Even though most Americans regularly use credit cards, many still operate on a cash-only basis. After recent bank collapses, more Americans have taken their money out of the banking system and are looking to go bankless. According to the Federal Reserve, in 2020, about 81 percent of Americans were “fully-banked.” It means that they did…
Go Bankless With a Cash-Only Lifestyle
May 23, 2023
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Lawmakers Clash Over Regulation of Stablecoins
May 18, 2023
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House lawmakers took part in a contentious debate over how stablecoins should be regulated at a hearing held by the Financial Services Committee’s digital assets panel—where there were also some hopeful signs from both sides. At the heart of the debate on May 16 was the level of involvement of state regulators and the Federal…
Europe Approves World’s First Cryptocurrency Regulations
The European Union has approved a set of rules—the first such regulation in the world—to regulate crypto assets like cryptocurrencies and tokens in a bid to curb money laundering activities and protect investors. The markets in crypto-assets (MiCA) legislation was approved on May 16 by EU ministers. The new rules will increase transparency and create…
Russians Could Be Disguising Cash to Evade Canadian Sanctions, Federal Agency Warns
Canada’s financial intelligence agency is warning that Russians subject to economic sanctions due to Moscow’s attack on Ukraine could try to evade them using shell companies, cryptocurrency and real-estate transactions. The Financial Transactions and Reports Analysis Centre also says in a new special bulletin that those seeking to launder the proceeds of crime and corruption…
Cryptocurrency Trading Should Be Regulated as Gambling, Says UK Treasury Committee
A UK government committee has suggested cryptocurrencies pose risk for consumers, serve no social purpose, consume large amounts of energy, and are used by criminals for fraud, and as such should not be regulated as financial services. The Treasury Committee called on May 17 for unbacked crypto assets to be regulated as gambling, given their…
Samsung Presses Ahead With Central Bank Digital Currency Technology
May 16, 2023
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Samsung said it would press ahead with central bank digital currency (CBDC) technology in South Korea. The South Korean tech giant is planning on launching a CBDC currency in collaboration with the Bank of Korea (BOK). CBDCs are central bank-issued and controlled digital currencies that can be exchanged using blockchain or distributed ledger technology. Central…
Bankrupt Crypto Lending Platform Opts for Liquidation
May 16, 2023
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Bankrupt crypto lender BlockFi has decided to liquidate its cryptocurrency lending platform in a bid to repay its more than 100,000 creditors. In a company filing on May 12, BlockFi claimed that liquidation would be the best option for creditors. According to the company, the amount of funds clients can recover from the liquidation largely…
The IRS Is Tracking Down Crypto Tax Evaders
Until recently, many people thought that purchases and money transfers made with cryptocurrency were safe and secret. The convenience and anonymity led many people—including criminals—to use it for shady and illegal deals—such as profiting from illegal porn and drug transactions. Others thought they could profit and never have to report it to the Internal Revenue…
US Crypto Exchange Bittrex Seeks Bankruptcy After SEC Complaint
May 9, 2023
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Cryptocurrency exchange Bittrex filed for bankruptcy protection three weeks after the Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange for years. On May 8, the crypto firm made the filing in a Wilmington, Delaware, court after announcing in March that it would wind down operations in the United States by the…
Binance Lifts 2nd Block on Bitcoin Withdrawals Within a Day, Citing Unprecedented Cashing Out Volumes
Cryptocurrency exchange Binance halted bitcoin withdrawals twice within 24 hours on Sunday and Monday, citing heavy cash out volumes. For 90 minutes on Sunday morning and again for a few hours later Sunday night, Binance stopped all bitcoin withdrawals on its platform, saying there were too many pending transactions. “We’ve temporarily closed $BTC withdrawals as the #Bitcoin network is…
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