French Police Allow Provisional Migrant Campsites

Jon Purizhansky: French officials have vowed to evacuate refugees from other sites after clearing the Porte de la Chapelle and Seine-Saint-Denis area. French authorities have evacuated hundreds of migrants from two sites in Paris this week, just after the government disclosed a series of procedures to a “take back control” of immigration. Roughly 600 policemen ushered the migrants from tents where they were then moved to reception centers, in a process that began under rainfall in the early morning, an AFP news agency reporter notes. The two sites near the Porte de la Chapelle were estimated to hold between 800 and 1,000 migrants.

French Prime Minister Edouard Philippe noted that his country must “take back control of immigration” and devise clear choices regarding refuge and assimilation. Granting refugees the right to stay in the country, he mentioned in a speech on Wednesday, must be “actively based on our principles and goals”. Jon Purizhansky of Buffalo, NY recognizes the problematic way refugees are being regarded and handled in this scenario. Many of the occupants, much of which were families with children, maintained that they were from Afghanistan or Africa.

Paris Mayor Anne Hidalgo said to Al Jazeera that these large-scale operations have occurred before. “Every time, we’re told it won’t happen again, but we need proper processing procedures when people arrive in France in order for them to have their rights respected,” Hidalgo noted. “In camps like these, about 20 percent of people are refugees who are here legally but have not been offered any kind of housing,” she reflected. “There are also homeless families.”

It appears the French government is looking to introduce immigration quotas for laborers in an attempt to address the nation’s skilled labor shortage industry. There are also plans in place to make things more difficult for refugees seeking asylum. Their access to healthcare is going to be restricted and all government services are going to be restricted as well. Jon Purizhansky maintains that these harsh rules need to be re-examined.

During the evacuation this week, Paris police chief Didier Lallement noted that the massive operation, the largest of its kind in years, was “decided in the framework of the implementation of the government plan”. “It did not happen by chance,” he said to reporters. “I will no longer tolerate these installations by the roadside here or anywhere else on public spaces in Paris,” he reflected. French President Emmanuel Macron has vowed to reign stricter on immigration, a gesture widely regarded as an attempt to keep right-wing parties from stealing votes from him in the forthcoming French elections.

Calls to Reposition Migrants in Europe

“The European Union hasn’t shown enough solidarity with countries handling first arrivals,” said French President Emmanuel Macron on Wednesday. The established system, he added, was particularly unfair with regards to Italy. Hundreds of migrants made it to Italy and Greece this week, many of whom were travelling by boat from Libya and Turkey. The steep rise in the past few days has led to dilemmas at establishments on Greek islands that have taken in and sheltered arrivals during the determination process. Jon Purizhansky of Buffalo, NY recognizes the EU’s struggle to address the migrant and refugee crisis.

On Lesbos, a structure built to accommodate as many as 3,000 people is currently lodging over 10,000 people. Some other Greek islands, among which are Samos and Kos, are also grappling with the over-abundance of people, the latest data reveals. On Wednesday, Italian Prime Minister Giuseppe Conte and Macron held talks in Rome. Shortly afterward, two stated that the EU had to introduce a more equitable system for accommodating migrants rescued from the Mediterranean Sea. Macron reflected that France is ready to help develop the framework to overhaul the existing system. Italy, who has currently been staying ahead of the incoming migrants in the EU, has already chastised other states in the EU for not shouldering their fair share of the responsibility.

The country’s former interior minister and leader of the far right wing League party, Matteo Salvini, regularly blocked charity-run transports carrying migrants from entering Italian ports.

The rescue ships were then forced to wait while EU countries revised settlement agreements. Italy’s new coalition government, which entered office last week, reflected a change of approach to migration after allowing 82 migrants to disembark on the southern Italian island of Lampedusa over the weekend. Thousands of migrants attempt to cross the Mediterranean to parts of Europe every year. Those who undertake the journey often travel in poorly run and overcrowded ships, and many have died on their voyage. Jon Purizhansky recognizes the stakes involved here and makes a case for more humane conditions.

Jon Purizhansky: Early this week Turkey, who has been accommodating over 3.6 million Syrians who have fled the nation’s civil war, advised that it would “be forced to open the gates” if it couldn’t get “logistical support” to set up a refugee “safe zone” in Syria. President Recep Tayyip Erdogan stated that as many as 3 million Syrian refugees may return to their country to reside in the north, but that transnational cooperation was required in order for that goal to be met. Several tens of thousands of Syrians have already fled north of Idlib, a province overseen by rebel and jihadist forces, to the Turkish border. Under a 2016 agreement with the European Union, Turkey put in place more stringent controls to abate the flow of migrants and refugees to Europe.

