Digital yuan pilots expand to insurance industry for the first time

China's central bank digital currency can now be used on insurance policies that offer various levels of compensation for diagnosis of or death due to COVID-19. China's nascent central bank digital currency, the digital yuan, has already been deployed for an extensive array of successful pilot schemes, ranging from e-commerce to salary payments and to festive traditional lotteries.This week has reportedly seen the currency debut in the insurance industry, in the city of Shenzhen, where it is being piloted by the local branch of the People’s Bank of China together with a local subsidiary of China’s leading insurer, Ping An.The project involves a new insurance policy tailored to medical workers in Shenzhen’s Nanshan district, offering them various levels of compensation for diagnosis of or death due to COVID-19.Workers are being incentivized to use the digital yuan wallet to make their insurance premium payments by being offered the prospect of preferential allowance, according to the report.Wang Peng — an assistant professor at the Gaoling School of Artificial Intelligence at the Renmin University of China — has said that the pilot is significant as it extends the use of the digital yuan well beyond e-commerce and retail payments and can demonstrate its feasibility in a much wider range of more complex application scenarios.

Enjin plans to use NFTs to promote sustainability and equality as member of UN pact

The company previously said it planned to enable carbon-neutral NFTs by 2030, and claimed its JumpNet blockchain is already carbon-negative. The United Nations Global Compact, a non-binding pact aimed at encouraging businesses to adopt sustainable and socially responsible policies, has accepted nonfungible token and blockchain gaming and platform Enjin as a participant.Enjin announced today it would be exploring ways to use nonfungible tokens, or NFTs, to promote sustainability and equality as part of the UN pact.

S Korean Banks to Probe Exchanges’ Privacy Coin Policies in Risk Checks

South Korean banks are set to take into account crypto exchanges’ privacy coin policies, the nationality of their customers, and the criminal history of employees, classing these as “high priority” items when conducting risk assessment checks on whether to partner with trading platforms. As previously reported, crypto exchanges have until September 24 to partner with a

UK Building Society Nationwide To Review Crypto Policies Amid Wider Crackdown

The world’s largest building society is the latest UK financial institution to ramp up its monitoring of consumers using crypto.

Bybit crypto exchange to impose KYC rules

The world’s fifth-largest cryptocurrency derivatives exchange is implementing KYC rules to improve security compliance. Bybit, the world’s fifth-largest cryptocurrency derivatives exchange by trading volume, is planning to impose Know Your Customer rules.The Singapore-based company posted several statements on introducing major KYC policies on its platform in order to “improve security compliance for all traders.” A spokesperson for Bybit customer support told Cointelegraph that the new KYC rules are likely to be implemented by mid-July:“This might be launched in the middle of the month.

'Blockchain Island' Strategy Led to $70 Billion Passing Through Malta: Report

Malta’s initial ‘lax oversight’ of crypto is a concern for regulators reviewing its anti-money laundering policies.

South Korea Mulls Singapore-style Approach to Crypto Regulation

Singapore. The South Korean financial regulator is looking to Singapore for inspiration as it forms new crypto sector policies, sparking anticipation that it may look to adopt a similar system. Singapore is known for having one of the most progressive approaches to crypto regulation in the world, and its crypto exchanges are policed by the central bank and chief

New World Bank Report: Nigeria’s Exchange Rate Policies Fueling Inflation, Affecting Food Prices

Nigeria’s use of multiple exchange rates regimes may have contributed to a rise in the country’s inflation rate, the latest World Bank report has said.

Shanghai Man: Economist says El Salvador 'on road to death', salaries paid in e-CNY ...

Former banking heads question foreign financial policies, workers paid with digital yuan in milestone pilot and a large Series A is closed by DeFi platform SynFutures. Our Man in Shanghai has refused to let recent regulations slow down the news coming from China.

