The updated Consumer Safety Technology Act, which now includes the Digital Taxonomy Act and the Blockchain Innovation Act, has passed in the House of Representatives and is now headed for the Senate as of Tuesday afternoon. The Digital Taxonomy Act provides definitions for the terms “digital asset” and “digital unit” and would task the Federal Trade Commission with preventing unfair trade practices in both. The Blockchain Innovation Act would require the FTC to put together a report on blockchain’s role in consumer protection. Regarding the news, the author of the two bills, Congressman…
Day: September 29, 2020
What the COVID-19 pandemic means for blockchain and crypto
In March 2020, COVID-19 was declared by the World Health Organization to be a pandemic. Just over six months after that declaration, there have been almost 33 million cases of the disease worldwide and nearly 1 million deaths. While most of the stories from the pandemic involve its astronomical cost in terms of human life and suffering, the disease has also revealed a number of problems in our global economic infrastructure. A surprising number of these weaknesses might be addressed, or at least reduced, with blockchain technology. As a result…
Crypto and blockchain won’t catch on until they’re actually useful
A perennial question surrounding blockchain technology is: When will it make a mainstream impact? Understandably, enthusiasts in the industry are anxious to see this technology live up to its promise of empowering consumers, accelerating cross-border payments and bridging the financial inclusion gap for the under- and unbanked. The reality is that today, its scope is limited. From what little data we have available about cryptocurrency adoption, we see that the pool of active users is relatively small in size and scope — largely millennial and largely male. Related: Crypto could…
Should Bitcoin traders be worried about lower highs ever since $12K?
The previous months have given incredible volatility across the boards, including Bitcoin (BTC). However, in recent weeks, the volatility drastically decreased to a state of boredom. The overall momentum and bullishness have left the crypto markets only to be replaced by range-bound sideways movements. In other words, very boring. However, what is the crucial Bitcoin price level to watch for in the coming week? Let’s take a look at the technicals. Bitcoin facing $10,800 as short term breaker for upward continuation BTC/USDT 2-hour chart. Source: TradingView The 2-hour chart is…
Blockchain technology now powers a privacy-focused security camera
IoTeX, a privacy-focused platform for the Internet of Things, has partnered with camera manufacturer Tenvis Technology to offer Ucam, an indoor security camera powered by blockchain technology. Head of business development at IoTeX Larry Pang told Cointelegraph that Ucam users can access their camera data through a decentralized system and log in with an “uncrackable” password. The camera or a user’s mobile phone handles all the computing, meaning decryption occurs on the devices, letting users control their own data. “A private key is used to end-to-end encrypt all the data,” said…
Gemini crypto exchange adds shielded withdrawals for privacy coin Zcash
Gemini, a cryptocurrency exchange founded by the Winklevoss twins, aims to improve user privacy with a major privacy token, Zcash (ZEC). Starting Sept. 29, Gemini will support shielded withdrawals of ZEC, which allows users to hide their transaction data. Gemini representatives said that the new feature is the “first time shielded ZEC withdrawals are available on a regulated exchange.” The new option comes in line with Gemini’s mission to strengthen financial privacy and “empower the individual through crypto,” Gemini executives said. Launched in 2016, Zcash is a major privacy-focused cryptocurrency,…
Bulgarian exchange owner convicted over auction fraud scheme
Rossen Iossifov, a 53-year-old Bulgarian national and owner of the ‘RG Coins’ cryptocurrency exchange, has been convicted of operating a multi-million dollar money laundering ring as part of a transnational auction fraud scheme. Following a two-week trial Iossifov was found guilty by a federal jury in Frankfort, Kentucky, of conspiracy to commit money laundering and conspiracy to commit racketeering. The Kentucky resident will face sentencing on Jan. 12, 2021. The jury found that at least 900 U.S. citizens were conned in a scheme that saw Iossifov’s Romania–based accomplices post advertisements…