Cryptocurrency has the power to revolutionise a corrupt banking system
4 years, 2 months ago

Cryptocurrency has the power to revolutionise a corrupt banking system

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Since the late 90s, thousands of Russian "banksters" from thousands of banks, appropriated more than $100 billion of their clients’ money and left the country with their stolen money. However, the world banking community has turned into an “anti-bank”, whose function is to misappropriate customers’ assets and launder “dirty money”, the volume of which is increasing globally by $1 trillion every year. In the same way, blockchain technologies and smart contracts will make it unnecessary to employ the vast majority of people in the financial sector, and will thus eliminate "banksters" as a social phenomenon. At N'Djamena International Airport, against the backdrop of several dilapidated ancient Cessnas, sat a new Bombardier Global Express jet – white with blue letters “UN OCHA”.

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History of this topic

Governments and banks once mocked Bitcoin. Now they want in on it
3 weeks ago

Governments and banks once mocked Bitcoin. Now they want in on it

Al Jazeera  

After topping $100,000, Bitcoin supporters see the cryptocurrency soaring even higher. Despite once labelling Bitcoin “a scam”, Trump has emerged as arguably the world’s most powerful advocate for the asset. “There’s now this growing feeling that the 21st century will be the century of Bitcoin.” Keiser spotted Bitcoin’s potential early on and advised people to buy it when its value …

De-dollarization debate: The US-led West should rethink its dollar diplomacy
1 month ago

De-dollarization debate: The US-led West should rethink its dollar diplomacy

Live Mint  

Amid the recent maelstrom of political news was an important development for the future of technology-enabled public money. Conceived in 2022 as a clearing-house for central-bank digital currencies, mBridge had anchored the BIS’s own work towards a global interbank settlement system to connect CBDCs beyond the control of any single government. It was intermediated private money that exported Western rules …

Bitcoin reflects a fast changing global financial system landscape
1 month ago

Bitcoin reflects a fast changing global financial system landscape

China Daily  

The price of Bitcoin has exceeded $100,000 recently. The development of the financial internet model will have an important impact on the cryptocurrency market and the global financial infrastructure. The cryptocurrency market represented by Bitcoin will become an important part of the global financial system, and Bitcoin's market value will continue to expand with the development of the entire market. …

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies
2 months, 2 weeks ago

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies

New Indian Express  

RBI Governor Shantikanta Das expresses concerns about cryptocurrencies, stating that they pose significant risks to financial stability. He argues that cryptocurrencies have the characteristics of money and could undermine the central bank's control over the monetary system. Das emphasizes the need for careful consideration and a cautious approach towards cryptocurrencies, considering the potential for instability and financial sector instability.

Retail investors should be cautious about Cryptos says RBI
7 months, 2 weeks ago

Retail investors should be cautious about Cryptos says RBI

Deccan Chronicle  

Mumbai: The crypto ecosystem lacks accountability and stability and is marked by regulatory ambiguity as a result of which retail investors need to be more cautious, the Reserve Bank of India economists said in an article titled Decentralised Finance: Implications for Financial System in the central bank’s May Bulletin. However, developments such as the FTX crypto exchange collapse, decline in …

Crypto Is For Criminals? No Real-World Use? 5 Myths About Cryptocurrencies Busted
1 year, 3 months ago

Crypto Is For Criminals? No Real-World Use? 5 Myths About Cryptocurrencies Busted

ABP News  

Cryptocurrencies have been experiencing remarkable growth over the past decade. Myth 1: Cryptocurrency Is For Criminals The perception that cryptocurrencies are primarily used by criminals often arises due to the anonymity they offer. While short-term price swings may be unpredictable, many long-term investors see the potential for substantial returns in the future as cryptocurrencies gain wider acceptance and adoption. Myth …

US Treasury warns about cryptocurrencies in its latest report
1 year, 9 months ago

US Treasury warns about cryptocurrencies in its latest report

India TV News  

The US Treasury Department has issued a warning about the risks posed by decentralized cryptocurrency markets, known as DeFi, to national security. The report recommends that the federal government needs to bolster its existing supervision and enforcement of the market by requiring platforms to adhere to the same anti-money-laundering rules that banks and other financial institutions must follow. The Treasury …

A critical move on crypto trade
1 year, 10 months ago

A critical move on crypto trade

Hindustan Times  

India this week tweaked rules against money laundering to cover trade in cryptocurrencies, such as Bitcoin and Ethereum. The department of revenue issued a notification outlining new definitions to cover five specific scenarios: When cryptocurrency and fiat money is exchanged; when one form of crypto is exchanged with another; if such coins are transferred; the storing of virtual digital assets; …

