PayPal Letter Seems to Confirm Crypto Capability Rumors
PayPal has confirmed that it is developing capabilities in the cryptocurrency space, according to a letter to the European Commission. Originally submitted on March 20, the document was intended as a response to the European Commission’s public consultation on building a European Union framework for markets in crypto assets, whose feedback period lasted from December 2019 through March.
Seychelles-Based Bitcoin Transfers Continue to Gain Dominance, Analysts Find
A new report released on Tuesday by Crystal Blockchain attempts to categorize cross-border transactions of Bitcoin based on their “country of origin,” which may have important implications for the FATF Travel Rule. The analysts used direct exchange-to-exchange transactions and their country of incorporation to categorize Bitcoin (BTC) transfers by their provenance. Despite the fact that Bitcoin is fundamentally borderless by nature, and that a country of incorporation does not fully indicate the origin of its funds, this classification is required for complying with the Travel Rule.
Singapore's Blockchain Payments Platform Ready for Commercial Launch
Singapore authorities announced today that their blockchain payments project, Project Ubin, is complete and ready for commercial launch. The Monetary Authority of Singapore, or MAS, first undertook Project Ubin in 2017 with plans to first develop a digitized Singapore dollar (SGD). The next steps involved exploring blockchain and distributed ledger technology to build a system for the clearing and settlement of payments and securities using digital SGD.
Telefónica, Deutsche Telekom and Vodafone Use Blockchain for Roaming Settlement
Three global industry leaders in telecommunications — Spain’s Telefónica, Deutsche Telekom, and British provider Vodafone — have jointly finalized a trial blockchain solution for the settlement of roaming discount agreements. Developed by blockchain startup Clear, the solution is expected to reduce capital costs for telcos, support faster revenue recognition, and provide more efficient settlement for their inter-company deals and workflows. Both Telefónica Innovation Ventures and the Telekom Innovation Pool of Deutsche Telekom had participated in a $13 million Series A investment for Clear earlier this year to support the startup in developing its blockchain settlement system.
Tether Blacklists 39 Ethereum Addresses Worth Over $46 Million
Tether (USDT) has blacklisted 39 Ethereum addresses worth $46 million in USDT, with 24 holding a total of over 5.5 million USDT being blacklisted this year. This revelation comes on the back of Centre’s first blacklisting of an Ethereum address holding $100,000 USDC. Ethereum researcher at Horizon Games Philippe Castonguay used Dune Analytics to create a dashboard that tracks the number of addresses blacklisted by both Centre and Tether. The largest address holds over 4.5 million USDT and was only recently blacklisted on April 5.
Accomplice in Alleged $722M Bitcoin Ponzi Scheme Pleads Guilty to Charges
One of four men charged with defrauding investors of more than $722 million through a long-running cryptocurrency mining scheme has pleaded guilty to charges against him. The man, a 35-year-old Romanian programmer called Silviu Catalin Bacali, was arrested in Germany in December 2019. He was charged with one count of conspiracy to commit wire fraud as well as a conspiracy to offer and sell unregistered securities. He faces a maximum of five years in prison and a fine of $250,000.
Malaysian Regulator's Shariah Advisory Council Allows Digital Asset Trading
n a landmark announcement, Securities Commission Malaysia’s Shariah Advisory Council declared that digital assets trading was permissible. The Malaysian Shariah Advisory Council is the authority that oversees the implementation of Islamic laws in the operation of Islamic Financial Institutions. Securities Commission chairman Datuk Syed Zaid Albar made the announcement during an online conference Invest Malaysia 2020 on July 7, stating: “The SC Shariah Advisory Council has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges.”
Texas Regulators Take Aim at South African Cryptocurrency MLM Scheme
The Texas State Securities Board has shut down the activities of a South African multi-level marketing scheme involving cryptocurrency investments in the state. In a recent statement, Securities Commissioner Travis J. Iles said that the company has duped investors into sending them Bitcoin (BTC), which would supposedly be transferred to unidentified forex brokers for automated trading using artificial intelligence.
Venezuelan Authorities Seize Over 300 Bitcoin Mining Machines
The Bolivarian National Guard of Puerto Ordaz, Venezuela, seized 315 Bitcoin (BTC) mining machines manufactured by Bitmain. The owners of the mining rigs were told that they did not possess the necessary permits to own and operate the machines. They also were not authorized to be transporting the machines during the COVID-19 quarantine.
Chinese Steelmaker Settles $16 Million Iron Ore Deal on Blockchain
In its first-ever, the Chinese steelmaker Nanjing Iron and Steel Company said it has completed an iron ore trade on the blockchain. The steel company obtained a $16.87 million shipment of steelmaking ingredients from the joint venture between the multinational mining group Rio Tinto and Hancock Prospecting Pty. Ltd. The shipment included 170,000 tonnes of Australian iron ore fines and lump. According to Reuters, the dollar-denominated transaction was supported by Singapore-based DBS Bank and the trade finance platform Contour.