FATF’s Deadline for Travel Rule Is a Bit of a Myth, Says Siân Jones

Last year, the Financial Action Task Force (FATF) asked global jurisdictions to adopt its anti-money laundering, or AML, guidelines for crypto. As the apparent deadline is just a few weeks away, some regulation experts believe that the deadline is not the case, while the actual adoption is a matter of years. On May 12, global legal and regulatory experts alongside executives in the crypto industry gathered at a Consensus: Distributed panel to discuss the FATF’s crypto guidelines. Travel rule’s June 2020 deadline “is a bit of a myth” At the…

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Bitcoin’s Uptrend Remains Intact as Multi-Month Trendline Continues to Hold

Bitcoin’s halving was accompanied by high levels of volatility as many prominent analysts within the industry expected. The flagship cryptocurrency took a 20% nosedive over the weekend that saw its price drop below $8,000. Then, it quickly rebounded and it is now consolidating around the $8,800 level. The Effects of the Halving Although everything seems normal like nothing happened, Charles Edwards, digital asset manager at Capriole Investments, explained the recent supply shock that Bitcoin went through is the “most brutal” in its short history. The analyst believes that miners could…

Bitcoin’s Uptrend Remains Intact as Multi-Month Trendline Continues to Hold

Bitcoin’s halving was accompanied by high levels of volatility as many prominent analysts within the industry expected. The flagship cryptocurrency took a 20% nosedive over the weekend that saw its price drop below $8,000. Then, it quickly rebounded and it is now consolidating around the $8,800 level. The Effects of the Halving Although everything seems normal like nothing happened, Charles Edwards, digital asset manager at Capriole Investments, explained the recent supply shock that Bitcoin went through is the “most brutal” in its short history. The analyst believes that miners could…

JPMorgan Chase Starts Accepting Bitcoin Businesses for Banking Services

JPMorgan Chase has reportedly started providing banking services to bitcoin businesses, with the first two clients being Coinbase and Gemini exchanges. JPMorgan also recently recommended having cryptocurrency in investment portfolios as its CEO, Jamie Dimon, changed his mind about bitcoin. JPMorgan Chase’s Bitcoin Clients JPMorgan Chase & Co. has reportedly started to accept clients from the cryptocurrency industry. The Wall Street Journal reported on Tuesday that two prominent bitcoin exchanges, Coinbase Inc. and Gemini Trust Co., have become banking customers of JPMorgan Chase, citing people familiar with the matter. The…

Shanghai PBoC Warns Chinese Public Against Blockchain Investment Schemes

The Shanghai branch of the People’s Bank of China (PBoC) published an article detailing the signs of a financial scam, mentioning virtual currency and blockchain as signs of a fraudulent offering. The article, published on May 12 on Chinese social media platform QQ, consists of 16 answers to common questions that explain what are the signs of a securities fraud. While the article includes explanations for a variety of traditional fraud mechanisms, it also urges to be especially careful when dealing with “virtual currency” and “blockchain.” The recommendation is part…

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Anthony Pompliano Says Gov’t Response to COVID-19 Will Drive Crypto Adoption

Anthony “Pomp” Pompliano, the co-founder of Morgan Creek Digital, argued that the United States government’s response to the COVID-19 lockdown will drive new users to adopt cryptocurrencies. During a discussion with Binance CEO Changpeng Zhao at Consensus: Distributed on May 12, Pomp argued that the uncertainty and fear surrounding the monetary policies introduced to stem the impacts of the economic slowdown will drive ordinary people to seek out hedges against inflation and alternative stores of value. Stimulus will up demand for alternative assets When asked if the coronavirus pandemic is driving…

Binance Now Supports Deposits and Withdrawals in South African Rand

Binance, one of the world’s largest cryptocurrency exchanges, now supports direct transactions in South African rand. Users will now be able to deposit rand into their trading accounts in less than 30 minutes if their bank accounts support “Faster Payments Service.” In a blog post on May 12, Binance announced that rand will be available against five major cryptocurrencies — Bitcoin (BTC), Ether (ETH), Binance Coin (BNB) Binance Dollar (BUSD) and Tether (USDT). This seemingly comes as part of Binance’s strategy to invest in cryptocurrency exchanges with prior banking relationships…

Blockchain Bites: Your Ultimate Guide to Consensus Distributed, Day 2

As the sun rises on the second day of Consensus: Distributed, CoinDesk TV will draw to a close. We kicked off our virtual event with a 24-hour non-stop live stream featuring more than 50 programs and dozens of esteemed guests.  But the conference is far from over. Today features just as many panels, workshops and presentations as yesterday. We’ve just decided to call it a night at 10:30 p.m. ET. You’re reading Blockchain Bites: Consensus Edition a twice daily roundup of all the notable news out of Consensuse Distributed. You can sign up for this,…