Vatican to investigate role of crypto currencies in human trafficking

HOME POLITICS GOVERNMENTS VATICAN WANTS TO INVESTIGATE ROLE OF CRYPTO CURRENCIES IN HUMAN TRAFFICKING

The Vatican is serious: In its ambitious agenda to put an end to the modern slave trade, the Papal State is targeting crypto currencies. At the Vatican Conference against Human Trafficking last weekend, banker and crypto expert Joseph Mari of the Bank of Montreal was invited to the Apostolic See. He should inform about Kyptowährungen as money laundering instrument in the swamp of the human trafficking. With this unusual advance, the pontificate now declares war on human trafficking in the digital realm as well.

Blockchain as an opportunity for Bitcoin formula

As paradoxical as it may seem, the Catholic Church and the digital Bitcoin formula future are not mutually exclusive. This is proven by an expert hearing in the Vatican that took place last weekend. Rather, the Catholic Church, in its fight against human trafficking and modern slavery, is now also taking a look at the digital world. As Coindesk reports, Joseph Mari, Senior Manager of the Canadian Bank of Montreal, was also a guest of the Pontifical Academy of Social Sciences last weekend. He was supposed to draw attention to the role of Bitcoin formula crypto currencies as money laundering instruments in human trafficking and answered questions from the churchmen. His expertise should now strengthen the back of the papal fight against human trafficking.

According to United Nations estimates, hundreds of thousands of people are sold illegally every year and exploited as slaves in employment. 21 million men, women and children worldwide work under duress. Meanwhile, forms of such modern slavery appear in different forms. While women and children often work as sex slaves, thousands pay off loans in modern debt bondage or are bound to employers by temporary employment contracts. The International Labour Organization (ILO) estimates their unofficial profits from such forced labour at almost 150 billion US dollars a year.

Thus the church dares a promising leap forward and will possibly extend its Bitcoin trader strategies also into the digital space

With his election as Pope in 2013, Francis put the fight against human trafficking at the top of the agenda of his papal leadership course. Here is the Bitcoin trader review about it.

Pope Francis wants to counter this together with the leaders of other faith communities: According to a joint declaration, human trafficking and slavery “for all time” should be part of the past by 2020.

Another item on Joseph Mari’s agenda was the opportunities offered by blockchain technology and crypto currencies in cashless countries. These could, for example, help populations in developing countries who lack access to banks and financial services.

“Blockchain and crypto currencies must be on the radar of the Church. They must be perceived and used as something current. The faster the learning curve is overcome, the faster we can begin to work against the risks we face, said the blockchain and crypto expert about the importance of technologies for the Vatican’s agenda as church development agencies.

The hearings were part of a three-day programme to focus on the fight against human trafficking and modern slavery. The event was attended by Cardinal Pietro Parolin, the diplomatic head and Secretary of State of the Vatican, as well as numerous members of the leadership of the Papal State.

Strengthening smaller enterprises

Colangelo also claimed to be a user of Bitcoin products and that he has a broad interest in the technology. For example, he could imagine receiving part of his salary from payroll providers like BitWage in Bitcoin.

This would also affect the editorial direction of the company, Colangelo said, after expressing his desire to establish a Bitcoin-related part of Consumers’ Research to take care of hardware reviews for products such as Case, KeepKey and Ledger.

Bitcoin and Blockchain technology as potentially beneficial for the Bitcoin trader

As a co-owner of California metro Bitcoin trader manufacturer Golden Coast Mead, Colangelo sees the review about Bitcoin trader and Blockchain technology as potentially beneficial to technology-savvy small businesses.

Colangelo says he has investigated colored coins and digital resources on the blockchain. These could be used to contract his company’s products in the future. This, in turn, could enable pre-order purchases that would reduce Golden Coast’s liability if products were produced that did not meet sales expectations.

Alluding to the debate about private and public blockchains, he introduces Bitcoin as an internet-like tool. He says Bitcoin is especially interesting for those who don’t have the resources to perhaps develop better distributed account alternatives.

