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Vancouver Saw the First-Ever Bitcoin ATM. Now Its Mayor Wants to Ban Them
The decision will affect 76 machines within the city limits.
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Canada Vancouver Mayor Suggests Ban on Bitcoin ATMs
n The mayor of Vancouver is advocating for the introduction of a complete ban on bitcoin ATMsn
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DogeCon Bringing Blockchain Memes to Vancouver
DogeCon is shaping up to be one of the most unique blockchain events in the world. Under the banner of the Doge—the Shiba Inu-turned Internet meme that inspired one of the world’s biggest cryptocurrencies—they are combining crypto-economics, meme culture, and radical decentralization to create unity in the blockchain community.
The first DogeCon will be held in Vancouver, Canada, between June 21-24. There are four main events scheduled over the weekend, with the time in between open as a semi-permissionless showcase of the thriving technology, art, and culture of the city. Crypto-economists, traditional theorists, and decentralist “Shibes” will be invited to discuss some of the fundamental ideas around disruptive technologies such as the blockchain.
DogeCon Vancouver 2018 will be hosted by Carpe Lunam Events Association, a member-run non-profit society that organizes events which promote collaborative community dialogue on blockchain technology, voluntaryism, and non-hierarchical governance. They have partnered with prominent blockchain projects like Presearch, UBIQ, Honey Badger, CoinCards, BitNational, Sam Osei Law Association, Chainsafe Systems, CryptoAsylum, ESL Coin and Blockchain Gaming.
“It’s not just a dogecoin convention,’” a representative made sure to clarify. “DogeCon is a serious crypto-economics conference with a playful half, an ‘unconvention’ with special attention paid to elements of gamification, performativity, and participation.”
Attendees will be regaled with talks from Ethereum magicians such as Bob Summerwill and Griff Green. Dogecoin founder Jackson Palmer is also expected to make an appearance, along with representatives of other well-known projects. Entertainment will include a diverse array of live music, from folk guitar at a picnic lunch to vibrant DJ sets and a crypto-nerd rap show.
Plenty of Doge-themed activities are expected, too. There will be a cooperative hackathon, where volunteers will work together to get Dogecoin added to Trezor hardware wallets. They’re also planning a Healing Moon Launch Ceremony with Doge cocktails and artwork, as well as a miniature Puppy Parade.
Most exciting might be the DogeQuest Scavenger Hunt with a one million Dogecoin prize pool. Set in a dystopian cyberpunk future, it will take players on an immersive crypto puzzle adventure throughout downtown Vancouver. Teams will have to contend with wacky obstacles such as Bitcoin maximalist trolls under the bridge; after the game concludes, a public Decentralized Dance Party will commence and continue well into the night.
DogeCon is quickly gaining a large and enthusiastic fan base. Hundreds have responded to their Facebook event, and their Twitter following includes notable personalities such as the Dogecoin Millionaire. Volunteer opportunities will be available to those who cannot afford the ticket price, but make sure to sign up ahead of time.
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Vancouver Police Push Government to Enforce KYC/AML Laws with Cryptocurrencies
The Vancouver Police Department (VPD) has warned Canada’s federal government that cryptocurrencies are increasingly being used by organized crime to launder money.
The agency advises that checks and balances are necessary to monitor the digital coins, and pushes for the enforcement of amendments to legislation that would require crypto-related transactions be reported to the Financial Transactions and Reports Analysis Centre of Canada, FINTRAC.
Increase in Police Filings
Police in Metro Vancouver saw a 350% increase in filings related to cryptocurrency from 2016 to 2017. As of January this year, the agency investigated 70 files, calculating a potential for 800 cases by the end of year — a 300% increase over 2017.
Because of these findings, police are growing increasingly worried that organized criminals — both domestic and foreign — will take advantage of the potential anonymity related to digital currencies, specifically to launder money.
The report noted that because of lack of regulation in Canada, services that operate in cryptocurrencies, like Bitcoin ATMs, don’t currently require the collection of customer details and place no limit on the amount of funds that can be transferred from one person to another.
“Given this lack of regulation, it is likely that Canadian organized criminals will use Bitcoin ATMs to launder their cash. However, we will likely also see foreign organized crime taking advantage of the lack of regulations,” the report read. “Any forward-thinking criminals will be exploring cryptocurrency and ATMs as an easier and more profitable alternative.”
According to Coin ATM Radar there are 63 Bitcoin ATMs in Metro Vancouver. Since many are owned by small, independent vendors, police are worried that they don’t follow Anti Money Laundering (AML) and Know Your Customer (KYC) verifications, which require the collection of personal information from users such as government-issued photo IDs and birth dates, the report read.
Bill C-31: FINTRAC Registration
The report accompanied a VPD-authored resolution to be brought before the Canadian Association of Police Governance. The resolution calls for the implementation of government amendments made to legislative Bill C-31, which passed in 2014 but was not brought into force.
Bill C-31 amended the country’s crime and terrorist financing act to include regulations for digital currencies. The bill requires any company wishing to transmit or convert digital currencies to register with FINTRAC, Canada’s financial intelligence unit.
“The lack of regulatory framework allows criminal groups to explore a myriad of ways that they can exploit Bitcoin ATMs and exchanges,” the report read. “They can commit fraud, launder money and turn Canada into a haven for international criminal funds. Implementing the cryptocurrency provisions from Bill C-31 would not eliminate these problems. However, they would restrict them at their source and severely limit their ability to flourish.”
Image from Shutterstock.
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VanFUNDING 2017: Over 50+ Leading Blockchain, Fintech, Regtech & Capital Innovation Experts Heading to Vancouver NOV 28 @Morris Wosk Centre
VANCOUVER, BC /November 16, 2017 / Looking for world class education, funding, partnerships and growth within the blockchain and financial tech sector? VanFUNDING 2017 GOING MAINSTREAM is the premier West Coast conference dedicated to connecting people looking to form long-lasting partnerships, investment, and business opportunities. In less than two weeks, VanFUNDING2017 Blockchain, Fintech & Funding Conference and Regtech … Continue reading VanFUNDING 2017: Over 50+ Leading Blockchain, Fintech, Regtech & Capital Innovation Experts Heading to Vancouver NOV 28 @Morris Wosk Centre
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Vancouver Company Introduces Smart Contract Technology
If your business isn’t already looking to blockchain technology to help streamline your company, it’s already falling behind the competition. On October 6, Vancouver based technology company Etherparty launched its beta program for a smart contract creation tool. It allows users to create their own smart contracts on the Ethereum and Bitcoin blockchains. The platform … Continue reading Vancouver Company Introduces Smart Contract Technology
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Vancouver Company Introduces Smart Contract Technology
If your business isn’t already looking to blockchain technology to help streamline your company, it’s already falling behind the competition. On October 6, Vancouver based technology company Etherparty launched its beta program for a smart contract creation tool. It allows users to create their own smart contracts on the Ethereum and Bitcoin blockchains. The platform … Continue reading Vancouver Company Introduces Smart Contract Technology
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