Washington Federal Judge Rules in Favor of County in Electricity Rate Dispute with Cryptocurrency Miners
A federal judge in Washington has rejected cryptocurrency miners’ claims that Grant County’s new electricity rates for emerging industries violated their rights and federal law. In the ruling, Eastern District of Washington District Court Judge Rosanna Peterson determined that the plaintiff miners failed to show that Grant County violated any provisions of the Federal Power Act.
On March 10, the New York State Department of Financial Services issued guidance directing digital currency firms to provide the government with their coronavirus (COVID-19) preparedness plans. According to DFS, the move was necessary to ensure that companies have plans in place to deal with any financial or operational risks related to the virus outbreak.
Cryptocurrency markets continued to slide lower on Thursday, with Bitcoin’s price falling to roughly $5,705 before recovering to a little over $6,100 in the early afternoon, Bloomberg reports. That drop of about 23% took place amid a continuing slide in global stock markets, and just one day after the World Health Organization declared the coronavirus a global pandemic.
Japan’s Financial Services Agency has reportedly launched a new global network called the Blockchain Governance Initiative Network (BGIN), which will focus on providing an open environment for blockchain stakeholders to facilitate “sustainable development” of the blockchain industry and community.
After Russia’s announcement that it would not join other oil producers’ proposed output reduction, the markets tumbled into a freefall on Monday. Crude oil futures, stocks, and bond yields all fell dramatically, Business Insider reports. As that widespread sell-off was occurring, the cryptocurrency market responded by dropping $23 billion in value.
While arguing that central bank digital currencies can improve the global financial system, three experts at Saturday’s MIT Bitcoin Expo 2020 suggested that it’s not yet clear that blockchain technology is the best option for digitizing central bank-issued currency, The Block reports. According to those experts, cryptocurrencies have certain drawbacks that would need to overcome to make them the clear choice.
Earlier this week, India’s Supreme Court struck down the central bank’s ban preventing banks from doing business with cryptocurrency exchanges, businesses, and users. The Reserve Bank of India has reportedly confirmed that it will seek a review of that high court decision, in an attempt to appeal the ruling.
Consumers around the world conducted more than one trillion dollars in cryptocurrency transactions last year, according to new research from Chainanalysis. As FxStreet reports, however, only one percent of those transactions involved illegal activities.
The Supreme Court of India overturned a central bank ban on digital currency trading on Wednesday in a decision that struck down RBI’s 2018 decision barring the country’s banks from doing business with cryptocurrency exchanges. As CNN reports, the ruling is a victory for the digital currency exchanges that had challenged the central bank’s action, many of whom celebrated the high court’s decision.
On Monday, the United States Treasury Department held a digital currency working session with compliance experts and industry leaders. In a brief press release, Treasury noted that the goal of the meeting was to engage in a discussion about the oversight and regulatory challenges associated with cryptocurrency and other digital assets.
U.S. prosecutors charged two Chinese nationals with aiding a North Korean hacking scheme by laundering more than $100 million of cryptocurrency, according to an AP report in the Star Advertiser. In an indictment unsealed today in Washington, D.C., Li Jiadong and Tian Yinyin were accused of a conspiracy to launder money and operating a money transmission business without a license.
A new cryptocurrency project relies on a novel – and some might say ghoulish – gimmick. The token, called CoronaCoin is designed to ensure that the number of coins in existence decreases as the number of Coronavirus cases around the world rises.
In recent years, there has been growing interest in blockchain technology’s potential for improving voting systems. However, cryptography expert and MIT professor Ronald Rivet suggested this week that the technology is not likely to be of real value for voting, Australian technology news outlet iTWire reports.
New South Wales district judge Judith Gibson has allowed the plaintiff in an Australian defamation case to use a cryptocurrency account as security to cover potential legal costs. According to an Australian Associated Press report published by the Wauchope Gazette, the judge described digital currency as a recognized investment vehicle.
The U.S. Securities and Exchange Commission (SEC) has announced that it reached a settlement with long-time action movie star Steven Seagal in charges related to his promotion of the Bitcoin2Gen (B2G) initial coin offering.
In remarks at the CFA Montreal FinTech RDV 2020, Bank of Canada deputy governor Timothy Lane confirmed that the central bank is preparing for a possible future in which it might have to issue a central bank digital currency (CBDC). While he claimed that there is no current need to issue a CBDC, he acknowledged that it was important to be prepared in case evolving circumstances make it necessary to do so in the future.
Warren Buffett, the billionaire CEO and Chairman of Berkshire Hathaway, vowed today that he will never own any cryptocurrency. He made that promise during a CNBC Squawk Box interview in which he reaffirmed his longtime disdain for digital currency.
The Simpsons animated television program has been a staple of popular culture for three decades now. Since its initial launch, the show has consistently had its finger on the pulse of American culture and modern trends. Now, it’s apparently taking on cryptocurrency in its latest episode, airing tonight.
Shopify announced yesterday that it will be joining the Libra Association. The e-commerce giant’s decision to become a member of the embattled cryptocurrency group comes after the association has suffered several high-profile defections in recent months, including founding payment service firms like Visa, Mastercard, and PayPal.
It has long been said that crime never pays, and that was certainly true in the case of one Irish drug dealer whose stint in jail resulted in him losing account access information for cryptocurrency wallets containing some 53.6 million euros worth of btcoin. According to the Irish Times, the once-wealthy criminal had hidden the codes inside a fishing rod case that later disappeared when he was jailed in 2017.