Nearly Half of U.S. and UK Consumers Don’t Trust Facebook for Cryptocurrency
Jul22

Nearly Half of U.S. and UK Consumers Don’t Trust Facebook for Cryptocurrency

Since announcing its Project Libra cryptocurrency plans, Facebook has experienced a growing amount of resistance from policymakers around the globe. Recent data from messaging app Viber indicates that consumers may not be too excited about the prospect of a Facebook digital currency either, with 49% of respondents in the United States and UK reporting a lack of trust in the company’s planned cryptocurrency.

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Report: CFTC Has Been Investigating BitMEX Exchange for Months
Jul21

Report: CFTC Has Been Investigating BitMEX Exchange for Months

The United States Commodity Futures Trading Commission has been investigating the BitMEX cryptocurrency exchange for several months, Bloomberg reported Friday. According to the media outlet’s unnamed sources, the regulatory agency has been trying to determine whether the exchange violated rules that prevent Americans from trading on its platform:

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Congressman McHenry: Cryptocurrency is “Unstoppable Force”
Jul19

Congressman McHenry: Cryptocurrency is “Unstoppable Force”

U.S Representative Patrick McHenry (R-NC) told his fellow lawmakers this week that innovations like cryptocurrency are why the United States has such a vibrant economy. McHenry’s remarks came during a hearing on July 17, in which the Congressman referred to the innovative technology as an “unstoppable force.”

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Japan Reportedly Pushing for SWIFT-Like Global Payment Network for Cryptocurrencies
Jul18

Japan Reportedly Pushing for SWIFT-Like Global Payment Network for Cryptocurrencies

Japanese officials reportedly want to develop an international payment system for digital currencies that would be similar to the global SWIFT network currently used by the world’s financial institutions, Reuters reported on Thursday.

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French Regulators are Closer to Approving First Group of Cryptocurrency Issuers
Jul17

French Regulators are Closer to Approving First Group of Cryptocurrency Issuers

French regulators are getting closer to approving the first group of cryptocurrency companies in accordance with new rules slated to go into effect in late July, Reuters reported on Tuesday. Those new rules will provide regulatory approval for digital asset companies that voluntarily comply with the country’s standards for consumer protections, capital requirements, and payment of French taxes.

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Senators Focus on Trust at Banking Committee Hearing on Facebook Libra
Jul16

Senators Focus on Trust at Banking Committee Hearing on Facebook Libra

Facebook executive David Marcus faced questioning from Senate lawmakers on Tuesday, during a Banking Committee hearing on the company’s Project Libra cryptocurrency. The hearing highlighted the skepticism many public officials have expressed about the company, its trustworthiness, and the potential risk Libra could pose to the world’s financial system.

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Reuters: House Dems Circulate Draft Bill That Would Prevent Tech Giants from Issuing Cryptocurrencies
Jul15

Reuters: House Dems Circulate Draft Bill That Would Prevent Tech Giants from Issuing Cryptocurrencies

Even as Facebook officials testify before Congress this week, House Democrats have apparently been circulating a draft legislative proposal that would bar big technology firms from creating their own digital currencies or offering financial services without a bank license. Reuters reportedly reviewed a copy of the bill and notes that it proposes a $1 million per day fine for companies that violate the prohibitions.

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Korean Firms Partner to Launch Blockchain-Based Mobile ID
Jul14

Korean Firms Partner to Launch Blockchain-Based Mobile ID

A group of seven South Korean companies are partnering in an effort to create a blockchain-based mobile identification system, the Korea Times reports. According to the Times’ industry sources, the plan is to launch the new mobile ID next year.

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Senate Committee Approves Blockchain Promotion Act
Jul13

Senate Committee Approves Blockchain Promotion Act

The Senate Commerce, Science and Transportation Committee approved the Blockchain Promotion Act this week. If it becomes law, the Act would direct the U.S. Department of Commerce to create a working group to establish a consensus definition for the technology and make recommendations to study its potential for improving government efficiency.

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Prominent Crypto Advocates Say Trump’s Criticism of Cryptocurrency is a Positive
Jul12

Prominent Crypto Advocates Say Trump’s Criticism of Cryptocurrency is a Positive

While some cryptocurrency fans may have been dismayed to see U.S. President Donald Trump criticize Bitcoin and other cryptocurrencies yesterday, leading advocates like Coinbase CEO Brian Armstrong and Fundstrat’s Tom Lee appear to disagree. Both men highlighted the benefits of having one of the world’s most high-profile personalities talking about the technology.

