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T Weighing privacy against risks involved with cryptocurrency trends for monitoring the ebb and ow of money used nology to read that history. It is clear our regulafor investments. tors have to catch up with current technology. Individuals are better protected if regulators When cash is used in the underground econare able to monitor all nancial transactions. omy it is extremely hard to trace. If regulators Without that ability, Canadian regulators will develop the necessary technology, they may nd not be able to do their job. The irony is crypto- monitoring cryptocurrency transactions, and recurrencies leave an extremely detailed history of ducing risk involved in the transactions, is easy. Guest Contributor all transactions in an encrypted digital leger. Un-- submitted by S Peter Watson, of Peter Wattivities. As cryptocurrency isn't issued by a central fortunately, the regulators do not have the techson Investments. MBA, CFP®, R.F .P ., CIM, FCSI authority, it's free from government monitoring. FINTRAC is our Canadian nancial intelligence regulatory body. Its formal name is the Financial Transactions and Reports Analysis Centre of Canada, and it assists in the detection, prevention, and deterrence of money laundering and the nancing of terrorist activities. FINTRAC is concerned cryptocurrencies alStress & Weight Management, low for signi cant nancial transactions without Digestive Issues? Skin Conditions? it being able to monitor and regulate those transactions. Hormone Imbalances? Terrorism is now a global risk, and terrorist Fertility Support Pain Control organizations need capital to nance their operations. Currently, Canadian reporting entities are required to report large or suspicious cash transDr. Anousha Usman ND actions to FINTRAC. Cryptocurrency transactions are direct. They do not require a third party. Not having a reportFood Sensitivity Testing, Hormonal & Adrenal Testing, Mineral Analysis, ing entity involved in nancial transactions, or Acupuncture, Nutritional & Lifestyle Counselling being able to monitor cryptocurrencies being transferred, would undermine any efforts deNEW PATIENTS WELCOME signed to cut off terrorist funding. Cryptocurrencies are also under investigation from a number of groups in Ottawa responsible 27 | Thursday September 21, 2017 | OAKVILLE BEAVER | www.insidehalton.com here is a delicate balance between what the government wants to know, and the privacy of Canadian citizens. Especially when it comes to money. Individually, our privacy is important. Collectively however, it is to our advantage that the government understands what is happening in order to regulate commercial activity. Technological advancements have provided new options for commerce, but some of those technological advancements are giving Canadian regulators a headache. You've heard of the popular expression `the underground economy' -- the sale of goods and services not reported to the government. The main motivation of those participating in the underground economy is to avoid paying sales tax and income tax. This is a signi cant loss of revenue not only for Canada, but for many other countries as well. Now another challenge facing us is underground currency. Cryptocurrency, such as Bitcoin, is a relatively new digital currency that makes it impossible to leave a paper trail for nancial transactions. Cryptocurrency uses blockchain technology, and cryptography for secrecy and security. Blockchain technology allows data and assets to be distributed online between consumers and suppliers without need for a third party, such as a bank. One reason Canada wants to monitor nancial transactions is to protect against money laundering, terrorist nancing, and other fraudulent ac- Peter Watson Dollars & Sense Naturopathic MediciNe call today 905-257-5628 www.dundaschiropractic.com Trafalgar & Dundas, Longo's Plaza Design Build Install OakVille Showroom Location 466 speers Rd,unit 6-7 oakville, oN l6K 3W9 Fully custom kitchens, vanities, wall unit, mantle, walk in closet, laundry room, Bar, etc; · Granite, Quartz countertops · Full renovation service · Real estate service; T: 905-338-8999 / 905-338-8199 info@beyondkitchens.ca F: 905-338-8099 *Trades, realtors, builder programme available,please ask store for details;