n Saudi Arabia and the United Arab Emirates discussed the countries plans for an interbank digital currencyn
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Crypto Leaders Propose Open Compliance Protocol For Financial Action Task Force
n Can a new compliance protocol make it easier to follow FATF regulationn
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G20 Finance Leaders Stablecoins Present Serious Regulatory Risks
n The G20 nations agree that global stablecoins present serious public policy and regulatory risksn
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Op Ed Stablecoins Report Illustrates That G7 Leaders Dont Understand Bitcoin
A new report on stablecoins by a G7 working group betrays some misunderstandings by the authors when it comes to bitcoin.nThe post Op Ed Stablecoins Report Illustrates That G7 Leaders Dont Understand Bitcoin appeared first on Bitcoin Magazine.n
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Bitcoin Becomes “Geo-Political Chess Piece” as Global Leaders Air Their Opinions on Crypto
Bitcoin and the aggregated crypto markets have been facing tremendous volatility over the past few days that has been exasperated by comments being made about BTC and the nascent crypto markets by world leaders and politicians – who undoubtedly will sway how US policy is aimed at the crypto markets from a regulatory standpoint.
Now, analysts are noting that U.S. President Donald Trump and US Federal Reserve Chairman Jerome Powell’s comments on Bitcoin are bullish, as they validate the assets and designate them as “geo-political chess pieces.”
Bitcoin Gains Significant Media Coverage as Political Heavyweights Discuss BTC
Bitcoin’s recent volatility has been widely attributed to the deluge of commentary on it by economic and world leaders, who tend to shy away from discussing nascent technologies.
Federal Reserve Chairman Jerome Powell spoke about Bitcoin during a Senate testimony earlier this week, where he noted that the advent of cryptocurrencies could put the US into a new era of banking.
“If we do see [widespread adoption] you could see a return to an era in the United States where we had many different currencies in the so-called national banking era,” Powell said during the testimony,” Powell explained.
Furthermore, Powell also noted that Bitcoin’s main use at the moment is as a “speculative store of value,” which would make it comparable to gold.
One day after these comments were made, US President Donald Trump also aired his thought on Bitcoin for the first time ever, noting in a tweet that he is not a fan of BTC due to its use for illegal activities.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
BTC Becomes a Chess Piece in Global Politics
Although it is clear that world leaders are split on what they think about BTC, it is also clear that what was once considered a small fad with a cult following has now found its way onto the center of the global stage, which seems to validate it as having the potential to shake up the current system.
Luke Martin, a popular cryptocurrency analyst, spoke about all the talk about Bitcoin on the global stage in a recent tweet, saying that the big question now is which country will be the first to promote BTC.
“The intriguing part about this is it creates opportunity for another nation to publicly announce support of Bitcoin. From taboo, to fringe finance, to now a geo-political chess piece that governments & central banks have to consider. Which nation will be first to promote $BTC?” Martin said.
The intriguing part about this is it creates opportunity for another nation to publicly announce support of Bitcoin.
From taboo, to fringe finance, to now a geo-political chess piece that governments & central banks have to consider.
Which nation will be first to promote $BTC? https://t.co/OhnX8jNfXs
— Luke Martin (@VentureCoinist) July 12, 2019
As Bitcoin continues to garner widespread adoption and global leaders continue to hear more about it, it is highly likely that the world will soon know whether or not BTC will begin making its way to the forefront of the political scene.
Featured image from Shutterstock.
The post Bitcoin Becomes “Geo-Political Chess Piece” as Global Leaders Air Their Opinions on Crypto appeared first on NewsBTC.
Ethereum Leaders Are Slowly Courting Gulf Coast Royals and Investors
The Ethereum Foundation and ConsenSys are both working to bring blockchain technology to the Middle East.
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Crypto Industry Leaders Demonstrate Commitment to Lawful Digital Currency Use to Europol
Representatives from some of the largest businesses in the crypto asset industry have attended a conference held by European law enforcement organization Europol this week. Wallet providers, exchange operators, and payment processors all attended the event to demonstrate their commitment to regulatory compliance.
Also revealed at the conference was a video game style training unit. The idea behind this new tool of law enforcement is to give officers hands-on training tracking crypto assets as part of an investigation.
Europol Clearly Sees Promise in Bitcoin Tech, But Still Needs to Police Crypto Space
According to a press release issued by Europol earlier today, its sixth annual cryptocurrency conference has been held at the law enforcement agency’s headquarters between June 12 and 14. The release details how various industry leaders demonstrated their efforts to ensure that their products and services were compliant with existing financial regulations.
Representatives from some of the largest names in crypto were reportedly in attendance. Those listed by Europol include Binance, BitPay, Bitfinex, LocalBitcoins, OKCoin, Shapeshift, Tether, Xapo, and many more.
Interestingly, Europol themselves were keen to demonstrate some of the perks of blockchain technology by issuing digital certificates to each of the attendees. These were then uploaded to the Bitcoin blockchain with the effect of “practically demonstrating the benefits of the tamper-proof, decentralized ledger technology.” It is the second year in a row that the law enforcement agency has done as such.
A New Tool for Officials to Get Up to Speed With Digital Currency
Also revealed at the conference was a new video-game style training unit. It has been developed by CENTRIC (Centre of Excellence in Terrorism, Resilience, Intelligence, and Organised Crime Research with the aim of helping to train officers tracing stolen crypto funds, ransomware, drug trafficking, or those associated with some other form of crime.
![](https://www.newsbtc.com/wp-content/uploads/2019/06/shutterstock_1144500824.jpg)
With most crypto assets being based on public ledgers, there have been a number of arrests already thanks to law enforcement scrutinizing blockchains.
The game is scheduled for release in October at the seventh Europol-Interpol Cybercrime Conference and those behind its creation hope that it will give officers first-hand experience tracing crypto transactions. Previous efforts at tracing digital currency transactions made by law enforcement and blockchain forensics specialists, such as Chainalysis, have already resulted in the conviction of many criminals around the world. Evidently, Europol is banking on increased education of its officers leading to even greater numbers of arrests going forward.
Little is know of the precise details of the game for now. The press release detailing the Europol conference does, however, state that it will be the first example of a law enforcement training tool that uses a video-game style format to educate officials on how best to police the emerging digital asset economy.
Related Reading: Europol Taps Exchanges to Crack Down on Crypto Crimes
Featured Images from Shutterstock.
The post Crypto Industry Leaders Demonstrate Commitment to Lawful Digital Currency Use to Europol appeared first on NewsBTC.
G20 Finance Leaders Ask Global Regulators to Consider Multilateral Response to Crypto
n The financial leaders of G20 countries urged the Financial Stability Board and other international bodies to monitor risks around crypton
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G20 Leaders Pledge Crypto-Asset Regulation After Buenos Aires Meeting
G20 leaders declared that they would regulate crypto to mitigate financial crimes in a statement after this weekend’s summit.
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