Sharath Kumar, the director of Trescon, is an expert in the field of Sales and Business Development in event organization. As an individual who...

According to research from Recap, a cryptocurrency tax software company, London has become the world’s leading hub for cryptocurrencies. The researchers analyzed eight...

The Covid-19 pandemic has ravaged the global economy, with countries fighting record inflation levels with soaring interest rates across the board. For example, inflation...

HashKey Capital (“HashKey”), a global asset management focusing on cryptocurrencies and blockchain technology, has announced the successful closure of HashKey FinTech Investment Fund III,...

More and more countries have begun taking an interest in cryptocurrencies on an individual, business and governmental level. Hubs have emerged around the globe...

Cryptocurrencies like Bitcoin (BTC) could potentially find some mutually beneficial interactions with central bank digital currencies (CBDCs), according to one industry executive.While crypto is...

Advertisement &nbsp &nbsp When Bitcoin was first created, Satoshi Nakamoto designed the protocol to work without a third-party intermediary. This was done because for...

Recently, the market has seen a strong correction due to the Bitcoin price bull run of the past several days. On December 7, 2020,...

The Sandbox native token, SAND, jumped from eight-month lows following Friday’s announcement of a collaboration between the metaverse and Lionsgate Studios. As a result of...

Federal Reserve Chairman Jerome Powell emphasized on Wednesday that technology transformation is here to stay in the financial sector and that new regulations will be required. Powell revealed some insight into how the United States would govern the market during a presentation at the Bank of International Settlements Innovation Summit on central bank digital currencies. The digital age was not taken into consideration when establishing our current regulatory structures, the Fed official said. “There will be revisions to current laws and regulations, as well as the creation of wholly new rules and structure, if central banks, stablecoins, and digital currencies are to be implemented,” he said during a roundtable discussion on CBDCs at the BISI Summit. Is There A Threat? Powell noted that emerging forms of digital money, like cryptocurrencies and stablecoins, pose threats to the US financial system and will necessitate the adoption of additional consumer protection measures. Powell reaffirmed his position that cryptocurrency should adhere to the “same activity, same regulation” premise. He proposed regulating stablecoin issuers, such as banks, in October 2021. “Stablecoins function similarly to money market funds. They’re similar to bank deposits… and it is reasonable for them to be controlled similarly, same activity, same regulation,” he concluded. Powell Says DeFi Can Improve Finance Sector Despite this, the Fed chairman acknowledged that distributed technology and DeFi have the potential to improve the payment system’s efficiency and foster a more competitive financial sector. This is an impressive recognition from the director of one of the country’s premier financial institutions. Other agencies and their personnel have embraced crypto and blockchain technology as well, albeit they all appear to advocate for some level of regulation. Crypto total market cap at $1.94 trillion on the daily chart | Source: TradingView.com Suggested Reading | Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says Stablecoins are a type of cryptocurrency that are typically backed by the dollar or a commodity such as precious metal. CBDCs are digital representations of dollars or other fiat currencies that governments issue. The Fed is exdigital currencies but has not yet decided whether to issue them. In January, it published a study on stablecoins. Biden’s Executive Order US President Joe Biden signed an executive order earlier this month directing the Treasury Department and other federal agencies to conduct a study on the impact of cryptocurrency on economic stability and national security. Biden’s directive comes as many Democratic legislators, notably Massachusetts’ Elizabeth Warren, have expressed worry that cryptocurrency could be used to circumvent US sanctions against Russia. As part of the executive mandate, the Treasury is leading a report on a CBDC in consultation with the Departments of Justice, Commerce, and State, as well as the Office of Management and Budget, Homeland Security, and the Director of National Intelligence, to determine whether the US should pursue a digital dollar. Suggested Reading | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum? Featured image from CryptoSlate, chart from TradingView.com

Music NFTs are not a new thing, but music NFTs with Spotify is something else. Spotify, the world’s largest music streaming service, is eyeing a new opportunity to hop on the NFT bandwagon. The music streaming service recently posted two job listings for senior engineers to work on early-stage Web3 products. Spotify Plans To Add [...]

The post Is Spotify Heading To NFTs? Recent Job Postings Suggest So appeared first on Blockonomi.

Fiat, a government-issued currency, is still the best choice of financial criminals. Concerns have always centered on the possibility of crypto assets being used for nefarious reasons, however the US Treasury department just released something that dispels these anxieties. Despite widespread fears that cryptocurrency could be used for criminal purposes, a newly published report by the US Treasury indicates that the bulk of financial crimes are still committed using fiat money. The US Treasury presented a three-year report on money laundering, proliferation financing, and terrorist financing early this month. And they were all based on digital assets. And crypto detractors may believe this is all about digital assets being widely employed in these sectors. Related Story | Shiba Inu Exodus: 32,000 Holders Lose Interest In The ‘Dogecoin Killer’ It’s Fiat, Not Crypto Nevertheless, fiat currencies and traditional money are still more often utilized in this circumstance, thus they are more likely to come into play. The Treasury’s findings include a detailed discussion of virtual currencies, stating that both their user base and market capitalization have expanded dramatically since the previous risk assessment in 2020. However, these reports found that criminal flows via fiat currency and established networks continue to outnumber those involving cryptocurrency. Crypto total market cap at $1.805 trillion on the daily chart | Source: TradingView.com The US Treasury disclosed the following: “The use of crypto assets for money laundering continues to be significantly less prevalent than the use of fiat cash and other more traditional means.” Crypto Still A Good Choice For Crime According to the National Money Laundering Risk Assessment, “virtual assets” are an ever-evolving domain within money launderers’ expanding armory for concealing their finances. It singled out DeFi and “anonymity augmenting technology” as possible perpetrators. Throughout the pandemic, virtual assets have apparently been used extensively in phishing assaults and ransomware scams. Related Article | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum? Shady operators may use pledges of profit from the unpredictable cryptocurrency market to entice victims into disclosing personal information or infecting their devices with viruses. The attackers may then demand payment in crypto following the attack, which is both pseudonymous and irreversible. In a recent Chainalysis Crypto Crime Report, many criminals use over-the-counter brokers to launder their cryptocurrencies. OTC brokers are individuals or businesses that assist transactions between buyers and sellers who do not wish to (or are unable to) conduct business on a cryptocurrency exchange. A Staggering Amount Meanwhile, a United Nations report says that money laundering costs the global economy between $800 billion and $2 trillion per year. This equates to between 2% and 5% of gross domestic output. Today, almost 90% of money laundering remains undetected. However, technological advancements have led in the development of more effective tools. Criminals continue to use these advancements to move dirty money. Simultaneously, government agencies and fintech firms utilize technology to identify transaction characteristics and assist in exposing fraud. Featured image from India Today, chart from TradingView.com