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Global

Indian Panel Proposes Fines and Jail Time for Cryptocurrency Use

“A panel reporting to India’s Finance Ministry suggested the country’s regulators have an “open mind” about a governmental cryptocurrency and, at the same time, proposed fines and up to ten years in prison for general use of crypto in the country. The panel, created by the Ministry of Electronics and Information Technology, the Securities and Exchange Board […]
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Systems

Highlights From Facebook’s Libra Senate Hearing

“Facebook will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking Committee today . While some, like Senator Brown, blustered that “Facebook is dangerous!,” others surfaced poignant questions about Libra’s risks.”
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Systems

Credit Card Companies Forbid Bitcoin Purchases—with Good Reason

“Prohibiting crypto purchases could be a matter of safety (bitcoin’s price is notoriously volatile), but it also prevents consumers from gaming the cards’ reward systems. If you were allowed to buy—and instantly sell—thousands of dollars of bitcoin, theoretically, you could generate a cash-back return without incurring much risk. It would be roughly equivalent to printing […]
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Systems

Binance Launches Venus, Which It Calls an “independent, Regional Version” of Facebook’s Libra

“Binance, the world’s largest cryptocurrency exchange, announced today that it will launch an open blockchain project called Venus to develop regional stablecoins pegged to fiat currencies (or traditional currencies usually issued and backed by a government). Based in Malta, Binance launched its decentralized trading service, Binance Chain, earlier this year , and since then has […]
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Deals

Crypto Exchange Coinbase Acquires Xapo’s Institutional Custody Business

“Coinbase said in an announcement on Thursday that the deal will help expand its custody business and will increase its assets under custody to be more than $7 billion. According to a Fortune report on Thursday, Coinbase acquired Xapo’s institutional business for $55 million after beating another strong contender, the investment giant Fidelity. Coinbase Custody’s […]
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Systems

Rakuten’s Crypto Exchange Has Launched for Trading in 3 Cryptos

“Japanese e-commerce giant Rakuten has launched its own exchange for crypto spot trading. Announced Monday, Rakuten Wallet has gone live for trading in bitcoin (BTC), ether (ETH) and bitcoin cash (BCH) against the Japanese yen via an Android mobile app. An iOS app is due to be released in the future, though no set timeline was […]