United Kingdom

The challenges with designing a CBDC, explained

An identity-based, meta-blockchain can achieve all three design goals of identity, privacy and programmability. While blockchain systems can be structurally decentralized, the operation itself can be very much centralized and sequential. The problem lies in how transactions cannot be processed in parallel — and multiple smart contracts cannot be operated simultaneously. A meta-blockchain that can …

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Bank of England and UK Parliament get ‘Bitcoin fixes this’ treatment

One crypto user is seemingly taking exception to current monetary policy from the Bank of England, or BoE, and expressing their frustration with a laser projector. Reported by Twitter user Dominic Frisby, an unknown person projected “Bitcoin fixes this” and other messages on the exterior walls of both the BoE and the Parliament of the …

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England’s central bank moves ahead with CBDC with 7 job postings

The United Kingdom’s central bank, the Bank of England, or BoE, still maintains that it is unsure on a path forward regarding a central bank digital currency, although the entity is looking to hire at least seven CBDC-related job positions.  The job listings recently surfaced on the BoE’s job posting website. One such position searches …

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Brexit and fintech: A spring stocktake

It has been four months since the Brexit trade deal came into effect between the United Kingdom and the European Union. The deal, in common with other free trade agreements, does very little to support the export of financial services from the U.K. into the single market. As a result, spring has seen financial services …

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New digital dispute rules aim to keep crypto disagreements out of court

A British government-sanctioned task force has proposed a dispute resolution framework that would keep cryptocurrency and smart contract disagreements out of the courts. A 14-page report published by LawTechUK’s “U.K. Jurisdiction Taskforce” puts forward new Digital Dispute Resolution Rules that aim to provide a standardized means of dealing with smart contract disputes. Under the remit …

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The perils of suing crypto exchanges after ransomware attacks

In October 2019, unknown hackers infiltrated a Canadian insurance company by installing the malware BitPaymer, which encrypted the firm’s data and IT systems. The hackers demanded a ransom of $1.2 million be paid in Bitcoin (BTC) in return for the decryption software needed for the firm to regain access to its systems.  The firm’s United …

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British Authorities Take Down Dark Web Ecstasy Gang, Seize $5.8M in Drugs

<div class=”featured_image_container”> </div> <strong>The string of dark web gangs being cracked down by law enforcement is still alive across the world. Recently, the British authorities dismantled an unnamed dark web band known for selling ecstasy and gathering millions of dollars worth of crypto.</strong> Gang Sold Ecstasy, Amphetamine, and Diazepam in Several Darknet Forums According to …

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Argo Blockchain buys 320 acre land plot in Texas to expand mining operations

Publicly-listed mining company Argo Blockchain has finalized its acquisition of a new, 320 acre land plot in West Texas, United States, which it plans to use for the construction of a new 200NW cryptocurrency mining facility. News of the planned acquisition first broke in mid-February, after Argo entered into a Letter of Intent with DPN LLC …

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US crypto tax startup TaxBit to channel $100M raise into UK expansion

Major cryptocurrency tax compliance startup TaxBit has raised $100 million as it expands into Europe. According to a March 3 blog post, TaxBit has secured the funds in Series A round led by Paradigm and Tiger Capital. Additional investors included PayPal’s venture arm, major industry firms like Coinbase and Winklevoss Capital, as well as individual …

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UK firm launches service for company treasuries to invest in Bitcoin

BCB Group, a global digital financial services firm, is planning to help corporations navigate cryptocurrencies like Bitcoin (BTC) by launching a dedicated service. According to a Feb. 19 announcement, BCB Group has launched BCB Treasury, a new service designed for corporate treasury departments seeking to get involved in Bitcoin à la Tesla.  The new service …

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