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JUDY SHELTON FEDERAL RESERVE APPOINTEE IS PRO CRYPTOCURRENCY

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JUDY SHELTON FEDERAL RESERVE APPOINTEE IS PRO CRYPTOCURRENCY

White House economic adviser Judy Shelton has been nominated to the Federal Reserve Board of Governors by President Trump. Many people in the press and the finance community were surprised to learn Ms. Shelton is a “gold bug.” She is in favor of returning the U.S. Dollar to the “gold standard.” And, what is perhaps the most exciting part, is she is a big-time cryptocurrency advocate

In the past week, the Chinese police arrested a gang of Bitcoin miners that stole electricity worth approximately $3 million for their crypto mining setup. Around 4,000 mining devices were being used in the illegal operation.

The Republic of Georgia has exempted cryptocurrencies from value-added tax, more commonly known as VAT. Georgia’s finance minister Nodar Khaduri recently signed a bill aimed at regulating the taxation of entities that trade or mine cryptocurrencies.

Days after the U.S. Conference of Mayors passed a resolution opposing the payment of ransoms by cities the following ransomware attack La Porte County’s government has done the opposite after its files were encrypted. The La Porte in Indiana municipality has paid a Bitcoin ransom worth approximately $130,000 to cyber attackers who encrypted its files.

Binance has just finished its 8th quarterly “burn” of BNB. They do this because the exchange is committed to reducing the total token supply periodically. However, with the scheduled token burn, Binance CEO Changpeng Zhao announced that his company would give up its entire BNB allocation in an effort to promote the growth of the ecosystem.

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U.S. Debt Increase Of Over 1 Trillion May Help Bitcoin

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U.S. Debt Increase Of Over 1 Trillion May Help Bitcoin

U.S. Debt Increase Of Over 1 Trillion May Help Bitcoin

Donald #Trump might not like #bitcoin, but he’s doing an excellent job creating the economic conditions in which the leading cryptocurrency can thrive. Need proof? Just look at the US national #debt, which crossed the $22 trillion mark in February and has ballooned by nearly $400 billion more in the six months since then.

The bad news for fiscal #hawks – and the good news for bitcoin bulls – is that there won’t be a reprieve anytime soon. Despite railing against the national debt during his first presidential campaign, Trump just signed a budget bill that will tack another $1.7 trillion onto the US #government’s liabilities over the next decade.

Want to be even more terrified? Take a brief glance at the US Debt Clock and watch those numbers spiral upwards in real-time. While Trump continues to tout the “phenomenal” bipartisan budget agreement, the government’s debt addiction set the US economy on a dangerous path.

Bitcoin, unlike the US dollar, has a fixed supply. Only 21 million bitcoins will ever be issued, and the keys to 23 percent of the tokens in circulation have reportedly been misplaced already. Unlike government-run currencies, the cryptocurrency’s value depends entirely on one thing: demand. It’s not surprising that institutional investors have started piling into bitcoin already to hedge their bets. Risky or not, BTC might just be the best way to protect yourself against the irresponsible borrowing of the US government.

What comes next for the US economy?

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Facebook Privacy Issue To Stall Libra?

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Facebook Privacy Issue To Stall Libra?

Facebook Privacy Issue To Stall Libra?

 

As if Facebook didn’t have enough privacy issues, the company now confirms that it has been transcribing the audio chats of its users for quite some time.

Facebook claims that the only conversations that were transcribed were from those users who selected that option in the Messenger app.

Facebook also claims that it was on for the sole purpose of making sure the transcription application was performing properly.  Needless to say, it is difficult to believe anything Facebook has to say on this or any other privacy issue. Even worse, third-parties were used to transcribe the audio, but this information was never disclosed to users.

This is not going to help Facebook in regards to the Libra cryptocurrency venture. Cryptocurrency users love the idea that transactions are relatively private and like to hope and believe that what they do with their transactions is not scrutinized. Yet Libra is supposed to be managed by a “trusted issuer,” namely Facebook. Write-access to the transaction ledger for Libra rests solely with authorized members of a corporation consortium. As it is, distrust of corporations, in general, is widespread, but the distrust of Facebook is now legendary. Every week it seems like some other privacy breach is revealed in the Facebook universe. Just when it seems like an issue has been aired, or cleared, another one pops up like Whack-a-Mole.

Believers in cryptocurrency coalesce around the desire to eliminate centralized entities. They don’t want to have any connection to some form of centralized control or valuation. It is becoming increasingly apparent that Libra has fewer and fewer qualities of true cryptocurrencies. Rather, Facebook seems to want Libra to be some kind of innovation with the established financial system – and then control it. Even Congress is concerned. Ed Butowsky, Managing Partner at Chapwood Capital Investment Management, tells CCN that – even though he’s a crypto skeptic – cryptocurrencies and other financial systems have one thing in common:

“System control requires user trust. From gold rush sellers to today’s gold – buying stores, systems to weigh gold have been transparent and trusted. No such transparency exists for Libra. Transparency and Facebook are mutually exclusive. Libra will consequently face big trust challenges.”

What is the future for Libra and Facebook?

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Coinsquare And FlexaHQ – To Bring Crypto Payments To Canada

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Coinsquare And FlexaHQ - To Bring Crypto Payments To Canada

Coinsquare And FlexaHQ – To Bring Crypto Payments To Canada

One of Canada’s top crypto exchanges, Coinsquare, has partnered with United States cryptocurrency payments startup Flexa to bring in-store digital currency payments to Canada.

In-store crypto payments in Canada

The official Twitter account of Canadian cryptocurrency exchange Coinsquare said on August 13 that the firm partnered with U.S.-based crypto payments startup Flexa. The partnership will reportedly allow the latter company to expand its in-store crypto payment processing services to Canada. Coinsquare noted:

“One of the biggest hurdles in mass adoption for crypto is finding a way to let users spend it. We are excited to bring Flexa’s solution for this problem to #Canada.”

Per the announcement, the exchange will also add Flexa’s spend features to its apps, allowing its users to spend directly from their on-exchange balance in over 7,500 physical stores in Canada.

A variety of accepted coins

According to a promotional video featured on Flexa’s official website, the startup’s service supports Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH). Furthermore, a post published by the company on Medium today suggests that they also support Litecoin (LTC), anoncoin Zcash (ZEC) and stable-coin Gemini Dollar (GUSD).

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