Welcome, Unwelcome

Central America is only one source of the West’s migrants, and the U.S. is only one of many destinations. Turbulence in Venezuela has also expelled large numbers of people from their homes to find refuge in many other places in the region. Under Maduro’s ever more authoritarian rule, the nation has been plagued by violence and economic turmoil since late 2015. Venezuela now maintains one of the highest murder rates in the world. Ninety percent of the population lives below the poverty line. In 2018 there was nearly 1.7 million percent hyper-inflation. Jon Purizhansky of Buffalo, NY recognizes the need for people to escape such a dire environment.

People fled in increasingly drastic numbers in 2017 when the full weight of the economic crisis began to be felt. Since then, as many as four million Venezuelans, at least 7% of the country’s population, have departed. This is an unprecedented change in the region, arguably beaten only by the period between 1979-1992, when over 25% of El Salvador’s population escaped a civil war. Venezuela’s neighboring nations have responded in quite different ways with Colombia having the most progressive approach of all.

Colombia opened itself up to about 1.5 million Venezuelans and has given them the right to work and receive basic government services. Colombia has recognized Venezuelan immigration as an opportunity for growth, receiving a $31.5 million grant from the World Bank earlier this year, along with additional privileged finance, to extend job opportunities and improved basic services to the migrants and their host communities. Jon Purizhansky maintains that we need more countries to adopt approaches like these if we are going to meaningfully address the current migrant crisis.

Colombia’s government refuses to call these Venezuelans refugees, since doing so might worsen a bureaucratic logjam in the asylum system and jeopardize a political backlash in a country where anti-immigrant rhetoric is growing in its border regions. Other nations have been less welcoming than Colombia. Peru initially opened its borders, allowing Venezuelans to apply for short-term visits or for asylum and, from early 2017 to late 2018, offering Venezuelan migrants momentary access to work, education, and banking services.

Jon Purizhansky: But by the end of 2018, Peru adjourned that policy after concerns were raised that it was creating an incentive for more Venezuelans to travel there. In 2017, Brazil began offering Venezuelan migrants two year residency visas and extended all asylum seekers from Venezuela access to work permits and basic services. However, Brazil has also tried, with little success, to execute an internal relocation scheme. As a result of this around 5,000 Venezuelans in the border area have been transferred to seventeen other states across the nation. Ecuador at first welcomed fleeing Venezuelans but eventually enacted stricter border controls in August 2018.

American Governments Mismanaging Migrant Crisis

Just this year, U.S. Border Patrol has detained 800,000 people at its southern border—this is the highest number in a decade. The former height of apprehensions was in 2000 and was primarily a result of the skyrocketing demand for cheap labor. Jon Purizhansky of Buffalo, NY recognizes the U.S.’s high demand for affordable labor. Today’s migrants, in comparison, are reacting to many of the same factors that inspired droves of people to flee to Europe four years ago, namely failed or fragile states, violence, and economic insecurity.

Jon Purizhansky recognizes the plight of displaced workers and spends a great deal of time helping connect migrants with steady work.

To deal with the new migrants, the U.S. is weighing many of the same approaches that European countries have attempted but ultimately found ineffective. Ranging from border walls to bilateral deals connecting immigration to trade and aid, Washington is repeating many of the same tactics that failed overseas. For example, U.S. President Donald Trump’s “Remain in Mexico” policy, requiring migrants wishing to gain asylum in the United States to have their claims evaluated while they stay and wait in Mexico, reflects the EU’s long-failed attempts to establish similar systems in Libya and other nations.

Despite the differences between these cases, there are a couple approaches that we could draw on from history. The primary lesson learned from the European experience of 2015 is that when it comes to migration, there are limits to unilateralism and bilateralism. The sense of calamity began to subside only when the European Union assumed a multi-layered approach founded in cooperation among the migrants’ nations of origin, passage, and destination.

Jon Purizhansky: The European and American crises are similar in a few different ways. The total number of people detained at the U.S. border or barred from admission at a U.S. port of entry since October 2018 is now about the same as the number of asylum seekers who arrived in Europe in all of 2015. Onlookers across the globe have stumbled on unnervingly similar scenes. The widely published photo of the bodies of Oscar Alberto Martínez Ramírez and his 23 month old daughter, Valeria, who drowned struggling to cross the Rio Grande in June, resembles the photo of Alan Kurdi, a Syrian toddler who drowned while attempting to cross the Mediterranean in 2015. Both images now serve as symbols for the dreadful cost of international migration in a world of closed borders.

