G20 Kicks Off 2020 Discussion on Cryptocurrencies — Urges Countries to Apply FATF Standards

The G20 finance ministers and central bank governors had their first 2020 meeting this weekend in Saudi Arabia. They discussed cryptocurrencies and stablecoins, and issued a statement urging countries to implement the cryptocurrency standards set by the Financial Action Task Force. They were also informed that the Financial Stability Board will soon issue its crypto regulatory responses. Also read: Regulatory Roundup – Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash G20 Begins Discussing Crypto Regulations The first G20 Finance Ministers and Central Bank Governors Meeting took place in Riyadh,…

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Shopify Joins Libra While Quitter Vodafone Advertises Bitcoin on Facebook

Facebook’s coin project, Libra, continues to draw attention despite setbacks, including a shrinking pool of backers and a growing number of worried regulators. But now with JP Morgan seeing potential for the social network’s cryptocurrency and e-commerce giant Shopify joining the Libra Association, its chances might have improved. Although, assuring governments that Libra won’t undermine their monetary authority and convincing users of its utility remain key challenges. Also read: Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger Vodafone Posts Facebook Ad With Bitcoin in…

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IOTA Network Down for 11 Days – Devs Claim Mainnet Will Be Operational Next Month

The IOTA network has been down for approximately 11 days and the IOTA Foundation doesn’t expect the mainnet to be reactivated until March 2. On February 14, our newsdesk reported on the beginnings of the IOTA outage, when the network status page indicated that it was down. The page still warns IOTA’s mainnet is “not operational” and there’s a number of updates from the developers about the alleged Trinity wallet exploit. Also Read: IOTA Network Still Down: How the Next Bitcoin Killer Screeched to a Halt IOTA Mainnet Halted for…

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$30M Bitcoin Cash ‘SIM Hack’ Sparks Wild Crypto Tales With Vague Sources

On February 21, the crypto Twitter commentator Dovey Wan published a series of tweets about an alleged SIM card hack that purportedly saw the loss of $30 million in bitcoin cash. The story stemmed from a Reddit post that’s now deleted and so far no one has provided any verifiable proof from the proclaimed victim. Also Read: Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor $30 Million in BCH and $14 Million in BTC Allegedly Stolen in a SIM Hack A rumor has…

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Cryptocurrency Explained on the Latest Episode of The Simpsons

Could this be a sign that the mainstream media is warming up to bitcoin again like they did before the 2017 rally? The Simpsons featured an almost two-minute segment explaining how cryptocurrency and blockchain work with the actor who played Sheldon Cooper on The Big Bang Theory. Also Read: 12.6M Viewers Will Hear About Bitcoin Watching The Big Bang Theory Cryptocurrency Explained on The Simpsons The animated family sitcom show that first aired in 1989 has featured an explanation on the nature of cryptocurrency in its latest episode. The Simpsons…

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Wells Fargo Fined $3 Billion for 15 Years of Illegal Practices Affecting Millions of Customers

Wells Fargo, one of the largest U.S. financial services companies, has agreed to pay $3 billion to resolve the U.S. government’s investigations into fraudulent sales practices spanning over 15 years. The Wells Fargo fraud case involved the company forging customer signatures, moving money from millions of customer accounts to unauthorized accounts, and misusing customers’ sensitive personal information. Also read: Regulatory Roundup – Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash Illegal Practices for Over 15 Years The U.S. Department of Justice (DOJ) announced Friday that Wells Fargo has agreed…

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No Backdoor on Human Rights: Why Encryption Cannot Be Compromised

In April 2019, the UK issued an Online Harms White Paper to announce its campaign to rein in “harmful speech” on social media sites such as Facebook and TikTok. The public consultation period has ended and a full consultation response is expected in Spring 2020. (Initial Consultation Response here.) Legislation to criminalize freedom of speech will follow quickly. Also read: Cryptocurrency Is Agorism in Action The Death of Free Speech “The United Kingdom has become the first Western nation to move ahead with large-scale censorship of the internet … Boris…

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How the IRS Audits Cryptocurrency Tax Returns – Filing Expert Shares Example, Insights on AML Focus

Tax season is one of the most dreaded times of the year for many, and when the added confusion of filing crypto returns is thrown into to the mix, things can get even stickier. News.Bitcoin.com recently talked with Clinton Donnelly of Donnelly Tax Law, a service that specializes in crypto returns. The U.S. Treasury-licensed Enrolled Agent shared some of his opinions and insights regarding crypto audits and what triggers them, as well as an example from a client. Also read: Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Out…

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Understanding Defi Flash Loans: Complex Attacks, Inflation and Composable Systems

Two recent flash loans on the defi platform Bzx have started a fierce debate about the subject of using uncollateralized loans in a quick trade. Essentially these flash loans are providing people with the ability to borrow crypto without relinquishing any collateral. The scheme was used to exploit funds from the Bzx platform twice, as an individual or group gathered around $954,000 in a matter of four days from well-executed flash loans. Also Read: Get Ready for the Bitcoin Halving – Here Are 9 Countdown Clocks You Can Monitor Flash…

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Brave Challenges Google’s Advertising Power Before the UK Competition Watchdog

The company behind the privacy-oriented browser Brave has set out to convince regulators in the U.K. to end Google’s advertising monopoly in the digital space. In a filing with the country’s Competition and Markets Authority (CMA), Brave puts forward recommendations on how to “neutralize” the tech giant’s “unfair data advantage.” Also read: Google Executive From India Joins Coinbase as Chief Product Officer Failure to Enforce Data Protection Rules Enables Google’s Monopoly, Brave Warns In a submission filed with the CMA last week, Brave highlights what it views as gaps in…

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