Headline Feb 04, 2018/ ''' CURRENCIES CROW CORRUPTION '''

''' CURRENCIES CROW 

CORRUPTION '''

REMEMBER : CONTRARY to the assumption of mainstream economics, the individual may not be divorced from others; in fact-

One indeed knows oneself through others. How then does one build a more humane society.

Wadood -Chartered Accountant and CEO ''Better World Makers Network, Singapore, Naveed Iqbal -finance specialist/KSA-

Hammad Khan, an Asst Professor of Strategic Marketing/UK, and Imran Khan, Chartered Accountant and MBA, and specialist Capital Markets-

Cryptocurrencies would increase corruption of every fold and could also lead to significant losses in Tax Revenues.

The World and the United States would take a tougher approach and attempt with everything in its power to *Ban Cryptocurrencies*. I.R.S and the world fears Bitcoin.

Nobel Laureate Professor Joseph Stiglitz had made a rather telling comment during a seminar some years ago. Professor Stilgitz had said-

*That the recent world economic crisis had done to the *science of economics* what the collapse of the Soviet Union did to the theory of Communism*.

He had declared that,'' We have to rewrite the textbooks.''

Some of the leading economists worldwide  have expressed similar discontent, with Professor Neild of Cambridge University presenting a paper titled ''Economics in Disgrace : The Need for a  Reformation''  [Neild, 2013].

This calls for rethinking economics represents a turning point in the history of  the subject.

For almost half of this century, the central proposition of the neo-classical theory that has held sway over university teaching and policymaking alike was that the-

Free market mechanism is the most efficient framework for resource allocation, production and distribution of goods.

In Freedom for All. time enough to get back to Rethinking Economics.

ONE approach would be for the government to accept the difficulty of directly taxing cryptocurrency transaction and to offset the  revenue losses by raising taxes rates.

The basic economics of taxation tells us that economic losses from taxes increase exponentially with the tax rate, so this response would transform revenue losses into a lower gross domestic product.

More likely, the United States would take a tougher approach and attempt to ban cryptocurrencies . This solution throws the baby out with the bath water.

While cryptocurrencies open opportunities for tax evasion and illegal operations, they also offer drastic reductions in the cost of financial transactions, especially for the poor-

And less reliance on banks, which can increase the power of Federal Reserve to control money supply and reduce the risk of bank runs.

A smarter response would be for the government to switch from taxing income when it received to taxing income when it is spent.

Many economists support moving to this kind of consumption tax, but it would require a major overhaul of the tax code.

The prospect of substantial government revenue losses is not just a problem for the United States government, it is also a problem for the cryptocurrencies themselves.

For cryptocurrencies to survive long enough to be an effective means of performing everyday transactions, the cryptocurrency community will need to find a way to prevent tax evasion.

This will include a tricky balancing act, preserving  anonymity while providing I.R.S. with sufficient information to prevent tax evasion.

More generally, cracking down on tax evasion will require that the community learn to trust government.

Since this goes against the very ethos of the cryptocurrency movement, it poses the most difficult  -but no less necessary -challenge.

SEOUL : South Korea has uncovered illegal cryptocurrency foreign exchange trading worth nearly   $600 million , a sign authorities are tightening the regulatory screws on the digital asset that many global policymakers consider to be opaque and risky.

The country's customs service said in a statement on Wednesday that about  637.5 billion won  [ $ 596.02 million] worth of foreign exchange crimes were detected.

''Customs services have been closely looking at illegal foreign exchange trading using  cryptocurrency as part of the government's task force,'' it said, underscoring  stepped-up efforts by Seoul to crack down on illegal trade in the digital asset.

ILLEGAL foreign currency trading of  472.3 billion formed the bulk of the cryptocurrency trading as many locals, including  students and housewives, jumped into a frenzied market despite warnings from policy makers around the world of a bubble.

Effective of  Jan 30, authorities will allow only  real-name  bank accounts to be used for  cryptocurrency trading  designed  to stop  virtual coins from being used for money laundering and other crimes.

Among other breaches,  Customs also said there were cases where  investors in  Japan their Yen worth 53.7 billion won to their partners in South Korea for illegal currency trade.

It said authorities will continue to monitor for any violations of foreign exchange rules or of  money laundering activities.

Seoul previously said it was that it is considering shutting down local cryptocurrency exchanges, which threw the market into turmoil and hammered bitcoin prices.

Officials later clarified that an outright ban is only one of the steps being considered, and a final decision was yet to be made.

Bitcoin stood at $9,800 as of 0502 GMT on the Luxembourg-based Bitstamp exchange. 

*Time enough for some scheme to unclog the financial world*.

With respectful dedication to the Leaders, Economists, Investors in Cryptocurrencies, Students, Professors, Teachers of the world, See Ya all on !WOW! -the World Students Society and Twitter- !E-WOW! -the Ecosystem 2011:

''' Unclog-!WOW! '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless