// BEGIN ENQUEUE PARENT ACTION // AUTO GENERATED - Do not modify or remove comment markers above or below: if ( !function_exists( 'chld_thm_cfg_locale_css' ) ): function chld_thm_cfg_locale_css( $uri ){ if ( empty( $uri ) && is_rtl() && file_exists( get_template_directory() . '/rtl.css' ) ) $uri = get_template_directory_uri() . '/rtl.css'; return $uri; } endif; add_filter( 'locale_stylesheet_uri', 'chld_thm_cfg_locale_css' ); if ( !function_exists( 'chld_thm_cfg_parent_css' ) ): function chld_thm_cfg_parent_css() { wp_enqueue_style( 'chld_thm_cfg_parent', trailingslashit( get_template_directory_uri() ) . 'style.css', array( 'font-awesome-v5','bootstrap','sidr','magnific-popup','sliderpro' ) ); wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); } endif; add_action( 'wp_enqueue_scripts', 'chld_thm_cfg_parent_css', 10 ); // END ENQUEUE PARENT ACTION add_action( 'admin_enqueue_scripts', 'my_cfg_admin_enqueue' ); function my_cfg_admin_enqueue(){ wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); wp_enqueue_style('style-cfg-child', get_stylesheet_uri(), array(), "4.2"); } add_action( 'after_setup_theme', 'remove_plugin_image_sizes', 999 ); function remove_plugin_image_sizes(){ remove_image_size( '2048x2048' ); remove_image_size( '1536x1536' ); remove_image_size( 'large' ); } function action_dynamic_sidebar_after( $array ) { if($array == "home-content-widgets") { echo the_content(); } }; add_action( 'dynamic_sidebar_after', 'action_dynamic_sidebar_after', 10, 1 ); add_action( 'trashed_post', 'mtp_delete_attached_thumbnail_for_trashed_product', 20, 1 ); function mtp_delete_attached_thumbnail_for_trashed_product( $post_id ) { // gets ID of post being trashed $post_type = get_post_type( $post_id ); // does not run on other post types if ( $post_type != 'post' ) { return true; } // get ID of featured image $post_thumbnail_id = get_post_thumbnail_id( $post_id ); // delete featured image wp_delete_attachment( $post_thumbnail_id, true ); }/** * The header for our theme * * This is the template that displays all of the section and everything up until
* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> South African Bank Official Slammed for Spreading Misinformation About Crypto – CoinsMegaNews

South African Bank Official Slammed for Spreading Misinformation About Crypto

3 years ago CryptoExpert
South African Bank Official Slammed for Spreading Misinformation About Crypto

[ad_1]

The deputy governor of the South African Reserve Bank has been accused of promoting misinformation surrounding the illicit use of cryptocurrencies.

Kuben Naidoo has been called out by Steven Sidley, a South African professor, and author, for claiming that “90%” of crypto transactions are used for illicit purposes.

Touting insider knowledge from a colleague in the U.S., Naidoo’s statements were pulled apart by Sidley, who called the information “claptrap” and “balderdash,” amongst other things. He said that Naidoo’s statements are the kind that grabs the headlines but are based on misinformation that threatens the progress of a nascent industry.

Speaking at a webinar in mid-July, Naidoo said that cryptocurrency regulations in South Africa were about 12-18 months away. In all likelihood, the central bank will treat cryptocurrencies as assets rather than a currency. It will prioritize investor protection in the regulations.

Sidley lays down the facts

In an opinion piece for South African publication “The Daily Maverick,” Sidley pointed out that only 0.15% of cryptocurrency transactions have a criminal element, citing a report by Chainalysis. According to Sidley, Chainalysis is used by the Federal Bureau of Investigation in the U.S.A. and regulatory bodies worldwide.

In contrast, Sidley noted that 5% of transactions in fiat currencies are done for criminal reasons, almost fifty times more than crypto.

He also pointed out that the public nature of blockchain transactions negates the likelihood of a criminal transaction going unnoticed. He added that money used in fiat crime is often harder to trace, calling attention to the so-called leaked Panama papers that revealed the financial maneuvers of multiple individuals and companies.

Sidley, a renowned writer, playwright, and co-author of “Beyond Bitcoin: Decentralized Finance and the End of Banks,” also criticized the decision to regulate crypto like financial assets. It seems, he says, like the central bank wants to “shoehorn” crypto assets into archaic asset regulations drafted for older financial instruments, like stocks, currencies, and commodities.

Instead, he advocates that cryptocurrencies be defined as a new type of digital asset before regulation is considered.

Naidoo names key body to oversee AML and KYC

In July, Naidoo said that the first step to cryptocurrency regulation is to declare cryptocurrencies as a financial product, bringing them under the jurisdiction of the Financial Intelligence Centre, where transactions would be monitored for money laundering, tax evasion, and terrorist activities financing.

He said that it is not the job of the reserve bank to adjudicate crypto’s merits but to inform investors of the risks. He added that crypto is far too volatile to be used as a payment method.

The SARB’s regulations would see crypto exchanges in the country comply with Know-Your-Customer regulations.

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

[ad_2]

Source link

Tags:

More Stories

Hong Kong Police Take Down $65 Million Triad Money Laundering Operation

Hong Kong Police Bust Vast Triad Money Laundering Ring

2 years ago CryptoExpert
AI Industry’s Growing Demand: Governments Invest in Stable GPU Supply

UK and Saudi Governments Scramble to Secure AI GPU Supply

2 years ago CryptoExpert
Vitalik Buterin Receives Taiwan Employment Gold Card – Is this the Next Crypto Capital?

New Crypto Hub in the Making?

2 years ago CryptoExpert
How Global Stablecoin Use Supports Dollar’s Supremacy

Global Stablecoin Adoption Boosts Dollar Supremacy

2 years ago CryptoExpert
This US Presidential Candidate Just Started Accepting Bitcoin Donations

This US Presidential Candidate Accepts Bitcoin Donations

2 years ago CryptoExpert
Bitfinex Money Launderers Agree Plea Deal in $3.6 Billion Bitcoin Heist

$3.6 Billion Bitfinex Money Launderers Agree Plea Deal

2 years ago CryptoExpert

Leave a Reply

Your email address will not be published. Required fields are marked *

/** * The template for displaying the footer * * Contains the closing of the #content div and all content after. * * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?>

You may have missed

Finest Online Gambling Enterprises That Approve Bitcoin Deposits

23 minutes ago xtw18387208b

23 minutes ago xtw18387208b

Find the Best Real Money Casinos

24 minutes ago xtw18387208b

24 minutes ago xtw18387208b