Government

Blockchain and Smart Contracts Have a ‘Dark Side’, Says Researcher

Blockchain technology crystallizes the rise of “algorithmic power” that today presents a major challenge to traditional forms of sovereignty, legal authority and state-led governance.  So goes the argument in a new post for the Oxford University Faculty of Law blog on June 1 by Kevin Warbach, a professor of legal studies and business ethics at …

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Indian Banks Still Cryptophobic Despite No Banking Prohibition

In a recent response to a Right to Information query, the Reserve Bank of India, the Indian central bank, has stated that there is no prohibition on banks to provide bank accounts to cryptocurrency traders. But some banks have been arbitrarily denying services to crypto users and are still doing so. If there is no …

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3 Common Compliance and Regulatory Pitfalls to Watch for in 2020

Regulations are not going anywhere. On the contrary, financial service providers face more regulatory challenges and higher costs than ever before. During the early days of cryptocurrencies, a “Wild West” culture emerged when regulators, uncertain on how to tackle this thing called blockchain, paid little attention to the thefts, scams and hacks plaguing the virtual-asset …

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Congress Fears US Is Losing Battle to Malware and Darkweb Cyberweapons

In a May 28 virtual roundtable before the congressional Subcommittee on National Security, International Development and Monetary Policy, witnesses and congresspeople alike feared that they are not keeping up with criminals hacking the financial system. Criminals have better resumes than government agents One witness, Guillermo Christensen, a partner at law firm Ice Miller, admired the …

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This Is Not Capitalism: How Covid-19 Shined a Light on America’s Fascist System

In the last few months, giant American corporations and financial incumbents that are subsidized by the U.S. government, have profited immensely during the coronavirus outbreak. This has caused certain groups of people and those who despise wealth to claim that “capitalism is broken.” However, today’s system, that’s currently practiced in the U.S. and many other …

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Bitcoin Hashrate Slides 33% Since Halving – Difficulty Drops, Issues in Sichuan China

It’s been 11 days since the third bitcoin block reward halving. Data now shows that the overall SHA256 hashrate lost around 47 exahash per second (EH/s), since the all-time high of 140 EH/s on May 3. With more than 33% of the hashrate lost, reports stemming from Sichuan China indicate that bitcoin mining operations have …

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In Congress, a New Bill Asks for Mass Survey of Blockchain Technology in the US

On May 19, Representative Brett Guthrie (R-KY) introduced the “Advancing Blockchain Act.” Per a May 18 draft of the legislation obtained by Cointelegraph, the bill asks the Federal Trade Commission and the Secretary of Commerce to put together a new survey of blockchain’s uses and the state of adoption in the United States. Establishing jurisdictions …

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Time Is up for Crypto Firms to Register in the Netherlands Under New AML Rules

The deadline is here: On May 18, unregistered Dutch crypto firms could face penalties if they do not fall into line with the Netherlands’ new anti-money laundering (AML) laws, passed by the Dutch Upper House on April 21. According to the Anti-Money Laundering Directive, companies offering crypto-to-fiat or custodial services should have registered by today. …

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Fed Chair: ‘We Have the Ability to Create Money Digitally’

Chair of the United States Federal Reserve Jerome Powell recently spoke about measures taken during the financial crisis, with many on Twitter viewing his remarks as evidence of the need for cryptocurrency. In a May 17 interview on 60 Minutes, Powell spoke to news anchor Scott Pelley, saying the Fed had essentially flooded the economy …

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COVID-19 Incentivizing Crypto and Leading Mainstream Adoption

Crypto is a place where everything changes faster than in any other industry, and seeing as it was born in the age of the internet, this is quite fitting. Today, China is leading the global digital asset initiative. The train of innovations seems to go faster as the digital yuan (also referred to as DCEP) …

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