https://www.reuters.com/article/us-usa-senate-moneylaundering/u-s-financial-crime-fighters-eye-overseas-virtual-currency-platforms-official-idUSKBN1F62NM
Summary:
The US has announced recently that it will begin seriously investigating virtual currency platforms, even if they are located in foreign countries. The Treasury’s Financial Crimes Enforcement Network, which has already been combating money laundering utilizing cryptocurrency, will now spread its net much farther in the hopes of curbing many of the illegal activities which are being funded by cryptocurrencies. Already the Treasury has taken action against one of the largest Bitcoin platforms online, BTC-e exchange, which is located overseas. As American federal authorities begin cracking down on cryptocurrencies, other nations look to also regulate this wild online movement.
The reason this article was chosen:
This article was chosen as the current fluctuations in the cryptocurrency market has spread light on this relatively new system of payment. With some of its more appealing aspects, such as anonymity during transactions, its ability to be used for malicious purposes has been well established. The question arises if and should governments begin taking action to combat the illegal activities that are being funded through the use of cryptocurrencies, and in this particular case, should said governments be able to prosecute people and companies abroad using the system? As we discussed earlier in our text this week, the lines between the virtual and real world begin to blur as even some of our most basic institutions, such as currencies, become completely virtual.
Credibility of sources:
Reuters is a well-known and long standing news organization of good repute.
Ethical implications:
As cryptocurrencies become more and more relevant to the world, will these budding ways to deal transactions become more normalized or will its use by darker elements result in government crackdowns on its use? With its ability to be used anonymously and its track record of use in illegal transactions should governments step in and attempt to stem this growing movement, and if yes, can they?