Policy & regulation

Digital Currencies Could Replace Low-Interest Bank Accounts, Says UN Expert

Digital currencies could supersede bank accounts as low-interest rates make them increasingly obsolete. That’s the view of Massimo Buonomo, the UN’s global blockchain expert, who added that digital currencies, particularly central bank digital currencies (CBDCs), could soon “eliminate the need for a bank account” altogether. Speaking on an online panel discussing the future post-coronavirus global …

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EU’s Europol: Bitcoin Privacy Wallet ‘Not Looking Good’ For Law Enforcement

Europol, the European Union’s law enforcement agency, has its eyes on the popular bitcoin privacy tool Wasabi Wallet, documents verified by CoinDesk show.  Marked for “law enforcement only,” a two-part report by Europol’s European Cybercrime Centre (EC3) analyzed the privacy tool’s impact on using the Bitcoin blockchain to investigate crimes.  “Things are not looking good” …

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Japan’s Biggest Banks Are Talking About Building a Digital Payments System

Three of Japan’s largest banks are among major players joining a study group looking at developing a digital payment system that may address concerns about cryptocurrencies. Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group, and Sumitomo Mitsui Financial Group – institutions that control more than $6.6 trillion in assets between them – will participate in …

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Ex-Yang Aide Is Running for Congress with Bitcoin and UBI on His Mind

For would-be U.S. lawmaker Jonathan Herzog, financial exclusion isn’t just a talking point, it’s lived experience. When launching his congressional run, he said, Herzog went to Bank of America and Citibank and tried to open a campaign checking account, but was denied. Herzog saw it as an example of the ways centralized institutions can hold …

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Minnesota Official Alarms Privacy Advocates With Contact Tracing Comments

At a press conference Sunday Minnesota Department of Public Safety commissioner John Harrington compared the methods police were using to identify protestors to those used to track COVID-19 cases.  We’ve “begun analyzing the data of who we have arrested, and begun, actually, doing what you would think as almost pretty similar to our COVID. It’s contact …

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How a Fatal Weakness Forced Libra To Capitulate

Frances Coppola, a CoinDesk columnist, is a freelance writer and speaker on banking, finance and economics. Her book “The Case for People’s Quantitative Easing,” explains how modern money creation and quantitative easing work, and advocates “helicopter money” to help economies out of recession. Libra was originally advertised as a revolutionary new payments system. By creating a …

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Money Reimagined: What CoinDesk’s Style Debate Says About Crypto as Public Tech

To “B” or not to “B”?  CoinDesk editors are currently reviewing our style guide’s capitalization policy.  Should every blockchain project be written in lowercase, uppercase or a mix? Should we differentiate between “bitcoin” the currency and “Bitcoin” the protocol? Should the standard differ by project, depending on how decentralized, permissionless or corporate the organizational structure? …

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Russia Is About to Drop the Crypto ‘Iron Curtain,’ Industry Warns

Russia’s crypto industry is pushing back against a set of bills that would make it more difficult to operate in the Eurasian country. Russian lawmakers introduced a set of draft bills regulating digital assets earlier this month, which would effectively ban any transactions using crypto within the country’s borders. In response, the crypto community has …

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NYC Hacker Charged Over $94 Million Bitcoin-for-Cards Scheme

New York City resident Vitalii Antonenko was charged for allegedly participating in a $94 million Bitcoins-for-cards scheme, according to a May 27 statement from the United States Attorney’s Office for the District of Massachusetts. He is now facing up to 20 years in jail and $500,000 in fines. Antonenko was arrested in March 2019 at …

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Craig Wright Called ‘Fraud’ in Message Signed With Bitcoin Addresses He Claims to Own

The credibility of Craig Wright – the Australian tech entrepreneur who controversially claims to be bitcoin’s pseudonymous inventor, Satoshi Nakamoto – has taken another blow. After a list of bitcoin addresses Wright had provided as being his holdings in an ongoing court case were briefly and “inadvertently” made public by plaintiffs on May 21, 145 …

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