Crypto is a ‘Poor Form of Money’ for Terrorists, Congressional Hearing Concludes

The U.S. Congress Subcommittee on Terrorism and Illicit Finance has discussed various methods of terrorism financing with cryptocurrency, according to an official press release on the U.S. House of Representatives Financial Services Committee September 7. In order to monitor threats and methods of terrorist financing, the hearing considered major means of transferring funds by terrorists, including traditional financial institutions and semi-formal methods, such as the hawala exchange system, as well as cryptocurrencies. However, while al-Qaeda, the Islamic State, and other terrorist groups have all attempted to raise funds through crypto,…

Thai Money Laundering Watchdog Looks to Tackle Crypto-Related Crimes

Thailand’s Anti-Money Laundering Office (AMLO) is considering creating its own digital wallet to investigate crypto-related cybercrime, local news outlet The Nation wrote Monday, September 3. The matter was discussed at a local seminar cryptocurrency crime within the current legal system. According to Witthaya Neetitham, secretary for AMLO, the regulator wants to adapt to the new technology by making it possibly for the government to confiscate crypto involved in fraud. “We have discussed launching our own ‘AMLO Wallet’ to hold or confiscate digital currency from illegal sources,” he said. Under existing…

The Fight Over Masternodes: The WTF New Way to Earn Money With Crypto

There’s a fight going down on crypto Twitter right now. But while that fact alone should come as no surprise, this time the bout is a bit more notable given it’s between a number of cryptocurrencies using so-called masternodes. While the term is flexible, generally speaking, masternodes are defined as computers on a network – staked with tokens – that perform additional work besides just helping run the software that governs a given cryptocurrency. The mechanism, while an older idea, is starting to gain some traction with significant projects such as…

Crypto Isn’t Just Money – It’s a Defense Against Discrimination

Sonya Mann works in communications and marketing at the Zcash Foundation, a financial privacy non-profit. She is a former technology journalist. For Americans, it can be easy to discount the social relevance of censorship-resistant digital assets like bitcoin. Unlike people living under authoritarian regimes, we are free to enter into commercial transactions how and when we like, right? Well, not always. Many Americans find themselves unable to access the financial system for political reasons. It’s a frustrating experience that cuts across ideological lines. Common targets of financial exclusion include sex…

Experts Discuss Blockchain and Democracy and The ‘Freedom of Money’ at BlockShow Americas

BlockShow Americas 2018 kicked off this morning in Las Vegas, gathering over 1,500 attendees and 80 speakers from the blockchain industry from more than 50 countries worldwide to discuss the hottest topics that affect the blockchain community. Today, the Main Stage brought into focus governmental initiatives, blockchain’s impact on major industries, and the latest updates on technological and legal aspects, while the Second Stage provided a forum for ideas and conflicting opinions, where companies and global experts challenged each other’s positions. The conference hosts industry leaders and professionals, who shed…

Crypto Daily News | BCH Futures Launched & BTC Money Laundering

In today’s edition of Crypto Daily News, we’ll cover the new Bitcoin Cash (BCH) futures just launched in London and the details of the 21-year-old Californian that was charged for Bitcoin money laundering. Crypto Daily News: August 20th, 2018 Bitcoin Cash (BCH) Futures On Friday, Bitcoin Cash (BCH) took a step into the big leagues as the UK-based Crypto Facilities took Bitcoin Cash futures live. At 4 p.m. local time, UK investors were able to bet on the future price movements of the fourth largest cryptocurrency by its total market cap.…

Money or Assets? How World Governments Define Cryptocurrencies

Cryptocurrencies — what are they? Money? Commodities? Securities? Utility tokens? Or something else? Few national governments seem to be in any kind of agreement on this question, and for now, at least, their divisions have given such currencies as Bitcoin and Ethereum a floating, indeterminate status on the global stage. As a result, cryptocurrencies lack a single, definite existence, with some nations treating them as money (e.g., Japan, Germany) and others treating them as an unregulated, speculative asset (e.g., Mexico, Denmark), making them the financial equivalent of Schrödinger’s cat. However,…

Dutch Central Bank Does Not Consider Cryptocurrencies as ‘Real Money’

An executive at the Dutch Central Bank has said that while cryptocurrencies are not “real money,” the bank has no plans to ban them, local news outlet Dutch News reported August 3. The divisional director of the Dutch Central Bank, Petra Hielkema, told Dutch News that due to the volatility of cryptocurrencies and the possibility for consumer risks, it cannot be considered as money, “If something wants to be treated as money, you have to be able to spend, save and calculate with it […] So we do not consider…

Bitcoin Must Hit $213,000 to Replace US Money Supply

Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2. According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network. The report says: “Our findings suggest that Bitcoin, in its current form, is too unstable and limited to become a viable means of payment for…

Money is Moving From Tokens Back to BTC

Throughout May and June, even during bear markets and strong downward movements, tokens performed relatively well against bitcoin. So far, in July, bitcoin has proven its dominance through a stable performance against the US dollar. Why Bitcoin is King, For Now Over the past three months, tokens have had a solid basis to increase in volume and price, mainly due to two major factors: the approval of ether by the US Securities and Exchange Commission (SEC) as a non-security and the unforeseen move of Coinbase to add two tokens in…