Commentary The world of cryptocurrencies such as Bitcoin and Ethereum is exotic and esoteric. It is also Beijing’s next challenge to the free world. Until now, to an extent, most policy debate in the free world has tended to dismiss the crypto phenomenon as esoteric, illicit, or reckless. This is superficial and misleading. The free…
Austria Says It Opposes EU Plan to Cap Cash Payments at 10,000 Euros
VIENNA—Austria on Thursday reinforced its status as one of Europe’s most cash-loving countries by saying it opposed a plan by the European Commission to cap cash payments at 10,000 euros ($11,800). Cash is occasionally a topic of political debate in Austria, where the far-right Freedom Party (FPO) has long called for the right to use…
China’s Nationwide Crackdown on Cryptocurrencies Fails to Block Cross-Border Money Laundering
June 15, 2021
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Asia & PacificBusinessChinaChina Business & Economychina money launderingChinese Regimecryptocurrenciesdigital currenciesMarketsWorld
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The Chinese Communist Party (CCP) on June 9 launched a nationwide campaign to prevent cross-border money laundering using virtual currencies (cryptocurrencies). This is the fifth time for such action and part of the CCP’s recent efforts to prevent capital flight and guard against financial risks. The People’s Bank of China (PBoC), China’s central bank, said…
Bitcoin Price Plummets After Beijing Warns of Crypto Crackdown
May 26, 2021
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bitcoinBusinessChinaChina Business & Economychina money launderingChinese RegimecryptocurrenciesMarkets
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After increasing in value for months, cryptocurrencies, led by Bitcoin, have recently depreciated across the board. Chinese state media admitted that it’s directly related to two recent moves by Beijing financial authorities. The first major action was on May 18, when National Internet Finance Association of China, China Banking Association, and Payment & Clearing Association…
Bitcoin Fights Back After Sunday Sell-Off
Cryptocurrencies fought back on Monday, clawing back ground after a bout of weekend selling fuelled by further signs of a gathering Chinese crackdown on the emerging sector.
Explainer: What Beijing’s New Crackdown Means for Crypto in China
May 19, 2021
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bitcoinBusinessChinaChina Business & EconomyChinese RegimecryptocurrenciesEconomiesInternationalInvestmenttradingWorld
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SHANGHAI—Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money. Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that “virtual currencies are not supported by any real value.”…
Cryptocurrency Scam Affects Hundreds of Small Investors
April 27, 2021
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BusinessCrime and Incidentscryptocoincryptocurrenciescryptocurrency fraudsCryptocurrency ScamsElon MuskelonfarmsInvestmentMarketsUS
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This past weekend was tough for some cryptocurrency enthusiasts who not only lost the money they approved on a presale transaction, but they also lost all the money in their Trust Wallet through a deception that gave the scammers access to their entire wallet. The victims invested in efarms, a new cryptocurrency launched by elonfarms,…
Alleged Cryptocurrency Scam Affects Hundreds of Small Investors
April 27, 2021
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BusinessCrime and Incidentscryptocoincryptocurrenciescryptocurrency fraudsCryptocurrency ScamsElon MuskelonfarmsInvestmentMarketsUS
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Cryptocurrency enthusiasts not only lost money they had approved for a presale transaction, but also lost all the money in their Trust Wallet over this past weekend, through a deception that gave scammers access to their entire wallet, according to people who claimed to have been affected. The victims, who may number in the hundreds, invested…
Bank of England Sees Potential Risks From Cloud Data Providers
LONDON—The Bank of England might strengthen its controls on cloud data providers and other technology firms to counter possible risks to the stability of the financial system from the rise of fintech, Deputy Governor Dave Ramsden said. The Bank of England (BoE) has expressed concerns before about the reliance by financial firms, especially fintech startups,…
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