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Governments around the world have been struggling to respond to the digital currency revolution. In nations like China, regulators have moved to restrict cryptocurrency-related activities like ICOs and trading at local digital currency exchanges. Other nations have moved to implement new regulations to ensure that cryptocurrencies are covered by existing anti-money-laundering and terrorist financing rules. According to a board member at the Deutsche Bundesbank, however, an even more centralized solution is needed.
As Bitcoin and other digital currencies exploded in value in the last year, many investors enjoyed a dramatic return on their investment. Some of those fortunate investors have apparently decided to harness some of that newfound wealth and use it to purchase real estate in the UK. On the surface, that might seem like a prudent decision, given the ongoing volatility in cryptocurrency markets. In practice, however, many UK investors are experiencing unexpected resistance from the country’s lenders.
Treasury Sec Mnuchin: US Will Work With G-20 Partners to Prevent Cryptocurrency from Becoming “Swiss Bank Account”
In remarks offered at an Economic Club of Washington event on Friday, U.S. Treasury Secretary Steven Mnuchin acknowledged that the United States will work with other nations to ensure that digital currencies are not misused by “bad people.” Much of that effort will focus on preventing people from using cryptocurrencies in the same way people once used Swiss bank accounts.
ATW Tech subsidiary Voxtel is reportedly planning to integrate the EMC2 digital currency throughout its platforms, thanks to a partnership between its parent company and the Einsteinium Foundation. The plan was announced in a recent press release, and involves a four-phase plan to deploy the cryptocurrency for Voxtel platforms like messaging, voice services, and mobile donations.
Venezuela’s legislators weighed in on President Nicolas Maduro’s plan for the so-called “petro” digital currency on Tuesday, declaring it illegal and open to corruption. The country’s legislature, which is controlled by Maduro’s political opponents, suggested that the scheme was little more than a plan to sell off the nation’s oil reserves. One of those lawmakers, Jorge Millan, observed:
On Tuesday, Kodak announced plans to create a new blockchain-based image rights platform it is calling KodakOne, as well as a new cryptocurrency called KodakCoin. The platform will provide photographers with a secure digital record of their ownership rights. The new currency will allow photographers to participate in what the company is calling “a new economy for photography.”
Bank of Israel Deputy Governor Nadine Baudot-Trajtenberg sought to clarify the central bank’s position on digital currency Monday, in remarks offered at a parliamentary finance committee meeting. According to a Reuters report, she said that the central bank does not recognize cryptocurrencies as currencies:
Groundbreaking technology, spectacular returns in 2017, and a lack of cryptocurrency knowledge among the general public, is presenting a once in a lifetime opportunity for con artists. They can promise anything, deliver nothing, and collect a small fortune from unsuspecting investors. Misleading people to believe they will see spectacular returns from these activities is setting off red flags with investor protection agencies.
A new Visa crackdown on a major card provider has resulted in the suspension of a number of pre-paid cryptocurrency cards, according to a report in The Telegraph. The suspension will impact several thousand cryptocurrency users who use those cards to access funds from ATMs and make payments at businesses in their area.
British media reported in late December on the Bank of England’s possible plans to introduce a reserve bank digital currency linked to sterling. According to those reports, the BOE had created a research unit to investigate the possibility of launching the cryptocurrency as early as this year.