France to Set Up G7 Crypto Task Force to Examine and Regulate Facebook Libra

France to Set Up G7 Crypto Task Force to Examine and Regulate Facebook Libra

As Facebook launched its ambitious global cryptocurrency called Libra, some financial leaders are on their toes working hard to ensure this disruptive innovation doesn’t disrupt the existing financial market or harm consumers. The ongoing court breach case has sent a red flag to financial leaders, raising worries over the security of the virtual coin Libra and, of course, consumers’ protection. On June 21, the governor of France’s central bank, Francois Villeroy de Galhau, confirmed that…

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Featured: A Dive into the Whitepaper of Facebook’s Cryptocurrency Libra

Featured: A Dive into the Whitepaper of Facebook’s Cryptocurrency Libra

Just recently, Facebook released the whitepaper of its new cryptocurrency Libra. The whitepaper is long but not as long as many other blockchain projects. We read the document line by line to find out what Facebook and the Libra Association (the non-profit behind the Libra cryptocurrency) are planning for the world. In June, the Libra stablecoin has made its way to mainstream media; the sole reason for this is that it has the well-known company…

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CabbageTech’s Patrick McDonnell Confesses to Perpetrating Cryptocurrency Scam

CabbageTech’s Patrick McDonnell Confesses to Perpetrating Cryptocurrency Scam

Another case of unscrupulous fraudster managing to steal from unwary investors has emerged recently, this time in New York where a man who called himself “the Coyote of Wall Street” stole cash from clients who thought he would use their money to invest in cryptocurrencies. Patrick McDonnell (or the Coyote of Wall Street), 46, from Staten Island and the owner and operator of CabbageTech Corp. pleaded guilty to wire fraud on June 21 in federal…

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Big Four Accounting Firm PwC Releases a Crypto Auditing Tool

Big Four Accounting Firm PwC Releases a Crypto Auditing Tool

PricewaterhouseCoopers (PwC) – one of the Big Four professional advisory, tax, and regulatory services providers – rolls out new auditing tool for cryptocurrencies. PwC has developed ‘Halo’, a crypto auditing tool that provides assurance services and clear guidelines to its growing collection of clients engaging in cryptocurrency activities. Halo is a complete auditing package that provides a number of services to peers engaged in cryptocurrency transactions. Previously, Linda Pawczuk from Deloitte (another Big Four firm)…

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Hackers Extort $600K in Bitcoin from a City Council in Florida

Hackers Extort $600K in Bitcoin from a City Council in Florida

The city council of Riviera Beach has agreed to pay $600,000 in Bitcoin (BTC) to hackers, as reported by the New York Times. The city council caved after being denied access to the data that was encrypted in a ransomware attack and agreed to pay the ransom. The hackers asked to be paid in Bitcoin, which makes it very difficult to track down the money because of the anonymity that Bitcoin transactions provide. On May…

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Australian Bankers Fear Facebook Libra Would Endanger Old Conventional Financial Institutions

Australian Bankers Fear Facebook Libra Would Endanger Old Conventional Financial Institutions

According to reports in the Australian media, senior executives from the banking sector in Australia have made cautionary statements about the fact that the attempt made by Facebook to develop its very own virtual currency is a vividly clear threat to all other industries. However, there are other payment experts who doubt that this virtual coin will have any effect on the traditional monetary sector. For the banking business chief of NAB Anthony Healy, Facebook…

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Two Israeli Brothers Suspected of the Crypto Exchange Bitfinex Hack in 2016

Two Israeli Brothers Suspected of the Crypto Exchange Bitfinex Hack in 2016

The Israeli media outlet Posta reports that two brothers from Jerusalem, Israel, were arrested by investigators of the national cyber unit at Lahav 433 for stealing $100 million from global crypto exchanges after the investigation had already begun in 2017. In a different report, it is stated that one of the crypto exchanges is no other than Bitfinex, which was indeed hacked in 2016 and consequently over $70 million had been stolen. According to investigators,…

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Cryptocurrency Mining Firm Bitmain Seeks IPO Again as Bitcoin Climbs to New High

Cryptocurrency Mining Firm Bitmain Seeks IPO Again as Bitcoin Climbs to New High

It seems like the China-based ASIC chips master Bitmain, which is one of the largest companies that offers cryptocurrency mining equipment, is back in the initial public offering (IPO) game again. You will recall that Bitmain hasn’t had the best year since the 2018 crypto winter. From downsizing its workforce to slamming the brakes on its Texas mining operation and closing down its offices in the Netherlands and Israel, it has been one horrific ride…

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Crypto ATM Provider DigitalMint Partners Up with Convenience Store Chain Circle K

Crypto ATM Provider DigitalMint Partners Up with Convenience Store Chain Circle K

DigitalMint, a Chicago-based cryptocurrency ATM provider, has recently announced a partnership with American multinational chain of convenience stores, Circle K. The partnership will enable consumers to buy Bitcoin through physical kiosks and teller windows at Circle K stores. The crypto firm will add 20 Bitcoin ATMs (or BTMs) across Arizona and Nevada as part of an exclusive pilot program. The partnership is said to be the largest one for DigitalMint which will probably accelerate the…

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Facebook Libra Fails to Apply for RBI Approval to Operate in India

Facebook Libra Fails to Apply for RBI Approval to Operate in India

Facebook’s new cryptocurrency, Libra, might not be available in India because of the current ban on all blockchain-based cryptocurrency transactions. A report by a local publication, The Economic Times, cites people familiar with the matter claiming that Facebook has yet to apply for Reserve Bank of India’s approval to launch Libra in India. Furthermore, a Facebook spokesperson has underlined that Libra will not be available in US-sanctioned countries or countries that have a ban on…

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