US warns of North Korea’s cryptocurrency scam

Cryptocurrency News

The US government has accused North Korean hackers of attacking US technology companies to steal digital assets. The US Department of the Treasury, together with the FBI and the Cybersecurity and Infrastructure Security Agency (CISA), issued a cybersecurity advisory warning of North Korean hack attacks on the blockchain and cryptocurrency industry. The recommendations say that the US government has long watched as North Korean cybercriminals prey on organizations working in the field of new technologies.…

FATF intends to tighten supervision of AML compliance in the crypto industry

Cryptocurrency News

The Financial Action Task Force (FATF) believes that more than half of jurisdictions do not comply with AML in relation to crypto companies. The group has posted a FATF State of Performance and Compliance report stating that nearly half of the countries still do not require cryptocurrency service providers to properly identify customers under anti-money laundering and terrorist financing (AML) regulations. The FATF has promised to strengthen monitoring of member countries, including the US, China…

Iranian authorities will tighten the punishment for unlicensed mining

Cryptocurrency News

In the Islamic Republic of Iran, they are going to pass a law according to which the illegal use of electricity for the extraction of cryptocurrencies is punishable by a large fine and prison. Mohammad Khodadadi Bohlouli, a spokesman for the state-owned electric power company Tavanir, said the tougher penalties include a minimum of three to a maximum of five times fines, imprisonment, and, in the event of a repeat violation, revocation of business permits.…

Core Scientific began to report daily on mined bitcoins

Cryptocurrency News

The mining company Core Scientific (CORZ), in order to demonstrate the transparency of reporting, launched a functionality on its website that displays the daily production of bitcoins. CORZ said the innovation is being introduced primarily for the attention of investors and regulators. The data will be updated every day at 12:00 ET (19:00 Moscow time) on the home page of the mining company (top left). CORZ CEO Mike Levitt said the data is “one of…

President of the U.S.A chose ex-Ripple adviser as vice chairman of the Fed

Cryptocurrency News

The Joseph Biden administration has proposed to the Senate that a former crypto industry consultant be approved for the position of vice chairman of the US Federal Reserve. Michael Barr was nominated by the President of the United States on April 15. Now the US Senate, which rejected Biden’s previous choice, Sarah Bloom Raskin, must vote to nominate a new Federal Reserve Vice Chair. The White House presented Michael Barr as someone who “dedicated his…

Irish lawmakers propose to ban politicians from accepting contributions in cryptocurrencies

Cryptocurrency News

Member of the Irish House of Representatives Darra O’Brien proposed to ban political parties from accepting donations in cryptocurrencies due to fears of interference in election campaigns. Darragh O’Brien has sent a letter to Ireland’s political party leaders asking them to amend the Electoral Reform Bill 2022, according to local media reports. He stated the need to review political funding, in particular financial support for parties or individuals, and prohibit them from accepting digital assets.…

The Bank of Canada is exploring scenarios for the coexistence of digital and fiat currencies

Cryptocurrency News

The Canadian Central Bank (CB) has deployed a quantum computer to calculate the implications of cryptocurrencies and their compatibility with the traditional financial system. The Sun became the first regulator of the G7 countries to decide to use quantum computing to model scenarios for the coexistence of digital and fiat currencies. The project is being developed by the startup Multiverse Computing, according to Decrypt. The quantum computer model used is capable of evaluating more than…

California lawmakers propose using blockchain to help the unemployed

Cryptocurrency News

A member of the California House of Representatives proposed using blockchain technology to prevent employment fraud. Jordan Cunningham has introduced a bill that would require the California Office of Digital Innovation (ODI) to explore the possibility of applying blockchain to employment, employment, and social security. According to the parliamentarian, this would speed up identity verification in the state unemployment insurance system, increase the efficiency of social benefits payments and their calculations, and also simplify the…

Chinese State Associations Propose Tighter NFT Regulation

Cryptocurrency News

Three Chinese government associations have come forward with a proposal to tighten regulation of non-fungible tokens to prevent the risks of illegal financial activities. The National Internet Finance Association of China (NIFA), the China Banking Association (CBA), and the China Securities Association (SAC) have launched a joint initiative to tighten controls on NFTs. They noted that in recent years, the Chinese NFT market has begun to develop very rapidly. On the one hand, collectible tokens…

Virgil Griffith sentenced to 5 years in prison

Cryptocurrency News

Former Ethereum developer Virgil Griffith has been sentenced to 63 months in prison and fined $100,000 for holding a training presentation in North Korea. In 2019, Virgil Griffith attended a conference in North Korea where he gave a presentation on cryptocurrencies and blockchain. Upon his return to the US, Griffith was arrested and taken into custody. He was charged with violating the Emergency Economic Action Act (IEEPA) and could receive 20 years in prison. Virgil…