Category: Bitcoin

Facebook’s cryptocurrency backed by dozen of big firms ahead of debut.

Social media giant facebook secured Support of some of the leading payment, retail and technology firms for its upcoming cryptocurrency scheduled to be announced next week, As stated by The Wall Street Journal Facebook’s cryptocurrency will be controlled by a consortium of companies that will form the Libra Association, including Visa, Mastercard, and PayPal Uber, Stripe, and Booking.com. According to reports, each will spend around $10 million to finance currency growth and become part of the Libra Association, an autonomous consortium that will separately regulate the digital coin. As quoted by the Block,stakeholders such as venture capital companies Andreessen Horowitz and Union Square Ventures, cryptocurrency exchange Coinbase, and non-profit organizations including Mercy Corps will also be included in the consortium created to manage the project. ⠀According to TechCrunch, the cryptocurrency, allegedly called Libra, will be revealed on June 18, with a launch ….

Vancouver Mayor Suggests Ban on Bitcoin Atms

The authorities of Vancouver are turning against the Bitcoin ATMs due to money laundering issues, the Next Web reported on June 5.Bitcoin ATMs are under gubernatorial pressure after a rise in criminal operations being carried through the machines, according to The Star. Mayor Kennedy Stewart of Vancouver proposed during a latest council conference that banning Bitcoin machines was an alternative deemed to contain crypto-related fraud and money laundering. Employees of Vancouver City Hall have now been tasked with conducting research on the subject. Reports from the Vancouver police in February may have led to the anti-crypto position. The Vancouver police stated in the study that Bitcoin ATMs were extremely efficient  for money laundering by organized criminal organizations. The report also stated that in 2017 cryptocurrency-related crimes had risen by a ….

OTC Traders Arrested for illegal Bitcoin Loan scheme operation

According to  report by Chinese newspaper today, two over – the-counter (OTC) traders from China were charged with running an illegal Bitcoin (BTC) loan scheme which involves the collecting of bitcoin with promising interest rates on deposits. Based on the report by Beijing News on Wednesday, a group of 20 OTC traders in China filed a complaint to police in Hangzhou City in mid-April alleging that the two individuals, Yi Zhou and Xiang Li, had lured traders with an interest promise on their bitcoin deposits. According to the report, Li and Zhou controlled chat groups on messaging app WeChat used by OTC traders to post bids and ask prices for multiple cryptocurrencies including bitcoin, which is usually referred to as “pancake” to avoid government agencies censorship and monitoring. The investors became suspicious when, since April, the interest paid in yen stopped being deposited in their account. It has been reported that the two traders have managed to gain investors ‘ trust ….