RATE Group | Report Suggests 15 Countries are Planning Global Monitoring System for Cryptocurrency Un…
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Report Suggests 15 Countries are Planning Global Monitoring System for Cryptocurrency Un…

10 Aug Report Suggests 15 Countries are Planning Global Monitoring System for Cryptocurrency Un…

Posted at 20:14h in Cryptocurrency News by

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As per the latest report released by Nikkei Asian Review, a news outlet based in Tokyo, as many as 15 countries are planning to form a global digital currency monitoring system. This system will be developed alongside the FATF, short for Financial Action Task Force, the intergovernmental organization comprising over 35 member nations dedicated to fighting terrorism financing and money laundering globally.

Divulging more details, the report revealed that this crypto tracking system would collect, as well as share, both transaction data and personal information of individuals who carry out digital currency transactions. The purpose behind such a move is to prohibit usage of cryptocurrencies in illicit activities, such as terrorism financing and money laundering.

The FATF will design the system and complete outlining its measures thoroughly by 2020. The system is planned to be up and running in the next several years, states the report. Once the system is set up, its management would be…

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