Tell Us the Altcoins You Want to Delist, Regulator Orders Korean Exchanges

The top South Korean financial regulator has demands to know about crypto exchanges’ token delisting policies and wants to compile a list of high-risk altcoins – in a move likely connected to the trading platform Upbit’s recent decision to delist up to 30 tokens. According to Asia Kyungjae, the Financial Services Commission (FSC) – which appears to be set on

South Korea’s small crypto exchanges face increasing regulatory heat

Stringent regulatory policies in South Korea could force many small- and medium-sized crypto exchanges out of the country. Authorities in South Korea are continuing to propose and enact measures aimed at maintaining strict oversight over the nation’s crypto exchange market.

India to reportedly ditch Bitcoin ban agenda in favor of asset classification

Indian state officials are reportedly no longer keen on banning Bitcoin and a crypto regulatory bill may be up for discussion during the Monsoon Session of Parliament. The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government towards crypto.According to a report by The New Indian Express on Thursday, the government’s hostile stance towards Bitcoin (BTC) appears to be shifting towards more common-sense regulatory policies for cryptocurrencies.According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies as an alternative asset class.The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the finance ministry.These inside sources also claim that Parliament will debate a comprehensive crypto regulatory bill during the Monsoon Session beginning in July.

Stricter crypto laws will stifle innovation, says SEC Commissioner Hester Peirce

Crypto-friendly SEC Commissioner Hester Peirce called for nuanced cryptocurrency regulations as several agencies pursue stricter policy mandates. Hester Peirce of the United States Securities and Exchange Commission has once again urged regulators to take a step back from attempting to overregulate the crypto space.Speaking to Financial Times, Peirce, affectionately dubbed “Crypto Mom” due to her positive stance on cryptocurrencies, argued against the need for strict regulatory policies.According to Peirce, regulators by nature often have a knee-jerk reaction to emerging market spaces, often at the expense of innovation.The SEC commissioner warned that pursuing stricter regulatory policies eliminates the ability of market participants to carry out peer-to-peer transactions.

Bye-Bye Capital Gains? By Embracing Bitcoin This Country Could Attract US Emigrants – Policy Expert

The policy editor at Forbes, Avik Roy, thinks El Salvador could become a popular destination for US emigrants thanks to the announcement of its trailblazing Bitcoin policies.

Uniswap Effort for $25 Million DeFi Lobbying Fund Inches Forward—Despite Detractors

Proponents say "governments and international organizations are considering policies that may halt the innovation, expanded access, and transparency [DeFi] enables."

More Chinese Exchanges Impose Bitcoin Withdrawal Delays

China's bitcoin startups announced new updates to their withdrawal policies today, though stipulations varied by exchange.

Russian central bank policies stop Tinkoff from offering crypto trading, CEO says

Russia has officially legalized crypto trading this January but the government still doesn’t allow local banks to offer crypto services.

Search giant Google lifts 2018 ban on crypto exchange, wallet advertisements

The new policy allows companies that have cleared rigorous regulatory hurdles to post ads.

Bank of America, Citigroup, Wells Fargo Unveil Their Cryptocurrency Policies

Bank of America, Citigroup, and Wells Fargo have shared their policies regarding cryptocurrency before the US Senate banking committee.

Fed’s Daily Tapering Increases by 23%- Tuesday’s Reverse Repo Removes $432 Billion from Market

Since well before the onset of Covid-19, the US Federal Reserve had initiated monetary easing policies and from then on, the M1 Money Stock supply skyrocketed to levels never-before-seen in history.

Federal Reserve Bank Presidents: Cryptocurrency Sell-off Not a Systematic Concern, Does Not Affect Fed Policy

Cryptocurrency sell-off is not a systematic concern for the Fed and does not affect Fed’s policies, two Federal Reserve Bank presidents said Wednesday.

New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

The new chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has shared his view on how the SEC plans to regulate cryptocurrencies, particularly bitcoin.

The Global Economy Comes Before Savers: ECB President Christine Lagarde Defends Negative Interest Rates

The European Central Bank President Christine Lagarde is keeping the central bank’s monetary easing policies unchanged according to her statements from a press conference last Thursday.

