Switzerland introduces measures to combat digital crime
Switzerland is known to many as the country with the most reliable banks, a stable economy and a high level of technological development. That is why, in order to justify its own status, the state supports the Blockchain. Nevertheless, it cannot be denied that there is a fairly high percentage of fraudsters and deceivers in the field of digital transfers. That is why, in order to protect its advanced citizens and entrepreneurs, Switzerland is taking on the development of measures to combat digital crime. Next, we will tell you what exactly the government offers.
What are the new technologies?
Just yesterday, the first transfer according to accepted standards took place, which shows that the technologies developed are already applicable and should be integrated into everyday transactions. Bitcoin transfer took place in an automated mode and in compliance with several security protocols. According to the adopted government regulations, now every money transfer is required to undergo verification according to several protocols. The latter are designed to prevent money laundering, the possibility of illegal turnover of funds. The measures taken also apply to cryptocurrency transactions. A request has been received from the Financial Action Task Force on Money Laundering, which requires all companies and individuals to use specific security standards. The accepted parameters were passed on to large enterprises, which created their own solution based on the Blockchain.
Translations can now be done with the same speed and convenience as before. But the security of the transaction for the state grows several times. The so-called AML and CFT procedures exclude the possibility that a transaction aimed at money laundering will take place in Switzerland. Terrorist financing with cryptocurrencies is also excluded. Yes, you might not know, but this is a big problem in the Blockchain space. We have written an article about this.
Who is behind the implementation of measures against digital crime?
The implementation of government requirements was entrusted to the best programmers from well-known companies. Well-known firms Crypto Finance and Meter Pelerin, which mainly deal with blockchain in Switzerland. Through the use of artificial intelligence from 21 Analytics, companies have managed to implement a truly disruptive system.
Now each transfer undergoes additional checks, and the question arises – will this affect the privacy of transactions? Definitely yes. But if in this way it turns out to significantly reduce the financing of terrorism or money laundering, you can sacrifice anonymity. The speed and quality of translations are much more important. However, these indicators, according to the transaction, are not affected in any way. Moreover, it is worth noting that the new measures only apply to transfers over $ 1,000. Otherwise, Swiss transactions have not changed in any way. But we are confident that the favorable example of this country will soon pass to other states. Therefore, it is important not to miss such events.
The experience of Switzerland is an example of the most correct implementation and mastering of new technologies. The state supports the Blockchain. But at the same time modernizes it, protecting users from real harmful digital crime.
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