The International Monetary Fund (IMF) has issued a Financial System Stability Assessment Report on the Malta Financial Services Authority (MFSA). The report states that there are alarming gaps in MFSA’s regulatory framework for anti-money laundering and combating financing of terrorism. Also, Malta-based blockchain companies are finding difficulty in opening bank accounts. The IMF has recommended employing of more resources to supervise blockchain and cryptocurrency service providers.
The controversy of cryptocurrencies is not going to die any sooner. Right from the time of start till date, crypto investors have always been on a roller coaster journey. Out of many, here are a few cryptocurrency scams that looted people and left them bankrupt during 2018. Check them out! $530 Million Hack in Japan […]
Bitfinex, an advanced cryptocurrency exchange, has announced the recovery of a part of the stolen Bitcoins which was reported in 2016. The exchange had lost 120,000 BTC (approx. $72 million) and currently retrieved 27.7 BTC of it, which be refunded to about 5,000 of its affected customers. The exchange had collaborated with unnamed law enforcement agencies from both the U.S. and Europe to conduct investigations into the case.
Have you ever thought of printing your own dollars, or any other currency? Well, this may sound a bit absurd to people who know nothing about cryptocurrencies. But, when you’ve already arrived on this page, it means that you already have the basic understanding of digital or virtual coins. Unlike fiat currencies, creating a new […]
Bank Frick, a Liechtenstein-based bank, has announced the launch of its subsidiary, DLT Markets, an institutional cryptocurrency trading platform. The subsidiary is aimed at offering institutional investors with fully regulated and secure multi-exchange access to the digital token asset class. Edi Wögerer, CEO of Bank Frick, has said that DLT Markets will be serving as an unique entity reaping the benefits of a fintech company integrated with a bank regulated by the EU.
The Marshall Islands, a US associated state near the equator in the Pacific Ocean, has signed an agreement with Tangem, a blockchain-enabled smart card company, to introduce Sovereign (SOV), the world’s first decentralized digital currency in physical banknotes form. However, the International Monetary Fund (IMF) has opposed the state’s plans to launch SOV. In September 2018, it urged the island not to create a national digital currency, due to the associated concerns such as macroeconomic and money-laundering.
The Mumbai Crime branch, in India, has uncovered a gang behind a $13 million (INR 100 crore) cryptocurrency scam, which was spread over the states of Maharashtra, Gujarat, and Uttar Pradesh. The scammers had launched a scam coin, dubbed Cashcoin, which was claimed to be similar to Bitcoins. The gang cheated people by promising them double returns within two months.
JPMorgan has cleared that JPM Coin is not a cryptocurrency, which can be used for trading purpose, rather it is a stable coin created for payments processing and settling debts within JPMorgan Chase. Umar Farooq, JP Morgan’s head of digital treasury services and blockchain, has linked the launch of the coin to the firm’s decision to meet its customers’ demand for a secure and instant payments processing platform.
The hype of blockchain technology came into existence with the launch of Bitcoin in 2007. Since then, although cryptocurrencies have gone through several ups and downs, the blockchain craze has been steadily increasing. However, taking a closer look, you’ll realize that the real hype is all about the distributed ledger property of blockchain that makes it immutable and hack-proof. These systems use high-level encryption for data transfers, yet the question that arises is: Is blockchain really hack-proof?
Ripple has announced the expansion of its University Blockchain Research Initiative (UBRI) by adding 11 new partners, making a total of 29 members. The program is aimed at promoting blockchain-focused academia and research. The company has committed a funding of $50 million to UBRI’s first wave of university partners. The UBRI program offers blockchain related courses to people from various disciplines such as engineering, business, software development, etc.