Korean Financial Watchdog Demands Employees File Crypto Investment Reports

The FSC has reminded employees working on crypto policies to file reports on their holdings, in accordance with its code of conduct.

Central Banks Will Need To Rethink Monetary Policies - PayPal CEO

In ten years, the world will see a major decline in the use of cash, with all forms of payment collapsing into mobile devices, catalyzing the advent of digital currencies and forcing central banks to rethink their monetary policies, according to Dan Schulman, CEO of online payments giant PayPal. Schulman predicts that the next five to 10 years will introduce more

Asia-Pacific’s solarized digitalization agenda in pandemic times

Amid the COVID-19 pandemic, the role of digitalization has become central to achieving sustainability and lessening climate change. The virtual 7th Asia-Pacific Climate Change Adaptation Forum was jointly hosted by the Ministry of the Environment of Japan and the Asia Pacific Adaptation Network with the theme “Enabling Resilience for All: The Critical Decade to Scale-up Action.” The forum took place in March and was held to formulate national adaptation planning for science and technology, and energy and fiscal policies that consider the interlinkages between climate change, health and biodiversity. These nature- and ecosystem-based policies will serve as the basis for the Asia-Pacific region’s contributions to the Leaders Summit on Climate in the United States; the United Nations Biodiversity Conference (COP 15) in Kunming, China; and the United Nations Climate Change Conference (COP 26) in Glasgow, Scotland. The Asia-Pacific region accounts for 60% of the global population (around 4.3 billion people).

SEC Commissioner Hester Peirce Proposes Revised Crypto Safe Harbor Policies

SEC Commissioner Hester Peirce has released an amended proposal floating the idea of a safe harbor rule for cryptocurrency projects.

Survey Shows 77% of Americans Are Concerned About Rising Inflation, Prices for Goods Are Soaring

Since well before the Covid-19 outbreak was found in America, the US Federal Reserve invoked a number of monetary easing policies.

Kraken’s Jesse Powell Says Bitcoin Will Easily Reach $1,000,000 – Here’s When

Kraken CEO Jesse Powel says Bitcoin is on track to hit $1 million as governments continue to adopt loose monetary policies.

Ripple settles lawsuit with YouTube for 'failing to enforce its own policies'

Ripple is in the news today after CEO Brad Garlinghouse revealed that its lawsuit against YouTube has been resolved, with the exec adding that the two parties have reached a settlement on the subject. The post Ripple settles lawsuit with YouTube for 'failing to enforce its own policies' appeared first on AMBCrypto.

The Evidence Is in on Negative Interest Rate Policies

Luis Brandao-Marques is a Senior Economist in the Global Financial Stability Analysis Division in the Monetary and Capital Markets Department of the International Monetary Fund (IMF).

Vietnam’s finance ministry warns about crypto trading risks

Vietnam’s Ministry of Finance reminded the public that cryptocurrencies have no legal framework in the country. Vietnamese financial authorities have warned the public about the risks of cryptocurrency investment as the industry is not regulated in Vietnam, local news agency Thanh Niên reports Wednesday. The Ministry of Finance of Vietnam stated, “Vietnam has not adopted any legislation related to the issuance, trading, and exchange of virtual currencies and virtual assets.” The ministry stated that virtual currencies are not part of Vietnamese securities laws, and there are only two exchanges — Ho Chi Minh Stock Exchange and Hanoi Stock Exchange — that are allowed to trade securities in Vietnam. To address this gap, the ministry has established a dedicated research group to investigate the crypto industry and develop crypto regulation policies in the country.

Bitcoin on Back Foot as Focus Turns to Powell Speech; What to Expect?

Bitcoin dropped during Asia-Pacific and European trade Thursday as rising bond yields prompted concerns that central banks may begin tightening monetary policies sooner-than-expected.