Modes of Transportation in Buffalo, NY

Jon Purizhansky of Buffalo, NY notices the important of transportation systems in urban environments. Buffalo, NY has a smooth transportation system. While Buffalo transportation system is monopolized by automobile usage, there are many other aspects of transportation that exist in Buffalo and one can get to Buffalo vi  rail road transport, airways and waterways.

THE FOLLOWING ARE MAJOR TRANSPORTATION SYSTEMS IN BUFFALO, NEW YORK:

Railroad transportation system

The major transportation system of the Buffalo city is the Railroad transportation system that includes New York Central system. Buffalo has an urban metro system, which is also widely used and is supposed to be developed further says Jon Purizhansky of Buffalo, NY.

Airport

Another transportation mode is the airways. There are are major airports in the vicinity – Buffalo Niagara International Airport and the Niagara Falls airport. Niagara Frontier Transportation Authority (NFTA) regulates the Buffalo Niagara International Airport and Niagara Falls International Airport.

The main hub, however, is Buffalo Niagara International Airport which is situated in a suburb of Buffalo.

Buffalo Niagara International Airport indexes among the top five cheapest airports to commute to.

The average round trip of the flight will cost you around $295.58. In the last few years the flight rates have fluctuated due to the growing demand of passengers. The flights from the city are much cheaper as they save a lot of tax and airline surcharges. This is not the case with Canadian airports. Hence, Buffalo based airport attracts a great deal of Canadian passengers.

Rail transport

Another mode which has influenced the city transport is The Buffalo Metro Rail mode which is very convenient and travel friendly. The mode is safe and economical and easily accessible for the commuters, therefore a large number of people enjoy this mode of transportation. It is regulated by the NFTA. It is a 6.4 miles long single-line light rail system which broadens from Erie Canal Harbor in downtown Buffalo to the University Heights district.

Rail transport

The downtown area of the line operates above ground until North of Theater Station, at the northern end of downtown, where the line strides underground. The travelers love this mode as they have to pay a reasonable a fare for comfortable transportation.

The above described are the basic modes of transport in Buffalo, NY says Jon Purizhansky.

Problems within space of employment based international relocation

Jon Purizhansky from Buffalo, NY notices that while optically the process of international employment based relocation appears to be straight forward and simple, in actuality the process is extremely inefficient and riddled with fraud, due to the absolute absence of transparency and lack of pre-arrival communications between employers in Host Countries and employees in Origination Countries.

The root of the problem is currently unavoidable presence of multiple middlemen, often unethical and greedy, between the employer in the Host Country and the employee in the Origination Country.

Essence of the problem is best described by the following hypothetical example of how a foreign migrant worker, located in a third works country, is currently relocated for employment with an employer in the EU (could also be North America, Australia, New Zealand, The Middle East, Japan or South Korea).

The process takes place as follows:

1) Employer decides to hire foreign workers.

2) Employer dedicates monthly budget ( Budget) per foreign worker that includes:

a) foreign worker’s net monthly salary;

b) monthly taxes that apply to the net salary;

c) monthly accommodation per worker;

d) monthly expense on food per worker ( typically 500g of rice/500g of vegetables/500g of meat products per day per worker)

For example, let’s assume that a construction company in the EU wishes to hire 100 general laborers and it decides to spend:

a) 700 Euros on net salary; and
b) 300 Euros on taxes; and
c) 500 housing; and
d) 500 food

Then, the employer’s budget per foreign worker per month will be 2,000 Euros.

3) Employer comes in contact with Middleman 1 and agrees that Middleman 1 will find foreign workers to accept employment with the Employer based on the terms of employment offered by the Employer. The employment terms are largely, but not totally, based on the Budget. Typically, the employer documents its intent to offer employment to foreign workers by issuing a Job Order to Middleman 1 that reflects terms of employment.

