Crypto Lending Platforms Prepare to Assail the Banking System

The battle lines have been drawn and the troops assembled. On the one side stands the combined might of the banking cartels, centuries of deeply entrenched financial infrastructure supporting them. And on the other side stands a handful of crypto companies armed with little more than a passionate plea: “Ditch the legacy system and come join us. Where we’re going, you won’t need banks.” It’s an enticing call – but is anyone heeding it? Also read: Crypto Salaries Gain Regulatory Recognition Around the World Crypto Lending: Innovation or Emulation? Every…

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Report: No Bank Account Needed to Transfer China’s Upcoming CBDC

The People’s Bank of China’s much-anticipated digital currency may allow fund transfers without needing a bank account, according to Binance Research. Binance Research, the research arm of the major crypto platform Binance, has reported that no bank account will be necessary to use China’s Central Bank Digital Currency (CBDC). Loose coupling and anonymity Binance Research shared its findings on Aug 28. According to the report, China’s CBDC will be transferable without a bank due to its loosely coupled design. As explained by the researchers, a loosely coupled design refers to…

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Report: Cryptojacking Campaigns Up by 29%, Ransomware Attacks Up 118%

McAfee Labs has observed increases of 29% in crypto jacking and 118% in ransomware attacks in the first quarter of 2019. Cybersecurity company McAfee Labs has released its August 2019 threat report, which notes an increase in cryptojacking campaigns and ransomware attacks in Q1 2019. Cryptojacking on the rise McAfee Labs posted their report on the company’s website on Aug. 28. According to the report, crypto jacking — installing and running a cryptocurrency miner without user permission — has been on the rise, with a 29% increase in crypto jacking…

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SEC Settles With Crypto Exchange Bitqyck And Its Founders

The US Securities and Exchange Commission (SEC) has settled with crypto exchange Bitqyck and its founders Bruce Bise and Sam Mendez over what the SEC believed was an unregistered token sale that raised $13 million. Bitqyck will pay a civil penalty of $8.5 million on top of disgorgement and prejudgment interest. For the two founders, Bise will pay $890,254 and Mendez will pay $850,022.

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Binance Issues Report On PBoC’s Digital Currency

A research report from crypto exchange Binance has claimed that the digital currency being developed by the People’s Bank of China (PBoC) will be backed one-to-one by fiat, replace notes and coins in circulation, and operate on a two-tiered system. The first tier will connect the PBoC’s digital currency with commercial banks for currency issuance and redemption, and the second tier will connect it with individuals and businesses.

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Cryptocurrencies Such as Bitcoin Cash Shine During Hong Kong Protests

The Hong Kong protests started in June 2019 over a controversial bill and now after weeks of demonstrations, marching citizens are fighting for the future of Hong Kong. In the midst of all the activists protesting, digital currencies like bitcoin cash are being promoted as a way for people to remove themselves from China’s system. Also Read: Venezuelan Pharmacy Chain Accepts Bitcoin Cash for Medicine and Products Hong Kong Protests Continue Into the 12th Week It’s been more than 12 weeks of protests in Hong Kong that started with the…

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Investments and Speculation: 90% of Bitcoin’s Total Use

According to the CEO of the crypto exchange Luno, Marcus Swanepoel, the majority of clients of any crypto exchange, mainly use bitcoin as an instrument for investments and speculation. Swanepoel also stated that transacting, usually comprises a very small share of the cryptocurrency’s use cases. During his CNBC interview, from earlier this week, he explained that only a very small portion of bitcoin’s users, actually purchase it to use it for transactions. He states that the vast majority of bitcoin are done by either investors, established whales, crypto exchanges or…

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Legal Battle of Craig Wright vs Kleiman Is Heavily Against Wright

Things aren’t looking too good for the famous Satoshi Nakamoto-wannabe, Craig Wright. It appears that the legal battle involving Wright and the computer scientist David Kleiman is heavily going in Kleiman’s favor. Back in June, Wright was forced to personally appear at the mediation for the alleged intellectual property theft he committed. All of Wright’s attempts to appeal the order were rejected and he had to be physically present in the court room. Leaked information from a court audience member pointed out that so far, things weren’t going good for…

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