HSBC whistleblower launching an "ethical" cryptocurrency

09 Feb, 2019
by Richard Allen
News
HSBC whistleblower launching an ethical cryptocurrency

Frenchman Herve Falciani, the whistleblower behind the largest leak in banking history, has announced plans to launch an ethical cryptocurrency to fight money-laundering and fraud, Reuters reports.

Recap: HSBC whistleblower establishes crypto startup Taboow

The former HSBC systems engineer leaked client data that triggered a series of high-profile tax investigations has now announced plans to launch an “ethical,” traceable cryptocurrency called Tabu.

“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, who is part of a witness protection program, told Reuters.

Further, Falciani added that blockchain technology can be integrated into any electronic transaction, helping fight against fraud.

The project is being developed by the non-profit Tactical Whistleblowers made up of a variety of mathematicians from the Valencia Polytechnic University in Spain.

Falciani is also planning on launching a new blockchain initiative that will cross-check electronic procurement contracts for public administrators. As Reuters reports, this area is often plagued with overbilling and other fraudulent schemes.

“Technically and financially this opens the doors to improve the procurement systems. Because in public procurement we have a huge opportunity to spare money,” he said. The project will be called Aletheia, a Greek term for “disclosure.”

Read more: Wells Fargo banking services shut down, crypto market surges

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