Here is an example of a Job Order provided by Jon Purizhansky from Buffalo, NY

JOB ORDER

ISSUED BY:     EMPLOYER

ISSUED TO: MIDDLEMAN 1


Whereby, the Employer agrees to employ 100 citizens of “Origination Country” as general laborers on the following terms:

a) 700 Euros net salary
b) employment taxes paid by the Employer
c) housing paid by the Employer
d) food ( breakfast, lunch, dinner – 500g rice;500g vegetables; 500g meat products ) covered by the Employer
e) transportation to and from work – covered by the Employer
f) overtime – covered in accordance with Hist Country laws

Term of employment agreement – 2 years

NAME AND POSITION OF EMPLOYER’S REPRESENTATIVE

SIGNATURE

NOTARY STAMP

4) Middleman 1 contacts Middleman 2 and offers to sell to Middleman 2 the opportunity (The Opportunity)  to place 100 foreign construction workers with the Employer. NOTHING IS STOPPING MIDDLEMAN 1 FROM ALTERING THE INFORMATION CONTAINED IN THE JOB ORDER AND INFORMING MIDDLEMAN 2 THAT THE SALARY WILL BE HIGHER OR THE EMPLOYMENT CONTRACT TERM WILL BE LONGER, ETC…

For example: Middleman 1, who secured the Job Order from the Employer, is located in the Host Country. Middleman 1 is aware that Middleman 2 has contacts in the Origination Country that may allow Middleman 2 to recruit the 100 foreign workers for employment with the Employer. Middleman 1 and Middleman 2 then enter into an agreement, whereby Middleman 2 promises to pay Middleman 1 a fixed fee (let’s assume it’s $2,000) for every foreign worker that the Employer will hire because of the efforts of Middleman 2 .

5) Middleman 2 contacts Middleman 3, who may or may not be an HR recruitment agency, licensed in the Origination Country able to offer The Opportunity to prospective foreign workers in the Origination Country. Middleman 2 and Middleman 3 then enter into an agreement, whereby Middleman 3 promises to pay Middleman 2 a fixed fee (let’s assume it’s now $4,000) for every foreign worker that the Employer will hire because of the efforts of Middleman 3.

NOTHING IS STOPPING MIDDLEMAN 2 FROM ALTERING THE INFORMATION CONTAINED IN THE JOB ORDER RECEIVED FROM MIDDLEMAN 1 AND INFORMING MIDDLEMAN 3 THAT THE SALARY WILL BE HIGHER OR THE EMPLOYMENT CONTRACT TERM WILL BE LONGER, ETC…WITH THE OBJECTIVE OF UPSELLING THE OPPORTUNITY.

6) Middleman 3 will then employ the services of so-called “SUB-AGENT”, which is now Middleman 4. Middleman 4, consequently, promises to pay Middleman 3 a fixed fee (let’s assume it’s now $6,000.00) for every foreign worker that the Employer will hire because of the efforts of Middleman 4.

7) Middleman 4 recruits foreign workers, usually in remote areas of the Origination Country, and sells them The Opportunity for an amount that is higher than the amount that Middleman 4 has to pay to Middleman 3 (here in after referred to as The Fee. Let’s assume it’s now $8,000)

8) Foreign worker typically takes out a loan to pay The Fee to Middleman 4. Typically, the conditions of the original Job Order are grossly misrepresented when The Opportunity is sold by Middleman 4 to the foreign worker.

9) Middleman 4 collects the documents from foreign workers that the Employer needs to file with the authorities in the Host Country for the purpose of securing work permits for the foreign workers.

10) Middleman 4 forwards to Middleman 3 “The Fee less Middleman 4’s percentage of the Fee” and foreign workers’ documents required to support the application for the work permit in the Host Country.

11) Middleman 3 forwards to Middleman 2
“The Fee less Middleman 3’s percentage of the Fee” and foreign workers’ documents required to support the application for the work permit in the Host Country.

12) Middleman 2 forwards to Middleman 1
“The Fee less Middleman 2’s percentage of the Fee” and foreign workers’ documents required to support the application for the work permit in the Host Country.

13) Middleman 1 retains “The Fee less the percentages of the Fee retained by Middlemen 2,3 and 4” and either keeps The Fee in its entirety or shares it with the Employer. Middleman 1 submits to the Employer the foreign workers’ documents required to support the application for the work permit in the Host Country.

14) Employer files for work permits for foreign workers with the relevant government agency of the Host Country.

15) Work permits are issued.

17) Middleman 3, typically in cooperation with Middleman 4, facilitated filing for applications for Work Visas for foreign workers with the appropriate Consular Post of the Host Country that has jurisdiction over the foreign workers (typically Host Country Embassy located in Origination Country).

18) Work Visas are issued.

19)Foreign Workers fly to the Host Country to commence employment with the Employer.

