Bitcoin Australia. A Quick Look at Something Important.

This info was sectioned off from a previous full Steemit post to help highlight Bitcoin related news for Australia.

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Australian Government: Bitcoin Is Causing Organized Crime to Proliferate [1][2]

This now brings me to segue to an interesting article that recently came out of Australia a couple of days ago. And since this is a channel focused on the southern hemisphere with respect to Bitcoin, then it's definitely appropriate for me to cover this news. The article was titled “Bitcoin Is Causing Organized Crime to Proliferate.” When this article came out, it was confusing to hear this news coming from Australia. One day you hear of Australians trying to make Bitcoin a currency and the next day you hear something like this by the government. It goes to show you that we are still living in a very indecisive Bitcoin world. So this story broke out with respect to a study led by the government of Australia to find out the impact of cryptocurrencies.

The study found out that the rise of cryptocurrencies in the region was heavily tied to the the rise of organized crime. I do not have access to the study or know what measuring tools were used to help validate the information. Therefore, I cannot deny it’s validity. I think there is something going on that ties this news to the recent China ICO ban. There are definitely bad actors out there creating scam ICOs for illegal reasons. And seeing how Australia is not too far from China and the South Pacific region, this news from Australia is getting quite credible everyday. If there are scams out there and bad actors, then something must be done to protect the cryptocurrency market and place some legitimacy back into into the ecosystem.

Therefore, I offer my thoughts and solutions but encourage you the listeners to post your feedback on how the cryptocurrency market can police itself better. But anyways here goes a couple of solutions from the top of my head. And I am not saying all solutions are 100% perfect, but it would give us a way to enforce more confidence into the market place. It’s like shopping carts. About 10-15 years ago, grocery establishments were complaining about people stealing shopping carts. Because of this theft which obviously led to a lose of money, it forced a solution, which was to have special locks on the bottom of shopping carts. After this solution was implemented, this drastically reduced the number of disappearing carts by several holds.

My Personal Solutions

1. Enforce KYC/AML laws were appropriate to also include parties involved in creating ICOs.
2. Have a vetting process to weed out suspicious ICOs. For example, this can come out from the cryptocurrency industry. Maybe the top 10 exchanges across the world can make a panel to vote Yay or Nay on an ICO.
3. Central governments need to invest money towards the public's interest to track and detect foul play, manipulation, and money laundering schemes out there.

To conclude, these solutions are simple and can be expanded upon. I will keep track of this China situation and share any interesting insights with you guys (that hopefully no other YouTuber have covered already). Lastly, I want to leave by saying... if you like this information, please give it a thumbs up if you are viewing it on YouTube. If you are on Steemit, you can upvote this post. Also if you want to see more news like this, you can follow me on Steemit or Subscribe on YouTube. Enjoy the rest of your weekend. And as always, comments are welcome!

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Nick is a content creator for Sobuka with a background in programming, information technology, finance and digital forensics. He shares interest in cryptocurrencies by reporting on International Affairs. You can find myself, B, and Sarah here from time to time.

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Relevant Sources

[1]. "Australian Government: Bitcoin Is Causing Organized Crime to Proliferate." Sterlin Lujan. 8/28/2017. https://news.bitcoin.com/australia-believes-bitcoin-is-causing-organized-crime-to-proliferate/

[2]. "Bitcoin Silicon Valley May Be Moscow. Australia Legitimizes Bitcoin. Korea Mining & South Africa." By Sobuka. 8/22/2017. https://steemit.com/bitcoin/@sobuka/bitcoin-silicon-valley-may-be-moscow-australia-legitimizes-bitcoin-korea-mining-and-south-africa

Disclaimer
The information on this blog is not financial advice. Before you invest in cryptocurrencies, please speak to a financial advisor.