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Winklevoss Twins: Other Tech Firms Likely to Launch Their Own Cryptocurrencies
Jul11

Winklevoss Twins: Other Tech Firms Likely to Launch Their Own Cryptocurrencies

In a Tuesday interview with CNBC, Cameron and Tyler Winklevoss predicted that Facebook won’t be the only technology giant to launch a cryptocurrency project. In fact, they believe that a number of major tech firms will be involved with their own cryptocurrencies soon. According to Tyler:

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Congressman Emmer Reintroduces Digital Asset Safe Harbor Bill
Jul10

Congressman Emmer Reintroduces Digital Asset Safe Harbor Bill

On Tuesday, Congressman Tom Emmer reintroduced cryptocurrency legislation that would provide safe harbor protection for taxpayers with digital assets, until the Internal Revenue Service provides more clarity on reporting gains and losses from digital currency forks.

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Report: Russian Duma May Delay Cryptocurrency Law Until Fall
Jul09

Report: Russian Duma May Delay Cryptocurrency Law Until Fall

Russia’s State Duma may be unable to pass the “On Digital Financial Assets” (DFA) cryptocurrency legislation until its autumn session, Russian media outlet TASS reported today. According to State Duma Committee on Financial Markets head Anatoly Aksakov, lawmakers have yet to reach agreement on the central question of how Russian law will treat cryptocurrencies.

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Report: Project Libra Could Prompt China to Speed Development of its Own Digital Currency
Jul08

Report: Project Libra Could Prompt China to Speed Development of its Own Digital Currency

Since Facebook publicly announced its planned Project Libra digital currency payment system, policymakers around the world have scrambled to address new concerns about the technology’s potential impact. As the South China Morning Post reported today, Chinese officials are also concerned – and may respond by creating their own digital currency.

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ECB Executive Board Member Calls for Fast Regulatory Action on Cryptocurrency
Jul07

ECB Executive Board Member Calls for Fast Regulatory Action on Cryptocurrency

European Central Bank Executive Board member Benoit Coeure is urging quick action from regulators, as giant tech companies move forward with cryptocurrency projects that could impact the existing financial system. On Sunday, Coeure suggested that innovations like Facebook’s Project Libra only serve to highlight deficiencies in the current regulatory environment.

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Cuba Studying Cryptocurrency as Potential Boost to Economy
Jul05

Cuba Studying Cryptocurrency as Potential Boost to Economy

Cuban officials announced this week that they are studying cryptocurrency’s potential for boosting the communist nation’s economy, Reuters reports. That economy has been under increasing pressure, due to recent tightening of the U.S. trade embargo, reduced exports, and declining aid from Cuba’s socialist ally, Venezuela.

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House Dems Ask Facebook to Agree to Moratorium for Project Libra
Jul04

House Dems Ask Facebook to Agree to Moratorium for Project Libra

U.S. lawmakers continued to express concern about Facebook’s planned cryptocurrency payment system this week, officially asking Facebook to agree to an immediate moratorium on all Project Libra development In a letter to Facebook executives, House Financial Services Committee Democrats cited concerns about oversight, consumer protections, and security, as well as the potential risk to financial stability.

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South Korean City of Busan Considers Creating its Own Cryptocurrency
Jul01

South Korean City of Busan Considers Creating its Own Cryptocurrency

The major South Korean City of Busan is considering the development of its own local cryptocurrency, according to a report from the country’s ETnews. The local government reportedly plans to partner with BNK Busan Bank for the project, and hope it will help revitalize the area’s economy by making Busan a leader in South Korea’s blockchain efforts.

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UAE Warns Residents About Scam Claiming Crown Prince’s Endorsement of Bitcoin Trading Scheme
Jun30

UAE Warns Residents About Scam Claiming Crown Prince’s Endorsement of Bitcoin Trading Scheme

The government of Abu Dhabi has warned residents to avoid a new Bitcoin trading scam that promises to make them rich in as little as seven days. According to a report from The National, the scheme falsely claims support from Sheikh Mohamed bin Zayed, the UAE’s Crown Prince:

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Report: Goldman Sachs May Consider Creating its Own Cryptocurrency
Jun29

Report: Goldman Sachs May Consider Creating its Own Cryptocurrency

Major banking firm Goldman Sachs could eventually launch its own digital token, tech media outlet TNW reported this week. The article cited recent comments from the bank’s CEO, David Solomon, confirming that the firm has been researching the tokenization concept and recognizes its potential benefits.

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