Swiss Banking Whistleblower Enroute To Launch Ethical Cryptocurrency

Feb 9, 2019 at 19:26 Update Date :Feb 9, 2019 at 19:26 UTC

Talks of a new “ethical” cryptocurrency seems to emerge from one whistleblower, Herve Falcani, who has been accused and convicted of leaking bank details, and now aims to battle money-laundering and fraud via the launch of his new crypto.

Falciani the Frenchman, was convicted by the Switzerland’s court of leaking banking details of some 30,000 accounts registered with HSBC’s Swiss private bank, involving nearly $120 billion in assets.

The leak exposed a network of illegitimate schemes – ranging from tax evasion to money laundering – which has led to Falciani take a sort-of-asylum or as he calls it “self-imposed exile” in Spain.

Spain, on last count, have now twice denied Switzerland’s extradition requests for the whistleblower.

The new crypto, allegedly dubbed “Tabu”, is an under-development ethical token, intended to be fully traceable and to detect tax evasion and money laundering schemes.

Tactical Whistleblowers, Falciani’s non-profit organization, is leading the project and consists of Spanish intellectuals, mostly matematicains and industry experts.

In Madrid under a Witness Protection Program, Falciani told Reuters:

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

Falciani said that Spain’s denial of Switzerland’s second extradition request seemed to have generated investor interest in Tabu, mostly due to the widespread public attention the case had been given.

Falciani clearly stated:

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

The current valuation of his monopoly of 5 million Tabu tokens stands at $2.3 million (2 million euros), which would be up for grabs, with only a legal go-ahead from the Spanish market regulator pending.

The Monaco-born Frenchman said that after raising 1.3 million euros, a further 2 million euros were still required to launch the project.

Another blockchain-based initiative, named Aletheia, Greek for disclosure, is being prepped up for launch as a basis to cross-check electronic procurement contracts for public administrations, focused on eliminating fraud and overbilling schemes.

Personally, for me, “Tabu” does promise to be a more transparent cryptocurrency. However, the need of the hour for Tabu is to differentiate itself from similar, already existing securities on the market.

Leave a comment and give us your opinion on Tabu.

Also Read: Meet Iran’s New Gold-Backed Cryptocurrency, Peyman

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