Biden’s SEC Chair Pick Gary Gensler Reveals Policies on Bitcoin and Crypto Regulation

Gary Gensler, President Joe Biden’s pick to lead the US Securities and Exchange Commission (SEC), has revealed his policies on bitcoin and other cryptocurrencies if confirmed as the SEC chairman.

FATF updates guidance on crypto service providers, calls for public comments

The Financial Action Task Force is looking to adapt its guidance standards for stablecoins and crypto peer-to-peer transactions. The Financial Action Task Force says it is set to publish an update to its guidelines on cryptocurrencies and virtual asset service providers; a catch-all term including exchanges, wallet providers, and custody platforms, among others. This updated document will also be made available for public consultation from key stakeholders. According to a circular issued by the FATF on Thursday, the decision to update its guidance on VASPs was the result of the organization’s three-day plenary session. As part of its announcement, the intergovernmental that focuses on policies aimed at combating money laundering and terrorist financing revealed that the updated guidelines will be published in the first week of March. The new guideline will be an update to the June 2019 document that introduced the travel rule compliance for VASPs.

Coinbase has held Bitcoin on its balance sheets since 2012

The American exchange is offering services and advice to other private and publicly traded firms who want to hold digital assets in their treasuries. United States-based cryptocurrency exchange Coinbase has revealed that Bitcoin (BTC) and other crypto assets have been a key component of its corporate treasury since the company's founding back in 2012.  In a new announcement addressed to other corporate actors, the exchange presented its own experience in managing its treasury position in cryptocurrencies as a solid foundation for advising other private and publicly-traded companies about how to deal with their own prospective investments.  In a newly-published, highly detailed Corporate Treasury FAQ, the exchange provides a thorough overview of the kinds of investment, accounting, and tax policies that companies would need to consider and adopt if they wish to diversify their treasuries into crypto.  The FAQ is both a general resource that covers all manner of regulatory, auditory, technical and investment questions about crypto from a corporate investment perspective and a pitch for companies to choose Coinbase in particular as a trade execution, consultant and professional custody partner. The document also provides overviews of Bitcoin's performance in recent years from a macro perspective, revealing its favorable comparison to other financial assets such as gold and the S&P 500. "Bi

Are central banks' policies behind Bitcoin's latest rally?

US President Joe Biden's administration is looking forward to fast-track its coronavirus relief plan with a third round of stimulus checks worth $1,400 for each US citizen.

Miami mayor aiming for 'the most progressive crypto laws'

“We want to make sure that we believe that if all things are equal, we win," said Mayor Francis Suarez. Francis Suarez, who has served as the mayor of Miami since 2017, wants to make the city the most attractive in the United States for those in the crypto and blockchain industry. In an interview with Forbes published Sunday, Suarez said lawmakers in Miami were looking into the policies of crypto-friendly areas like Wyoming and New York in an effort to promote regulatory incentives for crypto and blockchain in Florida.

Davos Watch: 'Don't Take Things For Granted For The Next Decades'

François Villeroy de Galhau. Source: A video screenshot, Youtube/CNBC International TV With the pandemic triggering intensified economic and financial stimulus by governments across the world, regulators and banks consider they fulfilled their mission of ensuring liquidity to the markets, but the way to emerge from the crisis will rely on a mix of policies, according to the participants of an

Biden team announces pick to lead SEC

Biden’s pick to run the SEC has some serious crypto and blockchain chops. President-elect Biden’s team recently unveiled additional folks it plans on nominating for various positions after the inauguration on Wednesday.  One key pick is Gary Gensler as Chairman of the Securities and Exchange Commission, or SEC, according to a statement from Biden’s transition team on Monday.

Elon Musk Agrees Bitcoin Fixes ‘Inflationary Insanity’ in Fresh Debate on Future of Crypto

Tesla CEO Elon Musk is acknowledging a claim that Bitcoin can potentially be the cure for the loose monetary policies adopted by the world’s central banks.

