US Financial Regulator Warns Against Strict Cryptocurrency Rules

Cryptocurrencies are prevalent in South Africa and gaining traction as an alternative on the internet currency. This short article, therefore, illustrates the use of cryptocurrency in the facilitation of criminal activity through the review of existing literature. Lastly, an exposition of the crimes is presented in order to demonstrate how cryptocurrencies can be employed as a tool and target in the facilitation of cybercrime. Concomitantly, cryptocurrencies are also establishing themselves as an ideal currency for cybercriminals due to their unregulated and pseudo-anonymous nature. Cryptocurrencies can be made use of either as a tool or target in the facilitation of cybercrimes, such as cyber income laundering, cyber extortion, phishing, hacking, cyber fraud and other monetary crimes such as Ponzi and investment scams. Given the hugely technical, decentralised and as a result complicated nature of cryptocurrencies, it is important for criminologists to have a standard understanding of the modus operandi applied in ‘cryptocurrency crime’. This report begins with a short discussion on the history of cryptocurrencies. For those who have any kind of issues regarding where in addition to how to make use of simply click the next internet site, it is possible to e mail us from our own web site. The technical underpinnings of a cryptocurrency are thereafter explained in order to contextualise their use in the facilitation of cybercrime.

Some of the participants in this debate have appreciated the part of cryptocurrencies for instance, Kim (2017) argued that the simpler infrastructure and reduced transaction expense of Bitcoin are advantages compared to retail foreign exchange markets. Similarly, Bouri et al. 2017) identified that the Bitcoin acts as a hedge against uncertainty, when Dyhrberg (2016, 2016b) declared it a good hedge against stocks, the US dollar, and gold, and argued that it can be included in the wide variety of tools readily available to market place analysts to hedge market specific risk1. Financial innovation has been an essential platform for the debate and implications of blockchain technology and cryptocurrencies (for instance, see the special situation on blockchain)2. The emergence of cryptocurrencies has important implications for the global economy in general and emerging economies in unique. Furthermore, the danger to Bitcoin technologies can also be minimized and concomitantly, cryptocurrencies have an critical part to play in emerging economies. For instance, a study by Carrick (2016) argued that Bitcoin and cryptocurrencies have idiosyncratic attributes that make them appropriate and complementary to the currencies of emerging markets.

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They reported that the Bitcoin marketplace exhibits periods of efficiency alternating with periods exactly where the price tag dynamics are driven by anti-persistence. On this aspect, a study by Feng et al. Nonetheless, in the debate (or controversy) around cryptocurrencies, critical factors that have been relatively underappreciated are their determinants and predictability. Nevertheless, Bariviera et al. 2017) reported proof of informed trading in the Bitcoin market prior to significant events, which led them to argue that informed trading could be beneficial in explaining Bitcoin behavior having said that, this area calls for additional exploration, which is the objective of the present study. 2018) reported that the global monetary pressure index could be helpful for predicting Bitcoin returns. A later study by Bouri et al. They discovered that Hurst exponents changed drastically through the first years of Bitcoin’s existence, tending to stabilize in current times. 2017), compared the dynamics of Bitcoin and regular currencies and focused on the evaluation of returns using various time scales.