• All the most important people together: G20 Finance Ministers and Central Bank Governors meeting, Spring 2019 (via the Japanese Ministry of Finance).
    All the most important people together: G20 Finance Ministers and Central Bank Governors meeting, Spring 2019 (via the Japanese Ministry of Finance).
    Cryptocurrencies,  Regulation

    Beware of central bankers bearing crypto

    Central bank digital currencies are all the rage, but a new report finds they pose serious risks to financial stability in bad times—and to privacy at all times

    October 31, 2019 /

    Central bank digital currencies are all the rage, but making them work is far easier said than done, according to a new report. While there are many potential benefits from a central bank digital currency (CBDC), they also bring serious financial risks, according to IBM Blockchain and the Official Monetary and Financial Institutions Forum (OMFIF).

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  • Congress
    Here's what the U.S. Congress looks like (via Pixabay).
    United States

    Eyeing the future, US Congress moves to define ‘blockchain’ and ‘cryptocurrency’

    Senate action on Blockchain Promotion Act seen as vital to growth

    July 16, 2019 /

    The U.S. Senate Commerce, Science and Transportation Committee voted to approve the Blockchain Promotion Act of 2019 on July 12, giving the Commerce Department one year to come up with “a recommended definition of the distributed ledger technology commonly known as ‘’blockchain technology.’”

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  • FinCEN wallet rule
    U.S. Treasury Secretary Steven Mnuchin wants to regulate wallets on his way out the door (Photo: Wikipedia).
    Bitcoin,  Libra,  United States

    Mnuchin doubles down on President Trump’s Bitcoin, Facebook bashing

    Treasury Secretary said potential for abuse of Libra cryptocurrency is a national security issue

    July 15, 2019 /

    Treasury Secretary Steven Mnuchin called cryptocurrencies a “national security issue” that threatens to enable drug dealers, human traffickers, and terrorists during a press conference Monday.

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  • The Financial Action Task Force (FATF) Plenary in session (via FATF).
    The Financial Action Task Force (FATF) Plenary in session (via FATF).
    Regulation

    New customer identification rules pose a problem for cryptocurrency exchanges

    The Financial Action Task Force’s action requires strong customer identification, transaction monitoring and reporting

    June 26, 2019 /

    The Financial Action Task Force (FATF) issued a final recommendation on June 24 that effectively forces all 38 member countries—and many others besides—to impose strict anti-money laundering (AML) requirements with substantial know your customer (KYC) data on cryptocurrencies that attempt to end the anonymity built into their DNA ever since Bitcoin.

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