UNICEF turning to cryptocurrency in fight against Covid-19
Global children’s charity UNICEF is looking to greatly expand its use of cryptocurrency as it aims to respond to the demands of donors and better support companies around the world in their fight against the effects of Covid-19.
DC Lawyers Can Now Accept Crypto for Legal Fees
As reported by Bloomberg Law on Wednesday, cryptocurrency can now be used to pay for legal services as long as the fee agreement is fair and is only permissible if the lawyer is able to safely store the payment, the District of Columbia Bar said in an ethics opinion. "[Attorneys] cannot hold back the tides of change even if they would like to, and cryptocurrency is increasingly accepted as a payment method by vendors and service providers, including lawyers,” the organization said.
Crypto.com to Refund Clients as Wirecard’s Card Issuer Told to Cease Operations
Crypto.com CEO Kris Marszalek told CoinDesk the company is refunding 100% of customer funds after the Financial Conduct Authority (FCA) suspended the activities of Wirecard Card Solutions, a subsidiary of the Wirecard Group, which filed for insolvency on Thursday after admitting last week to be missing $2.1 billion. “We will rapidly proceed to credit the funds back to our users’ crypto wallets,” Marszalek said. All funds will be refunded in the next 48 hours.
Wirecard files for insolvency after $2 billion goes missing
Wirecard, the troubled German payments processor, has just filed for insolvency at a Munich court. Announcing the news on Thursday, Wirecard said it has taken the decision due to "over-indebtedness.” The Wirecard saga began last week when the company’s auditor EY said it is unable to find evidence for $2.1 billion worth of cash on Wirecard’s accounts. Wirecard at the time said “spurious” balances may have been provided by a third party “in order to deceive the auditor.”
Australians Can Now Pay for Bitcoin at the Post Office
Australians can now pay for Bitcoin (BTC) at the country’s post offices, thanks to a new collaboration. According to a June 24 announcement, customers of local cryptocurrency exchange Bitcoin.com.au will be able to pay for Bitcoin at more than 3,500 Australian Post offices.
Cryptocurrency This Week: India Likely To Ban Cryptocurrency, US To Integrate C…
The cryptocurrency community is in a dilemma as the Indian government recently announced that it was planning to introduce legislation to ban cryptocurrencies. The finance ministry, on June 12, has passed a draft cabinet note which seeks to set up a legal framework for banning cryptocurrency in India. According to media reports, the note has been shared with the other ministries for consideration. However, the details of the draft are not available.
Pentagon Documents Reveal The U.S. Has Planned For A Bitcoin Rebellion
Bitcoin has struggled to find support in the U.S. government, with president Donald Trump, along with Treasury secretary Steven Mnuchin, leading the criticism. Now, it's been revealed the U.S. Department of Defense has wargamed scenarios involving a Generation Z rebellion that uses bitcoin to undermine and evade "the establishment."
European bank uses stablecoin instead of SWIFT for cross-border transfers
A Liechtenstein-based bank is ditching the entrenched interbank settlement service SWIFT, in favour of a more contemporary solution: the USDC stablecoin. Since its founding in 1998, Bank Frick has revamped into one of Europe's preeminent blockchain banks, offering crypto trading and custody for institutional clients miners and mining firms. Now, the bank has decided to fully capitalize on blockchain and crypto, by swapping out SWIFT for USDC.
Whale Moves $1.3 Billion in Bitcoin … the Question Is Why?
As Bitcoin continues to hold above $9,800, one whale decided now was the time to move more than $1 billion in BTC. According to blockchain data, an unknown Bitcoin (BTC) trader moved over 132,255 BTC — roughly $1.3 billion — in three transactions just one minute apart on June 11. The cryptocurrency was moved in block 643,133. The transactions came as the price of BTC was still under a key resistance level, $10,000. At the time of writing, 1 BTC is valued at $9,887.
Last Time This Happened, BTC Gained $4K
On June 8, 27,000 more Bitcoin (BTC) was withdrawn from exchanges than was deposited. The last time there was such a significant outflow, Bitcoin appreciated by 88%. The trend toward users withdrawing their assets from centralized exchanges has gained momentum since Black Thursday. However, the amount of Bitcoin they removed yesterday is outstanding even within the context of this trend — $265 million worth.
Lebanon’s financial crisis has banks looking for alternative monetary policy an…
The economic crisis has been raging for years, but political turmoil and the pandemic-induced global market downturn has raised fears of government defaults and the devaluation of the Lebanese pound. As a result, more Lebanese people are seeking information about bitcoin (BTC), which is relatively cheap and accessible compared to the fractured banking system.
