Tech

The Bitcoin network is about to experience unprecedented scalability thanks to impending upgrades. Announced last month the Schnorr Signature and Taproot Softfork upgrades are the most ambitious that the decade-old network has undertaken yet. Although initially a pull request, it transformed into a distinctive development when it became a formal proposition for a Bitcoin Improvement Proposal [BIP]. In addition to improving scalability to accommodate the daily users, the upgrade will enhance their privacy. Simple and Efficient The Schnorr signature scheme…

Feb. 19 saw Bitcoin register its fifth-largest hourly price drop. From $10,214.98 it fell to $9,573.74. Its price remained hemmed below the $10,000 barrier. The decline was reminiscent of the 2017 one when it had reached its peak. Arcane Research suggests that while BTCs volume has been rising, the spot market price has drastically shifted. Again, the currency attained its peak this year.  Its daily volume moved close to $1 billion. Increasing Trading Volume On CME, the research found out…

Reports indicate that a Chinese crypto whale is sweating over the loss of $ 45 Million worth of BTC and BHC. A whale going by the username Zhoujianfu made frantic appeals for help in recovering the stolen funds. Through a "BTC” subreddit posting Zhoujianfu informed the community of the heist promising a huge reward for assistance in getting the funds back. An extract from the post reads: This] is my address, goddamnit. [The transactions] only [have] 3 confirmations, if any…

On February 17, Russian finance published a report noting that the Central Bank of Russia created new guidelines to curb suspicious crypto transactions.  According to these new rules, all crypto transactions are deemed as a potential money laundering risk. This new set of rules, which comes to update directive 375-P, notes some possible signals that will prove some suspicious money laundering associated activities. This update comes long after the 2012 release of the initial set of rules.  These new rules…

IBM plans to develop a  blockchain-powered proof-of-concept (POC) for the Food Safety and Inspection Service (FSIS). The purpose of the PoC, in this case, is to enhance the export certification process. FSIS ensures that the US commercial supply of meat, poultry, and egg products reaches safety standards. Additionally, this agency observes the inefficiencies in a legacy system involving regulatory processes and complex multi-country documentation requirements. Why FSIS Needs a Blockchain-based PoC According to FSIS, its focus is on the modernization…

The Commodity Futures Trading Commission (CFTC) recently filed charges against Denver Local Breonna Clark and Venture Capital Investments Ltd. As per CFTC’s statement on the 14th of February, the two firms defrauded investors and did not register with the agency. Additionally, there were claims by Clark and Venture Capital Investments Ltd on the management of a forex and cryptocurrency trading pool, persuading US participants to involve themselves in it for alleged financial gain. More on What the Fraud Involved CFTC…

Cryptocurrency adoption is increasing exponentially worldwide,  and several nations are working to introduce and launch their Central Bank Digital Currency (CBDC).  In an interview, the Wazir X CEO, Nischal Shetty, expressed that India should look into launching its CBDC. Shetty also talked about his bullish view concerning cryptocurrency and blockchain adoption in India, based on how the non-tech individuals are striving to comprehend DLT in a country like India. He says that there will be access to capital, and it…

On the 28th of January, the Payment Services Act of Singapore allowed crypto-related firms to apply for operating licenses. Additionally, the Act provides a regulatory framework for dealing with crypto-trading and digital payments operations. The Monetary Authority of Singapore, MAS, is in charge of regulation for crypto payments services, domestic transactions, and merchant regulation, which outlines the Act. Similarly, the MAS is also in charge of mitigating cyber-security risks and establishing controls to deal with the funding of terrorism and…

CaixaBank is considered the leading bank in Spain, which recently developed new features approving access to blockchain technology by its customers. On the 3rd of January, the financial institution introduced, We.trade, in its services based on blockchain technology. We.trade falls under the management of IBM, introduced in the year 2017. A total of 15 consortium financial bodies from all over Europe fueled the creation of the ecosystem. The We.trade Platform  The platform's major function, based on its development and implementation…