Bitcoin, the world’s most popular digital currency, is due for its first upgrade in over four years, and miners across the globe have given it the thumbs up. The new “Taproot” upgrade is due to take effect in November this year and will see the currency providing a new level of transactional privacy and efficiency, according to industry experts.
A network of 1,100 people accused of laundering money by purchasing cryptocurrencies have been arrested in China. According to the Chinese Ministry of Public Security, the launderers were charging their clients a commission rate to convert proceeds obtained through illegal activities to cryptocurrency via crypto exchanges without disclosing the amount of money involved.
The crypto community was left in shock after the announcement of China’s latest crackdown on cryptocurrencies, which included not only the ban of financial services related to cryptos and the trading of digital currencies but also the mining of said currencies. China has been the global bitcoin mining hub throughout the years and is responsible for around 65% of all bitcoin mining worldwide, even after the recent ban. But the effects of local regulations are pushing large mining operations out of the country. Several big mining firms have ceased operations in China and are looking to move their operations to regions such as Central Asia and North America.
Since July 2020, Softswiss has resolved over 70 fraud-related cases worth over €370,000! The past nine months have shown excellent results in the battle against crypto gambling fraud. And the future looks bright when it comes to preventing these occurrences.