Fed Chief Bets That US's 'First-Mover Advantage' in CBDC Race Is Stronger Than China's

Fed Chairman Jerome Powell. Source: a video screenshot, Youtube, NBC News Jerome Powell, the chairman of the US Federal Reserve (the Fed), has suggested that the United States is in no rush to issue a central bank digital currency (CDBC), opining that the dollar’s status as the de facto world reserve currency will provide the nation with “first-mover advantage” – no matter what policies

Bitcoin Wallet Firm Ledger Discovers Full Extent of Hack

Ledger plans to update its data privacy policies as a result of the massive data breach.

Fund Manager Bill Miller Lauds BTC- Says ‘Bitcoin Could Be Rat Poison, and the Rat Could Be Cash’

Fund Manager and founder of Miller Value Partners, Bill Miller says holding bitcoin is better than holding cash because the digital asset is immune to the bad policies of the US Federal Reserve.

After Nailing Bitcoin’s Price in 2020, Max Keiser Unveils Massive Prediction for Year Ahead

Wall Street veteran and Bitcoin firebrand Max Keiser says he believes Bitcoin will ignite a massive rally this year on the back of central banks’ loose monetary policies.

Abra CEO Says Bitcoin’s Fundamentals Are Perfect, Addresses Ripple’s Battle With SEC

Abra founder and chief executive Bill Barhydt says Bitcoin’s fundamentals look stellar at a time when governments adopt questionable monetary policies.

Colombian Watchdog Says Companies Can Convert Capital to Bitcoin

Big American companies like MicroStrategy have made the headlines this year with their bitcoin (BTC)-buying policies, but companies in Colombia may be set to follow suit – after a corporate watchdog in the nation green-lighted the practice of holding capital reserves in crypto. In an official notice, the Superintendency of Corporations (Superintendencia de Sociedades),

South Korean Crypto Exchanges Prepare for Order Book Sharing Shutdown

Source: Adobe/Андрей К A number of South Korean crypto exchanges are ceasing policies that see them share order books with overseas exchanges in preparation for the promulgation of a new crypto law that comes into force early next year. As reported, a series of amendments to a financial law will take effect in March, and is set to transform the way exchanges (previously unregulated) go

Novogratz hopes Biden admin reverses Trump's anti-crypto stance

Galaxy Digital CEO calls Trump’s crypto policies “anti-dollar” and “anti-innovation.” The United States is in desperate need of open-minded cryptocurrency regulations from the incoming Biden administration, according to Galaxy Digital CEO Mike Novogratz.  Appearing in a Thursday segment of CNBC’s Sqwuak Box, Novogratz said the Bitcoin (BTC) bull market has proven resilient to the recent wave of anti-crypto rhetoric coming from Capitol Hill: “It tells you about how powerful this bull market is [...] They are throwing lots at the system, and it’s not actually impacting it.” Nevertheless, for the cryptocurrency industry to truly succeed in the long run, more regulatory clarity is needed.

FBI to reform virtual currency practices following DoJ recommendations

The DoJ thinks the FBI needs to shape up when it comes to its cryptocurrency support teams. A recently released US Department of Justice audit of the Federal Bureau of Investigation’s (FBI) practices in regards to darknet criminal investigations concluded that the law enforcement agency is in disarray — and an overarching "cryptocurrency support strategy" might be among the solutions.  According to an unclassified version of the audit released on Thursday, the FBI’s current darknet investigation efforts are — perhaps ironically — hampered by a “decentralized” set of practices, policies, and training programs, as well as compartmentalized intelligence leading to “redundant” efforts.

