Following the creation of the first cryptocurrency Bitcoin (BTC) in 2009, other cryptocurrencies such as Ethereum (ETH) and Ripple (XRP), followed suit to bring further attention to blockchain technology.
But there’s a lot of potential for the blockchain. According to recent research led by Vida J. Morkunas of Lulea University of Technology, Sweden and published by the Kelly School of Business, Indiana University:
“Emerging technologies regularly serve as enabling forces for economic, social, and business transformation.. [B]lockchain placed among the top five technology trends in 2018… Therefore, blockchain is predicted to challenge existing business models and offer opportunities for new value creation.”
As you probably know, the blockchain is a public digital ledger and a record-keeping technology. All transactions that have written in blocks are immutable, and information can never be erased. Furthermore, they are transparent to all parties in question.
And while blockchain-based decentralized cryptocurrencies, such as Bitcoin, draw
Bitcoin and cryptocurrency use by terrorists, rogue nations and other criminals has grown in recent years—with high-profile attacks drawing international attention.
The illicit use of bitcoin and cryptocurrency ranges from money laundering and tax evasion to extortion, with cyber criminals increasingly demanding bitcoin and crypto payments in ransomware attacks on computer systems.
Now, the U.S. Department of Justice (DOJ) has warned the emergence of bitcoin and similar cryptocurrencies is a growing threat to U.S. national security, with the attorney general William Barr’s Cyber-Digital Task Force calling it the “first raindrops of an oncoming storm.”
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“Current terrorist use of cryptocurrency may represent the first raindrops of
This week, the Chamber of Digital Commerce PAC sent all 535 members of the United States Congress about 0.0047 BTC ($50 worth at the time), in an effort to educate the countryâs legislators around cryptocurrency and blockchain technology that it calls Crypto For Congress.
Leveraging Federal Election Commission rules that allow for cryptocurrency-based campaign contributions and its own Political Action Committee to make the BTC donations, the Chamber of Digital Commerce ultimately hopes to motivate these lawmakers to embrace the advantages presented by blockchain technology.
âOur industry faces a number of regulatory challenges and itâs important for our government officials to have a working knowledge of how this technology works,â Perianne Boring, founder and president of the Chamber of Digital Commerce, told Bitcoin Magazine. âIf you look at tax laws, securities laws, if you look at compliance obligations, there are a lot of examples of regulators and policymakers who
The basis of any exchange of value is trust. The more two parties trust each other, the more they will feel confident engaging in transactions. Not just engaging in a high volume of transactions, but higher value transactions, too.
Bitcoin (BTC) and other cryptocurrencies are certainly accomplishing a lot when it comes to creating a decentralized environment where the ability to trust another party is taken out of the equation by a blockchain. Hardcore enthusiasts who already understand this are the ones most willing to reach into their coffers and pour money into the crypto revolution. The truth is, though, that the average consumer still isn’t at that point yet.
Some libertarians probably don’t want to hear this, but in order for the crypto world to reach critical mass, it needs much broader adoption, and the average consumer is going to need another layer of protection in place. They need
Regulatory clarity is what is cried out for by the crypto industry. In leaving the Securities and Exchange Commission (SEC) a set of arcane laws to create guidance regarding blockchain tokens, the default of ‘regulation by enforcement’ has left many entrepreneurs dissuaded about the ability to create and develop blockchain technology. Worse, the ultimate lack of action by all five SEC Commissioners , save of course the exception of ‘Crypto Mom’ Hester Peirce who is fiery in her dissent and a healthy reminder of the powerful role the late Supreme Court Justice Ruth Bader Ginsburg played, has left Congress no choice but to step in and take control of the train wreck that is the U.S. regulatory landscape for crypto.
Needless to say, it is a huge day in the world of crypto. First, Congressman Tom Emmer (R-NC) introduced the ‘Securities Clarity Act’ that makes a fundamental change to what
Another big AML scandal was revealed yesterday by the International Consortium of Investigative Journalists (ICJI). But whilst the Panama Papers made Cameron and a few choice politicians lose their lunch appetite one afternoon, the FinCEN Files have brought the dark corners of financial institutions HSBC, Standard Chartered, Deutsche Bank and BNY Mellon into a glaring spotlight.
We are not talking here about some light touch issue, we are talking about money transferred to criminals, corrupted politicians, people and drug trafficking. Serious stuff.
What struck me about the files? Old well-known patterns of behaviour in the traditional compliance banking world, “nothing new, nothing to see here”. What continues to fail? And how can we in crypto compliance learn from this to not fall into the same lax trap? My reflections from reading the FinCEN Files, a (traditional) finance horror story.
Some ‘same old’ methods like the ‘mirror trade’ were on
The European Commission has presented the so-called MiCA regulation. As a result, this creates a far-reaching and harmonized regulation on the European level for crypto assets, including many related services. What can be potentially challenging for startups also contains enormous opportunities in terms of professionalization and growth for the entire crypto ecosystem. — Authors: Philipp Sandner, Johannes Blassl
In September 2020, the European Commission presented a draft for a comprehensive regulation of “crypto assets” (digital, blockchain-based assets), which is expected to come into force at the end of 2022. The regulation “Markets in Crypto-assets” (“MiCA”), which is directly applicable in all Member States, describes the most extensive regulation of digital assets to date.
Various crypto assets: From Bitcoin over Libra to the blockchain-based Euro
Crypto assets such as Bitcoin and Ethereum are just as much in the focus of the new regulation as Facebook’s project Libra and the “utility tokens”
The blockchain at Zelwin exists for a reason, making the project really interesting and unique
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Zelwin is a global cryptocurrency marketplace of goods that has successfully combined blockchain technology with online shopping. The history of the project began in 2019, when the team of Nikolay Shkilev began to develop a unique platform. Already in 2020, Zelwin launched, helping stores to sell their products, and for customers to purchase goods profitably by paying in any convenient way.
The blockchain at Zelwin exists for a reason, making the project really interesting and unique. The payment system of the platform allows you to make purchases:
But that’s not even the most interesting thing. The global marketplace for goods, as the developers themselves call it, was