Bitcoin 

Could Blockchain Technology Prevent the Next Financial Crisis?

A central bank’s role is to manage a nation’s currency, money supply and interest rates. The United States did not have a central bank until 1913, when Woodrow Wilson signed the Federal Reserve Act into law. Since then, the Federal Reserve has been accountable for the elasticity of the U.S. economy through the expansion and contraction of liquidity in the form of credit and new fiat money supply. Retail and institutional banks abide by the Fed’s stringent economic rules, which in turn trickle down to affect the daily lives of…

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Bitcoin 

FATF to Strengthen Control Over Crypto Exchanges to Prevent Money Laundering

Today’s Financial Action Task Force’s (FATF) announcement focused on digital currency’s role in money laundering and heightened regulation, as Secretary Steven Mnuchin noted in his closing remarks. The FATF — an intergovernmental organization that focuses its efforts on fighting money laundering — is planning to strengthen control over cryptocurrency exchanges to preclude digital currencies from being used in money laundering and related crimes. U.S. Secretary of the Treasury Steven Mnuchin said that the new measure will require that crypto assets service providers comply with anti-money laundering (AML) and combating the…

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Bitcoin 

How Security Tokens Can Prevent an Impending Financial Crisis

Many economists argue that the root causes of the 2008 global financial crisis have yet to be addressed comprehensively, or that measures taken have been exhausted, such as the extent to which quantitative easing was used, which has been put forward by the deputy director of the International Monetary Fund (IMF). Some argue that the efforts to address the causes of the crisis have actually made the system more — rather than less — susceptible to a catastrophic collapse. On the heels of the recent yield curve inversion, finding new…

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Blockchain 

CMC Telecom, Akamai to Prevent DDoS Trading Floor Attacks for Blockchain Startups

Vietnam’s CMC Telecom and American cloud service provider Akamai have signed a joint agreement to deliver security services to a blockchain-based trading floor, according to a report shared on CMC’s website on May 2. Akamai is one of the biggest global distributed computing platforms, with revenue in 2017 of more than $2.5 billion. Both providers are going to give support to BCNEX, which offers support services for blockchain-based startups in Vietnam. According to the report, the aim of the partnership is to keep user data safe and prevent distributed denial-of-service (DDoS) attacks. The…

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Blockchain 

PayPal Aims to Prevent Crypto Ransomware Attacks With New Patent

Digital payments giant PayPal has won a cybersecurity patent to protect users from crypto ransomware, according to a document from the United States Patent and Trademark Office (USPTO) published on April 16. The system described in the patent, entitled “Techniques for ransomware detection and mitigation,” intends to improve the detection of ransomware and prevent it from locking up users’ access to their files. PayPal’s patent describes ransomware as a malware that may encrypt original data and delete the non-encrypted original version, with the malicious party usually demanding users to pay…

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Blockchain 

South Korea’s Telecom Giant KT Launches DLT-Powered 5G Brand to Prevent Hacks

KT Corporation, South Korea’s largest telecom firm, has launched its blockchain-powered fifth-generation (5G) network brand, local news agency The Korea Times reports on April 16. Called “GiGA Chain,” the brand intends to boost the security of Internet-of-Things (IoT) devices and to protect them from cyberattacks, the report says. As a part of the new brand, KT developed GiGA Stealth technology that prevents hacking attacks by hiding the IP addresses of the connected devices. According to the report, the blockchain-enabled tech makes IP addresses virtually invisible to hackers. Lee Dong-myeon, president…

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Blockchain 

New US ‘Digital Taxonomy’ Bill to Allocate $25 Million Annually to Prevent Crypto Crime

The so-called Digital Taxonomy Act of 2019, which United States legislators introduced yesterday, April 9, offers to allocate the Federal Trade Commission (FTC) $25 million annually to prevent crypto-related crime. The document was introduced to the U.S. House of Representatives by Rep. Darren Soto (D), who is known for his pro-crypto stance. The act is dedicated to the FTC’s role in preventing “unfair or deceptive acts or practices in transactions relating to digital tokens.” It also requires a report to congress on the FTC’s actions related to digital tokens. According…

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Bitcoin 

South Korea Establishes Special Task Force to Prevent Cryptocurrency-Related Crimes

The South Korean Supreme Prosecutors’ Office (SPO) has announced the establishment of a task force to fight cryptocurrency-related fraud and crimes. The development was reported by the Korean Broadcasting System (KBS), one of the largest national public broadcasters, in an article published on Tuesday, March 5. The new task force will be responsible for the investigation — under the SPO’s authority — of fraud, illegal money laundering, crimes and other illegal activities within the fields of fintech and cryptocurrency. The decision to create a special task force is a response…

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Blockchain 

Blockchain Startup to Boost Patient Safety and Prevent Overprescribing

A blockchain solution has unveiled bold plans to make the United Kingdom’s medicine market safer by creating a system that prevents patients from ordering the same prescription from multiple pharmacies while stopping counterfeit drugs from making their way into the supply chain. MediConnect states that introducing new safeguarding for the public and the health care industry can save money and potentially lives. The motivation for the startup came after the company’s founders discovered the extent and impact of oversupply via the National Health Service (NHS) and private health care providers.…

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Bitcoin 

Crypto Classified as ‘Crypto-Assets’ to Prevent Confusion With Legal Tender

The Japanese Financial Services Agency (FSA) has placed cryptocurrencies into a new legal category called “crypto-assets,” English-language local media The Japan News reports Dec. 15. By classifying cryptocurrencies like Bitcoin (BTC) this way, the government reportedly “hopes that traders will no longer purchase them believing that they are legal tender recognized by the government.” On Friday, an FSA advisory panel filed a report requesting the term “virtual currency” be changed since, according to the panel, it could confuse people into believing the asset is legal tender in the country. As…

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