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“# How US authorities are using old AML tools to crack down on crypto ” The ease of laundering money in the U.S. before 1970 boggles the mind. Prior to the Bank Secrecy Act (BSA) of that year, there were no federal standards for banks to keep records on activity that fell under the category…
“# US AML watchdog wants info on all international crypto transactions over $250 ” The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve are looking to get more information on smaller transactions than ever before. According to a notice of proposed rulemaking published on Friday, the agencies want to lower the $3,000 threshold established in 1995 to…
“# PayPal’s crypto integration means Bitcoin could triple its user base ” Bitcoin (BTC) price has again punched through the $13,000 mark after yesterday’s PayPal’s announcement sparked a powerful rally which drove the price to a new 2020 high. Currently sitting near $13,100, Bitcoin price has rallied nearly 10% since the announcement and BTC is…
“# Mainstream DeFi is ‘inevitable’: US currency comptroller ” The U.S acting comptroller of the currency, Brian Brooks, predicts th decentralized finance (DeFi) will render many of the financial services offered by banks obsolete, just as email disrupted the postal service. In an interview during DC Fintech Week on Oct. 19, Brooks predicted a not-too-distant…
“# Brazil is prepping an IPO for its state-run digital bank ” Brazil’s Minister of Economy, Paulo Guedes, said during an online event this Tuesday that Brazil “is about to” join the Organization for Economic Cooperation and Development (OECD) and that the Brazilian government has plans to launch a public offering of shares (IPO) for…
“# New Zealand has no imminent plans to issue CBDC, says central bank exec ” Financial authorities in New Zealand are in no hurry to issue a central bank digital currency, or CBDC, according to a central bank executive. Christian Hawkesby, assistant governor at the Reserve Bank of New Zealand, claimed that the country has…
“# Japanese payments firm JCB and Mizuho Bank test blockchain-based ID ” Major financial institutions in Japan are moving into blockchain to streamline digital identity systems. Japan’s third-largest bank, Mizuho Bank, and local payment giant JCB are preparing to pilot a digital identity interoperability system based on blockchain technology. The new system will utilize a…
“# Bitcoin genesis block is the ‘New Testament’ of finance ” “Fiat lux”, said God, having created heaven and earth, which was filled with darkness. And then, there was light. At least, that’s what the Holy Bible tells us. Translated to English, this Latin phrase means “let light be made.” For Christians, who much of…
“# Law Decoded: The rivalry between central banks and global stablecoins, Oct. 9–16 ” Editor’s note Blockchain technology has attracted regulatory attention since its inception. The security of the Bitcoin network despite the value of BTC in play has consistently proved the resilience of blockchain technology in maintaining records across a vast range of parties….
“# Five Russian banks express interest in piloting digital ruble ” A number of financial institutions in Russia have expressed interest in testing the country’s central bank digital currency, or CBDC. According to an Oct. 16 report by local news agency Izvestia, at least five Russian banks are interested in taking part in Russia’s non-public…