Government

Fallen cryptocurrency exchange FTX has stated that it expects the United States government to reduce its claims to between $3 billion and $5 billion.  FTX Customers could see further funds based on the increase in the price of cryptocurrencies since the petition date.  US Govt Claims Between $3 And $5 Billion  According to a court filing on Wednesday, the United States government’s claims against bankrupt cryptocurrency exchange FTX are expected to be between $3 and $5 billion. The filing in…

Continue reading Rand Paul: Cryptocurrency Could Reach World Reserve Status

Most crypto-assets can revolutionize money transfers and global payments' efficiency. However, some of their features heighten terrorist financing and money laundering risks. The scale of the illegal use of crypto funds is significant. Above all, it emphasizes the need for CFT/AML supervision and regulation. In 2019, about $11 billion (1.1%) of all cryptocurrency transactions were linked to criminal-related activities. As a result, regulators worldwide responsible for Anti-money laundering enforcement have investigated illegal activities involving crypto assets. Regulation will be vital…

Blockchain technology first thrust into the scene with the introduction of the first cryptocurrency. Over the years, however, technology has proven beneficial to more than just the financial industry. Although governments worldwide have primarily been against adopting blockchain and cryptocurrencies, many are now warming up to the technology.  Blockchain's features, such as transparency and immutability, making it a viable option for many government services. The technology's usability ensures that governments worldwide can use it to provide efficient services to its…

The current global economic trouble is shifting attention to blockchain technology. Before now, some governments have been considering and looking into how to deploy the technology in some sectors. Interestingly, the government of South Korea has noted that the blockchain market stands for a “golden opportunity” for the country. The government is admonishing private sector firms in the country to exploit this potential. On Apr. 17, Fn News released a report which noted that the Vice Minister of Strategy and Finance,…

Scams, Ponzi Schemes, and The Crypto Market Scamming is the elaborate process of taking advantage of uninformed individuals or organizations and using their ignorance to get away with their money. Scamming has always been prevalent anywhere money or wealth is involved. Since scams are everywhere, the area of cryptocurrency and blockchain is no different. Cryptocurrency scamming techniques vary in degree and complexity. The new and enthusiastic investor is easily discouraged by the overwhelming amount of information they need to consume…

Over a decade ago, the first cryptocurrency to permit secure transactions (bitcoin) changed the fintech world. It is based on cheap peer-to-peer transactions and is designed to be completely decentralized.  This digital evolution was set up to eliminate the centralized model of managing finances that monopolized the industry. However, a virtual currency based on blockchain technology has remained in the speculative emerging finance growth category over the years. That means we are still heavily reliant on the traditional financial systems…

Cryptocurrency is a digital currency managed by using one of the most advanced encryption techniques called cryptography. Bitcoin (BTC) is the first-ever cryptocurrency that came into existence in 2009 but captured the public's attention in 2013. Cryptocurrency has several merits over conventional currency technology - they have a massive potential for returns, fraud-proof, no identity theft, fast processing, and lower transaction fees. Despite these advantages, most governments are against the use of cryptocurrencies. In this article, I will discuss some…

Bitcoin is a revolutionary concept that will forever change how we understand and deal with finances. Since its release in 2009, the best-known cryptocurrency has taken the world by storm. It delivers an alternative to fiat money, quicker bank transfers, and countless possibilities of development for blockchain-based digital assets. Many see Bitcoin as the next best thing since the invention of the internet. Like the world wide web, its influence might surpass the financial system's borders and shape geopolitical issues.…