The way forward on crypto regulations
1 year, 10 months ago

The way forward on crypto regulations

Hindustan Times  

The finance ministers and the heads of central banks of G20 countries gathered this past weekend for a crucial meeting that could lay the foundations of future of crypto regulations. Finance minister Nirmala Sitharaman indicated ahead of the meeting that on the agenda will be the need for a standard operating procedure of sorts, for which all participants will need …

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18
2 years, 1 month ago

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18

News 18  

The fall of fraudulent and failing crypto exchanges is coinciding with the rise of CBDC across the world. CBDC, when programmed to be part of a smart contract, will reduce these layers of paper contracts and checks thus reducing the cost of trade or transactions both local and international. The promise of lower cost and reducing the global banks hegemony …

After more than a decade flying under the radar, cryptocurrencies are finally facing official scrutiny — but why do we never learn?
2 years, 1 month ago

After more than a decade flying under the radar, cryptocurrencies are finally facing official scrutiny — but why do we never learn?

ABC  

And now a word from our sponsor. It became the official cryptocurrency sponsor to the FIFA World Cup earlier this year in a deal that allegedly cost around $US40 million but would deliver the outfit's name into the homes of more than 3 billion soccer fans around the globe. Satyajit Das on the FTX crypto bust One of the few …

How crypto meltdown is bad news for global terrorism
2 years, 1 month ago

How crypto meltdown is bad news for global terrorism

Firstpost  

At a time when terrorists had found an easy and untraceable funding network based on cryptocurrencies, the global crypto meltdown comes as bad news for terror organisations New Delhi: At a time when terrorists had found an easy and untraceable funding network based on cryptocurrencies, the global crypto meltdown comes as bad news for terror organisations. Terror funding via cryptocurrencies …

How one of the richest men in cryptocurrency came a cropper, losing more than $40 billion
2 years, 1 month ago

How one of the richest men in cryptocurrency came a cropper, losing more than $40 billion

ABC  

You know you've really made it when the whole world knows you by your initials. From a $US30 billion fortune a week ago, his wealth had been whittled down to his last billion — at least if the New York Post is correct — following the implosion of his cryptocurrency exchange FTX, the world's second-biggest. A week ago, rumours of …

Billions of dollars of stolen cryptocurrencies laundered using cross-chain tools
2 years, 3 months ago

Billions of dollars of stolen cryptocurrencies laundered using cross-chain tools

The Hindu  

Illicit actors, who are masters at using blockchain protocols and platforms, have moved stolen crypto funds between multiple blockchains, leaving law enforcement agencies struggling to follow their money trail. The inter-connected nature of blockchains has resulted in cyber criminals finding more complex ways to launder money and hide their tracks, according to a report by U.K. based blockchain analysis firm …

Exploring the DeFi industry’s advantages, challenges, and benefits
2 years, 4 months ago

Exploring the DeFi industry’s advantages, challenges, and benefits

Live Mint  

Decentralized finance, a word that was first used in the year 2018, increased the potential of blockchain technology and cryptocurrencies by taking use of the 'smart contracts' functionality offered by the Ethereum blockchain network. Nevertheless, despite the numerous advantages that DeFi provides, it also poses a distinctive set of risks and obstacles that continue to split financial professionals over the …

Cryptocurrencies clear danger, says RBI Governor
2 years, 6 months ago

Cryptocurrencies clear danger, says RBI Governor

The Hindu  

The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. In the foreword to the 25th issue of the Financial Stability Report released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention. In the foreword of the …

Bubble in the air: The Hindu Editorial on the need for regulating cryptocurrencies
2 years, 6 months ago

Bubble in the air: The Hindu Editorial on the need for regulating cryptocurrencies

The Hindu  

The crash in the price of cryptocurrencies is a timely reminder to retail investors to stay far away from this highly speculative asset class. Since the supply of a lot of cryptocurrencies is limited by design, investing in them seemed like a good way to protect one’s wealth from inflation fuelled by central banks. There is little reason to believe …

Cryptocurrencies Yet To Pass Test Of Fiat Currency, Says CEA V Anantha Nageswaran
2 years, 7 months ago

Cryptocurrencies Yet To Pass Test Of Fiat Currency, Says CEA V Anantha Nageswaran

ABP News  

Sounding a note of caution, Chief Economic Adviser V Anantha Nageswaran said on Thursday that the cryptocurrencies have yet to pass the test to become fiat currency and at the same time it would be difficult to regulate them. He further said that unlike fiat money, cryptocurrencies cannot satisfy basic requirements such as having store value, widespread acceptability and unit …

Money Laundering And Terror Financing Biggest Crypto Crime Concerns: Nirmala Sitharaman
2 years, 8 months ago

Money Laundering And Terror Financing Biggest Crypto Crime Concerns: Nirmala Sitharaman

