Commentary North Korea stole over $3 billion worth of cryptocurrency, which funds approximately 50 percent of its nuclear weapons development, according to a Wall Street Journal report on June 11. The massive crypto haul is in addition to hundreds of millions of dollars that the rogue state, supported by Russia and China, has stolen or…
Stop Crypto Crime of Rogue States Like China by Banning Cryptocurrency
June 14, 2023
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Don’t Fear Central Bank Digital Currency, Embrace It Instead
March 15, 2023
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Commentary Last week, South Dakota Republican governor Kristi Noem rejected a bill (HB1193) to update the Uniform Commercial Code (UCC) with her own unique “brand” of veto. The veto came because Noem opposed the bill’s language outlawing Bitcoin and other cryptocurrencies, but allowing a central bank digital currency (CBDC), which is issued by governments. Noem…
IMF Opposes Making Cryptocurrency Legal Tender
February 24, 2023
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The International Monetary Fund (IMF) recommended that cryptocurrencies like Bitcoin should not be legal tender, and issued an action plan to member states. The IMF released a nine-point action plan on Feb. 24 on how countries could suppress the popular use of crypto assets. On Feb. 8, the financial agency’s executive board provided guidance to IMF…
Fiat Money Has Won the Battle Against Cryptocurrencies, Says BIS Chief
February 23, 2023
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Agustin Carstens, head of the Bank for International Settlements (BIS), believes the battle between cryptocurrency and fiat currencies has come to an end, with the latter emerging as the winner. Fiat currency refers to money that has legal tender by government decree. “That battle has been won … A technology doesn’t make for trusted money,”…
White House Targets Cryptocurrencies, Calls for Stronger Enforcement by Regulators
January 29, 2023
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North Korea, fraud, and financial losses are some of the dangers emanating from the cryptocurrency industry, according to a White House blog published on Jan. 27. It argued for enhanced oversight of cryptocurrencies more broadly, requesting help from financial regulatory bodies and Congressional lawmakers. The blog—co-written by national security adviser Jake Sullivan, National Economic Council Director Brian…
ECB Says Bitcoin Is Artificially Propped Up, Shouldn’t Be Legitimized
Bitcoin is being artificially propped up and should not be legitimized by regulators or financial companies as it is more akin to gambling, the European Central Bank (ECB) said on Wednesday. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major…
Bitcoin, Ethereum ETFs Delisted in Australia as Crypto Winter Continues
November 2, 2022
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Cosmos Asset Management is looking to delist two of its cryptocurrency exchange-traded funds (ETFs) from the Cboe stock exchange in Australia owing to the downturn in digital assets that started at the end of last year. Cosmos, based in Sydney, intends to delist its Purpose Bitcoin Access ETF (CBTC) and Purpose Ethereum Access ETF (CPET),…
Here’s How Celsius Executives Withdrew Millions Before Bankruptcy
Bankruptcy court documents filed by lawyers of Celsius reveal that top executives at the crypto firm withdrew millions of cryptocurrencies before it declared the suspension of customer withdrawals. The court filing alleges that Celsius’ former CEO Alex Mashinsky, co-founder Daniel Leon and Chief Technology Officer Nuke Goldstein made a series of withdrawals totaling tens of…
SWIFT Sets Out Blueprint for Central Bank Digital Currency Network
LONDON—Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies. The trial, which for the last month has involved both France and Germany’s national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked…
Top US Regulator Says Cryptocurrencies Pose Risks to Financial Stability
October 4, 2022
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The Financial Stability Oversight Council (FSOC) issued a report on digital assets like cryptocurrencies, warning about the dangers posed by such instruments. “Crypto-asset activities could pose risks to the stability of the U.S. financial system and emphasizes the importance of appropriate regulation, including enforcement of existing laws. It is vital that government stakeholders collectively work…
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