Bank of England sets out strict regulatory conditions for Facebook Libra October 9, 2019 The Bank of England (BoE) has set out the rules of engagement that Facebook’s Libra cryptocurrency and other similar digital payment providers would have to satisfy before they can launch in Britain. “Libra has the potential to become a systemically important payment system,” the BoE’s Financial Policy Committee (FPC) said in a policy statement released [...]
Cryptocurrency probes rise October 7, 2019 Investigations by the City watchdog into cryptocurrencies have climbed sharply in the last year amid a growing effort to tackle fraud in the sector. The Financial Conduct Authority (FCA)’s number of live probes into cryptocurrency businesses jumped 74 per cent to 87 in the last 12 months. Read more: Rising recession risk frightens business According [...]
‘Calling BS’: Libra co-founder hits out at secrecy claims October 2, 2019 The co-creator of Facebook’s new cryptocurrency has hit out at claims that the organisation did not share detailed information on how to tackle crime with its members. David Marcus, a Facebook executive who is overseeing the Libra project, said he was “calling BS” [bullshit] on claims in the Wall Street Journal that Libra kept information [...]
The SEC vs Kik: The clarification crypto has been waiting for? September 25, 2019 Frustrations continue to ricochet through a crypto community yet to receive a clear legal framework that supports innovation of blockchain technology. Though effective, public policy has proven to be a slow pathway for change. In the context of digital tokens, a majority of the community asserts that policy has merely stretched the definition of a [...]
Brits curious about cryptocurrencies but still keen on cash, survey finds September 18, 2019 Members of the public are curious about the possibilities offered by cryptocurrencies, but cash is likely to remain king for the foreseeable future with the vast majority consumers wanting it to remain in use, a new study has found. Just 20 per cent of British people would prefer it if cash no longer existed, according [...]
Former Softbank spinoff plugs $23m into crypto startup Elliptic September 4, 2019 Elliptic, which provides crypto-asset risk management solutions for crypto businesses and financial institutions, has today secured $23m in investment from Tokyo giant SBI Group. Albion VC also joined the round, alongside existing investors Signalfire, Octopus Ventures and Santander’s venture capital arm. SBI Group was formerly part of Japanese mega investor Softbank, before fully separating from [...]
Forget what you’ve heard, Facebook’s libra can help in the fight against money laundering September 3, 2019 The cost of anti-money laundering (AML) protocols and procedures for businesses is well-documented. Financial institutions sink billions each year into technology to identify suspicious activity and prevent their services being used for illegal transactions. Despite these efforts, money laundering remains big business, representing around five per cent of global GDP. That’s larger than the entire [...]
Facebook’s libra cryptocurrency could undermine European Central Bank September 2, 2019 The European Central Bank (ECB) has warned that Facebook’s plans to create a new currency could undermine its powers to set monetary policy. ECB board member Yves Mersch said this morning that the social media giant’s proposed currency, Libra, could potentially reduce the body’s control over the euro. Read more: What is Facebook libra? Your [...]
Facebook libra: Could regulators crush Mark Zuckerberg’s dream cryptocurrency? August 27, 2019 Mark Zuckerberg’s decision this summer to launch a digital currency – Facebook libra – sparked the interest and concern of regulators around the world. Watchdogs have warned that without tight regulations libra could be used for money laundering and financing terrorism. They have also raised concerns over the potential risks it poses to data protection [...]
Barclays stops banking cryptocurrency exchange Coinbase August 14, 2019 Barclays is no longer providing banking services for cryptocurrency exchange Coinbase, according to reports by Reuters. The bank had been providing services to Coinbase since the exchange’s European expansion in March last year, making it easier for its users to purchase cryptocurrencies with sterling and withdraw funds. Coinbase, which is based in San Francisco, brokers [...]