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.
Donald Trump wants the dollar to be the currency of the world and detests the idea of BTC and other cryptocurrency. It was in an interview with Fox Business earlier this week that the former U.S. President openly spoke about his detest for the popular and highly praised digital currency. When asked about him not […]
The Salvadoran president, Nayib Bukele, has recently announced the country’s plans for introducing Bitcoin as legal tender in the country. Should congress back this proposal, El Salvador will become the first country in the world to officially adopt the cryptocurrency, which will be used alongside the country’s official currency, the U.S. dollar.
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.
China is yet again making news by tightening crypto regulations and introducing a new ban that prohibits financial institutions and payment companies from providing any crypto-related services. This ban will forbid banks and online payment companies from providing any services related to cryptocurrencies such as registration, trading, clearing, and settlement of digital currencies according to a joint statement released earlier this month by three financial industry associations in China. These three industry bodies are the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.
South Korean Authorities are known for not pulling any punches and this time it has decided to crack down hard on a domestic crypto exchange, allegedly trying to pull off a scam, robbing investors of nearly $214 million. Oppan Gangnam Style South Korea has a strict policy regulating multi-level-marketing projects so with a fresh court […]
A warning has been issued from the chairman of South Korea’s top financial regulator, that a new financial law can cause major problems as early as September. Things are about to get tricky for all 200 cryptocurrency exchanges in South Korea. Last week, the country’s National Assembly’s Political Affairs Committee held a general meeting. Following […]
Leading cryptocurrency trading platform Binance is opening up to the trade of tokenized stock from some of the biggest companies in the world. Tesla’s stock became available for trade in the form of a token on this popular platform. They have also added fractional shares of their rivaling exchange Coinbase after it went public on April 14. Now, Binance has announced that it will be listing tokenized shares of Microsoft, Apple, and MicroStrategy by the end of April this year.
Central banks have been looking into issuing their own central bank digital currencies (CBDC) and the UK has their eyes set on one of their own. China has been in the lead among major economies for years as they have already started extensive testing on a pilot last year. But now the UK is hot on their heels with ideas for their own CBDC. Of Course, a lot more planning and research is involved when structuring a new digital version of a major economy’s currency. And the UK is doing all the necessary research to ensure a smooth-running operation.
Turkey has now announced that they are introducing a ban on payments using cryptocurrency. The Bitcoin price has dropped somewhat since the announcement and currently sits at around $56k, down from an all-time high of above $63k last week. The Central Bank of the Republic of Turkey (CBRT) has warned that cryptocurrencies or other crypto assets will be prohibited as a form of payment, both directly and indirectly, for the purchase of goods and services within the country. This ban will come into effect on the 30th of April, 2021.
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