Treasury Secretary Won’t Let Crypto Become Next Swiss Bank Accounts

By CCN Markets: U.S. Treasury Secretary Steven Mnuchin said that the G7’s Financial Action Task Force (FATF) organization will never let crypto assets “become the equivalent of secret numbered accounts.” Mnuchin was addressing a plenary session of the G7 initiative aimed at combating money laundering and terrorism financing. The U.S. Treasury Secretary was referring to…

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France Creates G7 Taskforce to Examine Facebook’s Libra, Crypto Regulation

A G7 taskforce is being created to examine how central banks can regulate cryptocurrencies such as Facebook’s libra, Reuters reported on June 21. Francois Villeroy de Galhau, the governor of France’s central bank, said: “We want to combine being open to innovation with firmness on regulation. This is in everyone’s interest.” Although Paris has said it is not against Facebook creating…

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Australia’s Central Bank: It’s ‘Difficult’ to Imagine Mass Adoption of Bitcoin

By CCN Markets: After ten years, the Reserve Bank of Australia has decided that Bitcoin and other cryptocurrencies don’t pose a threat to Aussie dollars or other forms of fiat payment. The RBA concludes, after reviewing everything it knows about cryptocurrency, that it’s “difficult to envisage” an outbreak of Bitcoin users in the down under.…

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Major Pan-African Insurance Firm Rolls Back Insurance for Crypto Mining Equipment

Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry. Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry, local technology-focused new outlet ITWeb reported on June 10. Following comprehensive…

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Bitcoin in Crosshairs as SEC & DOJ Drop Hammer on Crypto Firm Longfin

By CCN: The “crypto” startup Longfin Corp. got spanked by both the SEC and the DOJ for fraud amid a broader regulatory crackdown on bitcoin-related financial crimes. Specifically, Longfin’s CEO, Venkata Meenavalli, is accused of inflating the company’s revenue by $66 million in order to fraudulently secure a listing on the Nasdaq in 2017. Prosecutors…

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Tokenization, Explained

3. In short: It’s on a blockchain. But let’s dive a little deeper and see what “token” even means in our case. Of course, as with many other crypto-related terms, there is no single, agreed-upon definition. At the most basic level, a token is a representation of a particular asset or utility. Sound too abstract?…

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