Sources claim ‘sympathetic’ Trump is considering pardon for Silk Road founder

Anonymous sources claim that President Trump is sympathetic to the Free Ross campaign and is considering clemency for the Silk Road founder. According to The Daily Beast, outgoing US president Donald Trump is considering granting clemency to Ross Ulbricht — the founder and operator of the pioneering darknet market, Silk Road. Ulbricht was arrested in 2013 and received two life sentences without parole for non-violent offenses in 2015. The anonymous sources relied on in the report claim that the White House counsel’s office has been reviewing documents related to Ulbricht’s case, and that the President has been made aware of the situation. Two sources claim that Trump has privately expressed sympathy for Ulbricht and has considered his name for the next round of pardons. Speaking to the publication, Ulbricht’s mother Lyn expressed admiration for Trump’s criminal justice reform policies, adding: “We’re praying and remain hopeful that he will show mercy on Ross, as he has others, and commute his sentence to time served and give my son a second chance at life.” Jo Jorgensen, the 2020 candidate for the Libertarian Party, campaigned for the pardoning of Ulbricht, in addition to whistle blowers Edward Snowden and Chelsea Manning. Trump has a little over a month to grant the pardon, with President-elect Joe Biden being sworn into office on Jan.

NYT Reveals Claims of ‘Racist or Discriminatory’ Treatment of Employees at Coinbase

The NYT critique of Coinbase’s internal diversity policies quotes former employees who complain of “racist or discriminatory” treatment.

US Senator-Elect Cynthia Lummis Wants Congress to Leave Bitcoin Alone

US senator-elect and former Wyoming state treasurer Cynthia Lummis says states should lead the way in creating policies that allow Bitcoin to function the way it was designed.

Economic justice doesn’t need the blockchain, say advisors to ‘The Squad’

Making digital cash work efficiently for public stimulus payments doesn’t require a detour through blockchain technology, in the view of US progressives. American progressives, particularly the high-profile group of Congresswomen known as “the Squad,” have been highly vocal on questions of economic equity, the corrosive social impact of Big Tech and the need to reimagine fiscal and monetary policy in the post-2008 and post-COVID-19 political moment. How do they view blockchain technologies and the subsequent debates that have surrounded the digital dollar, given the potential for some overlap when it comes to certain concerns like financial inclusion, efficient distribution and citizens’ privacy?  In a recent interview for Forbes, the economic policy advisors to several members of the Squad — Alexia Ocasio-Cortez (D-NY), Rashida Tlaib (D-MI) and Ayanna Pressley (D-MA) — strongly marked out their position as against that of many in the blockchain space. Chastity Murphy, Rep.

DeFi-ing expectations: Great opportunities in crypto can come at a price

A record-breaking year for DeFi, but can it break away from the negative perceptions around yield farming and pump-and-dump schemes? While 2020 will go down as one of the toughest the world has faced collectively in many years, the success of the decentralized finance sector stands out as a major milestone for the cryptocurrency community. Amid the ongoing COVID-19 pandemic, economies have shuddered, and governments and financial institutions have had to introduce drastic monetary policies and stimulus packages in order to revive the global marketplace.

Etherisc to offer blockchain-based crop insurance to Kenyan farmers

The project aims to provide a blockchain-based parametric insurance platform that helps protect smallhold farmers from the effects of climate change. Today the Chainlink Community Grant program announced funding for a low-cost insurance collaboration between Etherisc, a decentralized insurance protocol, and ACRE Africa, a microinsurance issuer focused on the second-most populous continent on the planet.  According to an announcement from Chainlink, the project aims to build a blockchain-based insurance platform that delivers affordable coverage for the nearly 250,000 smallholder farmers in Kenya, many of whom are expected to be disproportionately affected by climate change over the next three years. The planned platform will also provide insurance policies with payment installments valued as low as the equivalent of 50 cents in local currencies. The grant money will be used to finance several aspects of the project, such as developing the smart contracts, building a user-friendly front-end for farmers to interact with, integrating with local payment systems, and various other technical developments. In addition, a part of this grant will go towards financing studies related to the economics of insurance for agricultural crops in many African countries, with the goal of determining sustainable coverage models for both insurers and farmers.

First Mover: What’s Next for Bitcoin as Wall Street Gets Vaccine Booster

Crypto markets could turn on a shift in economic policies as US President-Elect Joe Biden's transition team starts to meet.