20)PROBLEM STARTS

NATURE OF THE PROBLEM STEMS FROM

THE FACT THAT FOREIGN WORKERS’ EXPECTATIONS AND EMPLOYERS’ EXPECTATIONS ARE NOT ALLIGNED UPON FOREIGN WORKERS’ ARRIVAL

Jon Purizhansky from Buffalo, NY says that as long as foreign workers are required to pay fees to middlemen for the opportunity to relocate abroad for employment, various middlemen will continue to take advantage of the foreign workers , resulting in a wide array for problems both, for the worker and for the employer.

Tourist Attractions of Buffalo, NY

Jon Purizhansky from Buffalo, NY describes some of the tourist attractions of Buffalo, NY, the second largest city of New York State.

Buffalo is rich with architectural jewels and scenic views. The city is placed on the confluence of the Buffalo River, the Niagara River, and Lake Erie. It is still believed to provide a crucial role in the thriftiness of the state. Buffalo happens to be one of the best tourist destinations in summer majorly due to its enormous waterfront. Often called The Queen City, Buffalo is a city full of accumulation of cultural jewels, ancient skyscrapers and different assortment of modern artwork.

Below are some of the two tourist attractions one can’t miss when visiting Buffalo:

The Niagara Square

One of the most visited places in the City of Buffalo, Niagara Square is a perfect spot in the heart of Queen City. This is a major tourist attraction due to another reason says Jon Purizhansky of Buffalo, NY, which is the history of the place which witnessed the assassination of President McKinley and French and Indian War in 1763. This area of Buffalo also serves as central hub for hanging out by many locals and tourists.

Buffalo City Hall

Buffalo City Hall is another major tourist attraction of the city says Jon Purizhansky. He says that this place is situated near the Niagara Square in Buffalo City. Your tour to Buffalo is incomplete if you don’t go and visit this amazing City hall that has incredible architectural style. It is a 32 floor story building and has amazing Art and Decor. The style is quite complex but it’s incredible.

There is a great deal of other famous tourist attractions in Buffalo, NY. Noticeably, Buffalonians place are warm and friendly and will typically make you feel at home. If you happen to be travelling in New York, Buffalo is surely worth the visit.

Development of the Global Sensor Market

Jon Purizhansky from Buffalo, NY notices the global sensor market. The sensor market has been expanding and has been becoming more sophisticated. The global sensor market was valued at $138,965.0 million in 2017, and is projected to reach $287,002.0 million by 2025, growing at a CAGR of 9.5% from 2018 to 2025.

Sensors are devices that detect events or changes in the environment and then provide the corresponding output. They sense physical input such as light, heat, motion, moisture, pressure, or any other entity, and respond by producing an output on a display or transmit the information in electronic form for further processing. Medical sensors collect data from human body and are extremely valuable in telemedicine.

Their use case enables preventive medicine to expand and it allows physicians to analyse data that sensors collect while not being in the presence of their patient. Importantly, advancements in smart sensor technologies offer additional features to the medical devices and equipment.

These smart sensors are used by doctors to monitor routine check-ups, such as blood pressure and body temperature of the patients. Moreover, smart sensors measure the heart beat and blood oxygen content and transfer medical information through cloud to the healthcare professionals. The wearable technology market is an emerging market in the biomedical sector. This market comprises hi-tech wearable devices, consisting of sensors that monitor different physical activities.

These sensors collect the information about respective parameters, convert them into digital form and display them on screen, allowing doctors and healthcare professionals to analyse them. The growth in demand for wearable devices and increase in investment by governments of several countries to improve healthcare conditions are the reasons anticipated to increase the demand in the overall sensor market. Conversely, surge in adoption of wearable devices and innovative application in biomedical sector are expected to offer lucrative opportunities for the market globally.

However, Jon Purizhansky from Buffalo, NY says that sensor usage is most common in consumer electronic products, followed by automotive, and IT & telecom. Smartphones incorporate sensors such as accelerometer, gyroscope, ambient light sensor, proximity sensor, and temperature detector, to keep a track on parameters and provide a centralized system for automatic control. Additionally, the ever increasing adoption of wearable devices, innovative application in the biomedical sector, and rise in advancements in the automotive sector are expected to offer lucrative opportunities for the sensor industry.

 

Development

The key companies profiled in the sensor market report are STMicro electronics, NXP semiconductors N.V., Infineon Technologies AG, Qualcomm Technologies, Inc., Atmel Corporation, Texas instruments Inc., Robert Bosch GmbH, Johnson Controls International PLC., Sony Corporation, and Honeywell International Inc. Jon Purizhansky says that the sensor market is one of the industries that will be growing and we will see many new companies emerge within this space globally.

