One of the reasons that more individuals have been drawn to cryptocurrency is because they recognize the many issues surrounding traditional financial institutions. While there is no doubt that the banking sector is integral with regards to the global economy, the truth is that banks certainly have their own flaws.
Few people understand this more than Herve Falciani, a French-Italian systems engineer who is also a whistleblower. In fact, Falciani is known for the largest banking leak in history. It appears as though Falciani is now interested in developing his own cryptocurrency, as well.
Falciani used to work for HSBC, the 7th largest bank in the world. He was responsible for the Swiss Leaks, a massive uncovering of how HSBC went out of its way to help its users avoid taxes. It was even reported that HSBC was putting pressure on various media organizations to avoid extensive reporting about the scandal, as well.
As a result, Falciani was actually indicted in absentia by the Swiss government. The government claims that Falciani had violated bank secrecy laws, and also attempted to claim that Falciani was guilty of industrial espionage as well. Falciani has downplayed the indictment as an attempt to stifle whistleblowers such as himself.
While many cryptocurrency enthusiasts emphasize privacy and decentralization as principles, Falciani clearly wants to do something different. Specifically, he wants to be behind the first “ethical” cryptocurrency that regulators can embrace. The project is called “TABU”, and it will be entirely traceable.
The idea is to develop a cryptocurrency that cannot effectively be used for criminal activity. If successful, this could certainly give regulators some peace of mind. However, time will tell whether TABU will actually gain traction in the cryptocurrency markets. He hopes to offer investors 5 million TABU tokens in the foreseeable future.