“With today’s technology, it’s easier for me to create a colored coin for 500 bottles of mead than using the blockchain technology from someone like Eris,” he said. “I logged in to create a blockchain and find some other computers [to secure the network]. I could do this through some cloud vendors, but eventually I can do it for free.”

This capability, he said, will expand the financial industry and make it easier for smaller banks to offer better services at lower cost. He added:

“JPMorgan will probably use private blockchains, but an open source alternative like Bitcoin will allow a small bank to keep up at the same level given the efficiency.

Marketing innovation for the crypto trader

In his comments, Colangelo enthusiastically emphasizes that all those currently involved in the Bitcoin and Blockchain crypto trader ecosystems come together at some point in history. This point in time will be looked back at similarly to the birth of the Internet.

“In 1994, we thought we had already tickled all the skills out of the Internet,” he continued. “We could not foresee about [the driving service] at that time. Some of these third party services could be replaced by a teenager developing an open source platform over the weekend simply because the economy gives it away.

However, he believes that it will become increasingly important for organizations like Consumers’ Research to inform the public about these new offerings. Ultimately, he said, Bitcoin companies cannot expect working families to invest time and energy in understanding how a new wave of financial products can be beneficial.

Finally, he stressed that this determination has encouraged him to bring this technology into line with his brand:

“Even if Consumers’ Research does not come first at CNBC, the Bitcoin price will explode. Even when we’re not there, we can say we did this important thing when Bitcoin was only known to a fraction of humanity.”

US Securities and Exchange Commission (SEC) goes on the offensive with regulation

On its homepage, the SEC publishes a surprisingly clear statement on “potentially illegal online platforms for trading digital assets”. The dispute over the regulation of ICOs and trading platforms in the USA has been smouldering for some time. Now the SEC is ringing in the next round.

For experts, the statement reads as a call to regulate digital currencies and initial coin offerings (ICOs). Registration with the Securities and Exchange Commission is mandatory for trading products that comply with the definition of SEC securities. This applies as long as no explicit exceptions have been granted. To determine whether a product is a security, the US Securities and Exchange Commission follows the 1946 Howey Test. According to the Supreme Court’s ruling, it must be a (cash) payment whose investment is expected to generate a profit. The investment is made in an ordinary company. The profit must be achieved outside the influence of the investors. If this is the case, the SEC speaks of a security.

In the statement, the SEC focuses on Bitcoin news and initial coin offerings

Also crypto currencies and providers of wallets are not scam. The SEC expressly points out that in case of doubt these must register with other state authorities. Although the focus of Bitcoin news regulation is initially limited to the USA, the effects can be felt far beyond the borders.

At the end of the publication, the authority refers to a now quite long list of cases in which the SEC has taken legal action against providers. These include fraud at AriseBank.

Bitcoin formula to be scrutinised more closely

In the Bitcoin formula, the SEC publishes a list of 13 questions that should help private investors to decide to invest: https://www.forexaktuell.com/en/bitcoin-formula-scam/ The answer to the question how “prices are determined on the platform” seems difficult. The following question is also broad: “Are all users of the platform treated equally?

Furthermore, the use of the term “exchange” is misleading, argues the SEC. It fears that consumers associate the term with a clearly regulated exchange. Moreover, providers’ statements about security standards and trading protocols should be treated with caution. Although platforms often speak of mature and secure systems, these guidelines are not subject to review. Although there are professional-looking order books on many platforms, “integrity”, as with providers confirmed by the SEC, is not necessarily to be expected.

Analysts are now expecting a series of subpoenas from the responsible platform operators. It is difficult to estimate how realistic it would be to obtain approval from the SEC. Some operators will consider adapting their business models as a precaution to avoid conflict with the authorities.

The platforms must either register with the National Securities Exchange or be granted an exemption. Although there are a number of theoretical exceptions, these do not exempt from regulation. They only subordinate providers to another supervisory authority and not directly to the SEC. From the point of view of the Securities and Exchange Commission, it is a matter of having the providers checked and monitored by a recognised body.