William Hinman, who led efforts in crypto policies, to leave US SEC

Director of US Security and Exchange Commission’s Division of Corporation Finance, William (Bill) Hinman has decided to leave SEC later this year, according to the agency’s notice published today. The post William Hinman, who led efforts in crypto policies, to leave US SEC appeared first on AMBCrypto.

Ripple CEO Brad Garlinghouse against Coinbase's 'apolitical' stance

CEO of crypto payments firm Ripple, Brad Garlinghouse today said that his firm did not plan on following major crypto exchange Coinbase’s new change of policies that does not allow political distrac The post Ripple CEO Brad Garlinghouse against Coinbase's 'apolitical' stance appeared first on AMBCrypto.

Ripple CEO Brad Garlinghouse opposes Coinbase’s 'no politics' policy

Brad Garlinghouse said tech companies have an obligation to contribute to solving societal issues. Brad Garlinghouse, the CEO of blockchain-based payments firm Ripple, disagrees with Coinbase’s new policy restricting its employees from engaging in political discussions at work. Coinbase CEO Brian Armstrong first announced the ‘apolitical’ policy in a blog post on Sep.

The true effect of Bitcoin FOMO hitting institutions

80% of institutional investors believe that the recent Coronavirus-led quantitative easing policies adopted by Central Banks and governments could lead to a rise in inflation.

Billionaire Venture Capitalist Says Bitcoin and Crypto Immune to Runaway Spending, Rampant Money Printing

Bitcoin and crypto are poised to speed up globalization and the decentralization of industries, making them immune to questionable government economic policies, according to tech venture capitalist and BTC bull Tim Draper.

KPMG unveils blockchain solution to track climate emissions

As organizations come under pressure to ramp up climate change policies, accounting giant KPMG has launched a new blockchain-based solution. International accounting firm KPMG has unveiled its blockchain based Climate Accounting Infrastructure (CAI) solution to help organizations measure, report, and offset their greenhouse gas emissions. CAI uses blockchain to securely store environmental data in a financial system as part of organizations’ climate risk assessments and asset valuations.

European Police Forces Want Tougher KYC Measures for Crypto Industry

Europol, the EU’s law enforcement cooperation agency, has called on EU member states to press crypto businesses to enforce tighter know-your-customer (KYC) policies.

Why the BitMEX charges could be bad news for DeFi

Charges against BitMEX for weak AML and KYC policies could be bad news for the world of decentralized finance In the aftermath of criminal charges against BitMEX, the crypto community is debating whether the decentralized finance sector is also set to face the wrath of regulators. On Oct 1, the US Commodity Futures Trading Commission announced charges against three BitMEX executives for violating the Bank Secrecy Act (BSA) due to the exchange’s allegedly weak anti-money laundering and know-your-customer (KYC) policies.

FinCEN Director Kenneth Blanco Warns Banks to Take Crypto AML Seriously

Kenneth Blanco, the Director of the FinCEN warned banks to seriously consider how virtual currencies should fit into their anti-money laundering (AML) policies.

South Korean Crypto Exchanges Search for ‘Seamless’ AML Solutions

With just months to go before new legislation comes into force requiring all of South Korea’s crypto exchanges to implement strict anti-money laundering (AML) policies, the race is now on to adopt solutions ahead of time – and avoid falling foul of the law. So which AML solutions are South Korean crypto exchanges adopting ahead of next year’s legal changes?

FinCEN announces sweeping money laundering regulations overhaul

FinCEN is preparing to modernize its AML requirements for financial institutions to greater respond to the dynamic threats posed by “illicit finance.” The US Financial Crimes Enforcement Network (FinCEN) has announced it will be changing the anti-money laundering (AML) and counter-terrorist financing (CTF) rules within the financial sector. The announcement stated that FinCen will be seeking public feedback on forthcoming regulatory proposals intended to modernize and strengthen rules governing the reporting and monitoring requirements of financial institutions. The new policies seek to address “the evolving threats of illicit finance, such as money laundering, terrorist financing and related crimes” which suggests that crypto firms and exchanges will be firmly in the sights of the coming regulatory changes. They will also impact the compliance obligations of banks, credit unions, casinos, insurance companies, mutual funds, and dealers or brokers of futures, commodities, precious stones, and precious metals. The new AML regulations aim to identify and combat illicit financial activity through robust record-keeping and risk assessment requirements and the regulator hopes to tighten up the definition and requirements of an “effective and reasonably designed” AML program under the Bank Secrecy Act (BSA).