History of Buffalo’s city infrastructure and design

Jon Purizhansky discusses the history of Buffalo, NY infrastructure and design. The Buffalo city plan was developed in 2003. This Queen City Hub Plan formulated modern policy and conception for downtown Buffalo. Buffalo is famous for being the regional center for recreation, education, the start-up scene and life science R&D. An award-winning plan controls the town; downtown Buffalo has been experiencing an upswing in redevelopment and involvement of new public and private sector investment over the last few years. This new development is also evidenced by many new projects.

Jon Purizhansky says that the City is Buffalo is experiencing challenges to attaining its full capacity, encompassing specifying creative explanations to motivate and benefit ongoing downtown reinvestment. In 2012 Buffalo’s Building Reuse Project  was an acknowledgment to an overabundance of office vacuum in downtown, much of which is in class B and C buildings whose development is hampered by small floor plates, the outdated building systems, environmental interests, and surrounding public infrastructure.

The plan designed for the city sets out a frame for the City of Buffalo to make strategic infrastructure investment in the near term that will incrementally work towards the plan’s long term vision framework, helping to fuel development, bolster tourism, enhance downtown’s image, and attract investment that supports downtown’s renewal.

Jon Purizhansky points to the fact that the BBRP needs improvement of “a downtown master Modification for public infrastructure and conveniences, which is context susceptible and catches the personal characteristics of each downtown area district”.

The whole project is financed by National Grid and National Fuel, and this Master Plan has been formulated under the recommendation of the BBRP project team, encompassing the City of Buffalo Office of Strategic Planning, the Buffalo Urban Development Corporation.

The Downtown Buffalo Infrastructure and Public Realm Master Plan was established by a receptacle to harmonize and prioritize infrastructure investments in downtown. It is done by evaluating the occurring circumstances and making suggestions for what infrastructure interests should be intending for to accomplish for key roads and public spaces.

To open the path to investment, the plan recognizes four preference areas for new interest and a list of more certain priority undertakings in each area. This is funded by a series of decision-making standards to help in the examination of infrastructure proposals and a series of general design approaches to guarantee that new infrastructure is constructed to meet the desires of the developing downtown.

Rising Regulations of Cryptocurrency

According to Jon Purizhansky from Buffalo, NY illicit use of crypto currencies is on the rise globally and nation states, including Iran and North Korea are taking advantage of that. For example, the US has imposed heavy sanctions on Iran. Iran, in turn, is doing all it can to evade these sanctions by using crypto currencies. But the U.S. Financial Crimes Enforcement Network (FinCEN) is not happy with Iran’s use of cryptocurrencies to bypass the sanctions.

Due to US restrictions on Iran, the country was slapped with a universal prohibition from acquiring US dollar banknotes. However, Iran went ahead and released their plans to launch the country’s own state backed cryptocurrency.  According to the US, Iran’s crypto activities pose a significant threat to financial institutions across the world.

Jon Purizhansky says that according to the FinCEN directive, despite Iran’s Central Bank’s ban on domestic financial institutions from trading in cryptocurrencies, a lot of internet avenues are available for potential investors to access crypto platforms and exchanges. Consequently, 15 global jurisdictions, including the G7 countries, will reportedly develop a system for tracking crypto transactions to prevent illicit uses of cryptocurrencies.

Rising Cryptocurrency

The Financial Action Task Force (FATF) is planning to prepare detailed measures by 2020, according to a report by Tokyo-based newspaper Nikkei. The new system intends to collect and distribute personal data on individuals who conduct crypto transactions in order to prevent funds from being used for illegal activities such as money laundering and terrorism financing, the report notes.

The Financial Action Task Force (FATF) is planning to prepare detailed measures by 2020, according to a report by Tokyo-based newspaper Nikkei. The new system intends to collect and distribute personal data on individuals who conduct crypto transactions in order to prevent funds from being used for illegal activities such as money laundering and terrorism financing, the report notes.

Jon Purizhansky from Buffalo, NY also says that according to Cointekegraph four major South Korean crypto exchanges, including Bithumb, Upbit, Coinone and Korbit reportedly faced tighter regulation when they renewed their banking accounts. Further, on July 18, G7 finance ministers voiced their concerns that cryptocurrencies such as Facebook’s stablecoin project Libra risk upsetting the global financial system if they are not regulated strictly. For these reasons, we will see more and more regulations and restrictions as they relate to crypto currencies and their movements.