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Australia Moves to Regulate Bitcoin

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Digital currencies such as bitcoin are appealing for terrorism financing, according to Australia’s financial comprehension agency, AUSTRAC, that is job for them to umpire it underneath a anti-money laundering and counter-terrorism financing laws.

A news published by AUSTRAC, Terrorism financing in Australia 2014, settled that terrorism financing was branch a courtesy to electronic and online remuneration methods, that is expected to arise over time.

The news said:

Terrorist groups intent in radicalisation, recruitment and communication online (such as by amicable media) are a quite high risk of controlling online payments systems and digital currencies.

According to a Sydney Morning Herald, this week AUSTRAC is co-hosting a counter-terrorism financing limit with Indonesia in Bali. At a summit, Justice Minister Michael Keenan is formulation on informing those in assemblage of a work Australia is committed to doing when it comes to improving a anti-money laundering and counter-terrorism financing laws as it works toward controlling digital currencies.

Misuse of Bitcoin

It hasn’t been well-spoken sailing for bitcoin given a arrival.

In 2014, a gone Toyko-based Mt. Gox halted trade after 850,000 bitcoins went missing,

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