News 18  

Union minister of finance Nirmala Sitharaman recently said that the biggest risk of cryptocurrency in the midst of the pioneering fintech revolution is money laundering and its use to finance terrorism. Crypto And Crimes Money laundering is one of the most common crimes in the crypto sector, with cases increasing by over 30 per cent between 2020 and 2021, according …

Budget 2022: Cryptocurrency sector riddled with bottlenecks; time to bring policy change
2 years, 11 months ago

Budget 2022: Cryptocurrency sector riddled with bottlenecks; time to bring policy change

Firstpost  

Union Budget 2022-23: The finance minister should consider formulating policies to leverage growth from emerging technology such as blockchain tech which serves as the backbone of crypto The cryptocurrency sector in India is riddled with regulatory bottlenecks which makes it challenging to operate retail businesses. Given that crypto exchanges will have to undertake operations to keep markets from turning illiquid, …

Crypto crime hit record $14 billion in 2021, research shows
3 years ago

Crypto crime hit record $14 billion in 2021, research shows

The Hindu  

Crime involving cryptocurrencies hit an all-time high of $14 billion last year, blockchain researcher Chainalysis said on Thursday, a record that comes as regulators call for more powers over the fast-growing sector. Crypto received by digital wallet addresses linked to illicit activity including scams, darknet markets and ransomware jumped 80% from a year earlier, Chainalysis said in a report. "Criminal …

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI
3 years ago

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI

The Hindu  

Private cryptocurrencies pose immediate risks to customer protection and are prone to frauds and extreme price volatility, given their highly speculative nature, the Reserve Bank of India said in its financial stability report released on Wednesday. The latest report noted that the proliferation of private cryptocurrencies across the globe has sensitised regulators and governments to the associated risks. "Private cryptocurrencies …

Private Cryptocurrencies Pose Immediate Risks to Customer Protection, Says RBI
3 years ago

Private Cryptocurrencies Pose Immediate Risks to Customer Protection, Says RBI

News 18  

Mumbai, Dec 29: Private cryptocurrencies pose immediate risks to customer protection and are prone to frauds and extreme price volatility, given their highly speculative nature, the Reserve Bank of India said in its financial stability report released on Wednesday. The latest report noted that the proliferation of private cryptocurrencies across the globe has sensitised regulators and governments to the associated …

Cryptocurrencies a challenge for emerging markets, regulation needed: IMF chief economist Gita Gopinath
3 years ago

Cryptocurrencies a challenge for emerging markets, regulation needed: IMF chief economist Gita Gopinath

The Hindu  

International Monetary Fund Chief Economist Gita Gopinath has made a strong case for regulating cryptocurrencies, saying it will always be a challenge to ban them as they operate from offshore exchanges. Countries around the world are trying different things, there is obviously challenges to banning,” Ms. Gopinath, who is slated to be the first deputy managing director of the IMF …

Explainer | Why is China cracking down on cryptocurrencies?
3 years, 6 months ago

Explainer | Why is China cracking down on cryptocurrencies?

The Hindu  

The price of the world's most prominent crypto-currency Bitcoin has more than halved in the last two months after hitting a peak in mid-April. An inter-ministerial committee report in India two years ago, in fact, noted that in 2017 the government of China also banned trading between RMB and crypto-currencies. In under a year,the trades between RMB and Bitcoin had …

The need to regulate cryptocurrencies is loud and clear
3 years, 11 months ago

The need to regulate cryptocurrencies is loud and clear

Live Mint  

In March 2020, in a magisterial judgement, the Supreme Court set aside a circular of the Reserve Bank of India that banned regulated entities from providing any service related to the purchase and sale of virtual currencies. Whether any product, service or activity merits regulation and supervision depends on the risk of potential market failures or externalities that could imperil …

Criminals getting smarter in use of digital currencies to launder money
4 years, 1 month ago

Criminals getting smarter in use of digital currencies to launder money

The Hindu  

Criminals are becoming more sophisticated in their use of cryptocurrencies to launder money, with hundreds of millions of dollars of dirty funds last year flowing through digital wallets that allow users to hide their trail, according to Elliptic. At least 13% of all criminal proceeds in bitcoin passed through privacy wallets - which make it harder to track cryptocurrency transactions …

Cryptocurrency fraud, thefts surge to $1.2 billion in three months: Report
5 years, 8 months ago

Cryptocurrency fraud, thefts surge to $1.2 billion in three months: Report

Live Mint  

New York: Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to $1.2 billion, or 70% of the level for all of 2018, cyber security firm CipherTrace said on Tuesday. In the first quarter of 2019, theft of digital currencies from exchanges and scams totalled $356 million, while losses from …

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