Lawsuit Alleges Binance Processed $9.4 Million of Stolen Funds

A Japanese crypto exchange alleges Binance allowed hackers to cash out over $9.4 million in stolen funds due to lax KYC policies.

Apple forces Coinbase to change its crypto products, says CEO

Brian Armstrong has taken Apple to task over its allegedly exclusionary policies towards crypto app developers. Brian Armstrong, the CEO of United States cryptocurrency exchange Coinbase, alleges that Apple is stifling innovation in crypto and sidelining DeFi to protect itself from competition. In a Twitter thread published on Sept.

Morgan Stanley Strategist Recommends Bitcoin as Central Banks Ramp Up Money Printing

Morgan Stanley Investment Management’s chief strategist and head of emerging markets has recommended bitcoin as an alternative investment to stocks amid central banks’ massive money printing policies.

Switzerland enshrines its crypto-friendly policies into law

Switzerland just became the first major financial center with a full set of laws to govern blockchain commerce.

‘Absolute Raging Mania’: Famed Investor Druckenmiller Thinks 10% Inflation Is Possible

The Hedge Fund legend says in a new interview the Federal Reserve’s policies have created a massive asset bubble while making both inflation and deflation more likely.

Bitcoin and cryptocurrency are no hedge for inflation

Rather than a hedge against inflation, cryptocurrencies are an alternative to the dominant system entirely. The US Federal Reserve chairman, Jerome Powell, recently announced that the Fed will now shift its focus from targeting inflation to closing “unemployment shortfalls.” The Fed, in essence, is doubling-down on the same inflationary policies with which it experimented during the 2008 global financial crisis. Speaking at a virtual Jackson Hole event recently, Powell said the Fed would not raise rates anytime soon.

Real Vision CEO: Bitcoin Targeting $1,150,000 After Shift in Federal Reserve Policy, Ethereum Now a Call Option on Future of Finance

Raoul Pal thinks Federal Reserve policies could lead Bitcoin to 100x gains.

Digital yuan doesn't pose a threat to the hegemony of the dollar, says expert

Foreign investors still doubt the PBoC's policies when it comes to the RMB exchange rate. Eswar Prasad, a professor of Trade Policy at Cornell University and a senior fellow at the Brookings Institution, believes that even though China’s digital yuan will enhance the renminbi’s role as an international payment currency, it will “hardly put a dent” in the US dollar’s status as the dominant currency. In an opinion piece published in Project Syndicate, Prasad states that the Chinese government should keep reforming the country’s financial markets and remove restrictions on capital flow to put both China’s CBDC and national cross-border payments system in the global sphere to strengthen its adoption. According to the professor, the renminbi has made significant gains in recent years, both as a means of payment and as a reserve currency.

YouTube’s Whac-a-Mole Approach to Crypto Scam Ads Remains a Problem

Despite lawsuits and Google’s own ad policies, cryptocurrency scam ads are still making it through the YouTube gates and circulating for days.

Ripple’s Garlinghouse: Macro View for Crypto Bullish Amid Massive Monetary Stimulus

The chief executive at the San Francisco payment startup Ripple thinks that economic policies meant to buffer the impact of the pandemic-induced financial crisis will benefit the crypto industry.

US Rep. Darren Soto is excited about the recent USPS blockchain voting patent

Can blockchain help settle the mail-in voting debate? The United States Postal Service, or USPS, recently filed a patent for a mail-in voting system that utilizes Blockchain and other technologies for verification.