Austria to Regulate Bitcoin like Gold and Derivatives

Source : Austria to Regulate Bitcoin like Gold and Derivatives
Austria’s finance ministry said that it intends to regulate Bitcoin and other cryptocurrencies similarly to how it currently governs gold and derivatives trading, and it hopes the European Union will do the same.
Regulators across the world have grown increasingly concerned about the immutability and decentralized nature of blockchain transactions, which they say makes them ideal tools for money launderers and other nefarious actors. This, of course, is despite the fact that the majority of illicit transactions are still denominated in US dollars.
In the quest to combat this perceived threat, Hartwig Loeger, Austria’s finance minister, said that he believes rules currently governing precious metals and derivatives trading will enable the government to prevent cryptocurrencies from being used to launder illicit funds.
“Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing,” Loeger said in a statement, according to a Bloomberg report. “That’s an important aspect for the changes we support. We need more trust and more security.”

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