[Rejected: Repeated Topic]UK Tax Authority Aims to Catch Cybercriminals with Blockchain Analytics

The HMRC Revenue and customs UK tax authority aims to capitalize on transparency in financial transactions using Blockchain technology as reported from The Block.

Many industries are deploying new security features moving into 2020 using different elements from the new technology. It is suggested that using Bitcoin and Ethereum which are being used for “tax” evasion and other forms of counter-terrorist financing has become more of a problem across government. Specifically, those using digital assets including;

Bitcoin

Bitcoin Cash

Ethereum 

Ethereum Classic 

Tether 

Blockchain aims to provide financial freedom to the world, as many see it as the new banking system with better cost efficiency, speed and overall use for day to day transactions. With this ability to manage assets individually without traditional banking and regulation, many problems continue to arise in the current system, including criminal activity, regulation breakages and not following certain countries' legal systems. 

Tax evasion is a major concern in the new forward-thinking technology, due to a lack of regulation, law and overall consensus on how it would be possible to request citizens to pay tax, that government currently implements on a national scale to solve problems. 

The HMRC has already issued letters demanding that exchanges including Coinbase, eToro, and CEX.IO release customer information, confirming names and transaction history to ensure that any transaction that may result in potential tax charges should be recorded and handled accordingly. 

With regulation and law trying to catch up, it will be interesting to see how cryptocurrency transactions adapt to old formats if that is even possible.  

With debates and suggestions of what may be possible being long discussed, changing the USD to a completely digital currency and implementing it on top of blockchain allowing regulators and current understanding of money, to continue was given some spotlight. However, since late 2019, an upgrade to current money, we have not seen change, for the USD or any other national currency.