local monetary authority maintaining its cautious view towards decentralised digital currencies.

“Bitcoin, or any kinds of cryptocurrencies, are types of the virtual commodity which is neither a legal tender nor a financial instrument subject to the supervision of the AMCM,’ the monetary authority told MNA.

Cryptocurrency Bitcoin has seen its value soar above US$50,000 for the first time this week, having rocketed by almost 75 per cent in value this year.

Some of that rises has been attributed to corporate heavyweights backing world’s most popular virtual currency, with online payments group PayPal saying it would allow account holders to use cryptocurrency,  electric carmaker Tesla investing US$1.5 billion.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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