Saturday, February 9, 2019

HSBC Whistleblower Falciani to Launch a Clean and Ethical Crypto Token for Regulators

CoinSpeaker
HSBC Whistleblower Falciani to Launch a Clean and Ethical Crypto Token for Regulators

Most of the crypto tokens launched in the past were intended for retail or commercial use. But for the very first time, we will soon have a crypto token intended for regulatory true. Yes, that’s what HSBC whistleblowers and Frenchman Herve Falciani plan to do. Falciani plans to counter the issues of money-laundering and fraud-cryptocurrency by launching his own “ethical” crypto token called Tabu.

While speaking to Reuters, Falciani said that he is currently working with FinTech experts on this new project. He is also hopeful that Tabu could be useful to the regulators and related agencies. Falciani notes that cryptocurrencies have turned to be havens especially for tax dodgers, criminals, hackers, etc.

“What happens with any innovation or any technology is that it can be used in a bad way or may be used in a friendly way with a social impact, positive social impact,” he commented.

However, to counter these illicit activities and fraud, Falciani plans to use the same blockchain technology behind cryptocurrencies. This is because of blockchain’s ability to verify encrypted transaction records and maintaining complete transparency.

Working With Tactical Whistleblowers

To turn this project in reality, Falciani is working with a non-profit organization named Tactical Whistleblowers. A Monaco-based IT engineer started this organization in Spain. Additionally, the team behind the Tabu project consists of mathematicians from the Valencia Polytechnic University in eastern Spain.

Falciani has already managed to raise 1.3 million euros, so far, for the Tabu project. He plans to further infuse liquidity worth 2 million euros by selling his 5 million Tabu tokens to investors. However, he is currently awaiting a go-ahead from the regulators for this.

Additionally, he also plans to launch a new blockchain-based system called Aletheia, a Greek term for “disclosure”. The new blockchain initiative aims to cross-check electronic procurement contracts for public administration. Falciani found that this area is largely plagued with overbilling and other frauds within the system.

While speaking on how the cross-checks will help to eliminate other fraud risks, he said:

“Fake information is the basis of any kind of fraud … The same way that we have to deal with fake news, the same technology can [be] applied to fake invoices.” He further added: “Technically and financially this opens the doors to improve the procurement systems. Because in public procurement we have a huge opportunity to spare money”.

Falciani notes that he got the inspiration for developing Aletheia from the traditionally used SWIFT systems for interbank money transfers.

Herve Falciani – a Former HSBC Systems Engineer and Whistleblower

Falciani is a former HSBC systems engineer and the person behind one of the biggest exposes in banking history. In 2008, Falciani managed to successfully leak a spreadsheet containing names of some 130,000 high-profile tax evaders. Falciani is currently living in a self-imposed exile in Spain fearing extradition by Switzerland government.

Last year, the Spanish high court turned down the second extradition request from Switzerland. This brought Falciani into the limelight again and helped him generate investors’ attention to his Tabu project.

“If it wasn’t for that, you wouldn’t have heard about the cryptocurrency project I was into,” said Falciani.

HSBC Whistleblower Falciani to Launch a Clean and Ethical Crypto Token for Regulators



HSBC Whistleblower Falciani to Launch a Clean and Ethical Crypto Token for Regulators

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.


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