Herve Falciani, a former systems engineer and whistleblower at HSBC, is collaborating with fintech experts in and academicians in Spain in order to develop a new cryptocurrency he thinks regulators could embrace, Reuters reported on February 8, 2019.
Famous French whistleblower Hervé Falciani, whose leaks of client data from HSBC led to a series of high-profile tax investigations and arrests, is reportedly working on a new cryptocurrency and blockchain project.
According to a February 8 report from Reuters, Falciani, who is currently living in self-imposed exile in Spain, is working with Spanish academics and fintech experts on a new cryptocurrency. Falciani’s new crypto token will be called Tabu and is meant to be easily controlled and embraced by regulators.
Tabu’s developers have marked it as an “ethical” token and made it traceable thanks to a certificate showing its clean record. Falciani told the publication that any technology can be used “in a bad way” and that he believes the new token will have a positive social impact.
The project is developed by a non-profit entity Monaco-born Falciani founded, called the Tactical Whistleblowers. Various academics from the Valencia Polytechnic University make up the team behind Tabu.
Tackling Fraud, Transparency and Overbilling With Blockchain
According to Falciani, the aim of the new token is to introduce a fraud-free cryptocurrency that will be embraced by regulators. Falciani currently holds 5 million Tabu tokens, valued at $2.3 million. The tokens are ready to be offered to investors once the team gets a green light from the Spanish market regulator, Reuters revealed. The Tabu project already raised over $1.4 million, but still requires over $2 million to complete, Falciani said.
Alongside Tabu, he also plans on launching a blockchain-based initiative that can be used to authenticate government procurement contracts. These contracts, Falciani explained, are often plagued by overbilling and other fraudulent schemes.
The new system, called Aletheia, a Greek term for “disclosure,” was inspired by the SWIFT system for interbank money transfers and messaging. Improving public procurement systems could save a lot of money in the long run, he explained.
Commenting on the cross-checks designed to remove most 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,”