Miners Are Selling More of Their Bitcoin. That May Actually Be Bullish
According to data source ByteTree, miners have sold 920 BTC and generated 844 BTC in the past 24 hours, pushing their inventory down by 76 BTC and keeping the miner’s rolling inventory (MRI) figure above 100%. “Miners HODL [hold] when the market is weak, not because they are bullish, but because the market can’t take it. When they can sell, it is an indication that the market is well supported,” said ByteTree founder and chairman Charlie Morris, who added that the MRI is currently high.
Hive’s Transactions Overtake Steem’s as Splinterlands Joins the Rebellion
The most popular decentralized application (DApp) on Steem — a crypto-powered card trading game called Splinterlands — has become the latest high profile migration to rebel Steem fork, Hive. As a result, the number of daily transactions on Steem has fallen by a third to drop below Hive’s for the first time. Hive is a community run fork of Steem, set up following the purchase of Steemit Inc by Tron founder Justin Sun.
JPMorgan—Bitcoin’s ‘Biggest Enemy’—Suddenly Appears To Be Going All In On Crypto
JPMorgan JPM , the largest U.S. bank by assets, has been waging a war of words with bitcoin and cryptocurrency for years. The bitcoin price has swung wildly since JPMorgan chief executive Jamie Dimon called bitcoin a "fraud" in September 2017—rising to around $20,000 per bitcoin before crashing to under $4,000 (twice).
Will Bitcoin Price Plunge Again as US-China Trade War Reignites?
The trade war between the United States and China began in January 2018. When tariffs were imposed on Chinese goods in July of the same year, the price of Bitcoin (BTC) plunged 31% from $8,487 to $6,000. Now the U.S. and China are on the verge of reigniting a new trade war as the two nations battle over the origin of the coronavirus. U.S. President Donald Trump recently warned that the signed phase one trade deal “doesn’t feel the same to me,” expressing his intent to walk away from it.
As US Pumps Trillions Into Economy, Bitcoin Price Likely to Be Affected
Policymakers around the world have committed unprecedented amounts of fresh money in a bid to stave off an impending recession, or worse: a total depression. In the United States, the Senate approved a $2 trillion stimulus package in late March, and the House of Representatives has now accepted a proposal from House Democrats for another $3 trillion meant to ease the needs of Americans who are facing an unemployment rate of nearly 15%. As a response to COVID-19, the Federal Reserve has undertaken a wave of quantitative easing unparalleled in its history.
German Neobank Offers Bitcoin Accounts With 4.3% Interest
All 80,000 users of German neobank Bitwala can now purchase, hold and earn interest on Bitcoin (BTC) in their bank accounts thanks to a new partnership with cryptocurrency lending platform Celsius Network. According to Defiprime, Bitwala is the first classic fiat bank to offer interest for holding Bitcoin in an account, with three other decentralized finance apps offering similar products. While the DeFi products have higher rates, up to 8.6% per annum, Bitwala is more regulated and offers fiat and cryptocurrency services in 32 European countries under license from leading German bank SolarisBank AG.
J.P. Morgan Opens Accounts For Bitcoin Exchanges— Coinbase And Gemini Up First
America’s biggest financial firm is changing its tune on bitcoin. Originally reported by WSJ, the $2.6 trillion bank will begin offering bank accounts to Gemini and Coinbase cryptocurrency exchanges. Per the banking relationship, which was solidified last month, J.P. Morgan will provide deposit, withdrawal and transferring services for Coinbase and Gemini customers with Automated Clearing House (ACH) infrastructure.
Why Binance and Akon Are Betting on Africa for Crypto Adoption
In advance of her “Crypto Across Emerging Markets” panel at Consensus: Distributed on May 11, Leigh Cuen is writing a three-part column on how cryptocurrencies are used in the developing world. The first installment explored bitcoin adoption in the Middle East.
Libra Association Names HSBC Chief Legal Officer as First CEO
The Facebook-created consortium announced Wednesday that Levey would be joining "later this summer" and will be overseeing its efforts to "combine technology innovation with a robust compliance and regulatory framework." He has been at HSBC since 2012. Levey previously served the U.S. government as Under Secretary of the Treasury for Terrorism and Financial Intelligence under the presidencies of George W. Bush and Barack Obama, and has a background in combating illicit finance.