Avsnitt
-
Nischal Shetty, the CEO of India’s top crypto exchange WazirX joins hosts Danny Nelson and Anna Baydakova on this week’s Borderless to talk crypto bans. Rumor has it India’s government is gearing up for a crypto crackdown; possibly a complete ban. Is that really the case? Nischal helps untangle fact from fiction in one of crypto’s most exciting emerging markets.
The conversation then turns to crypto-environmentalism, first through mining and then via NFTs. Miami’s dream of becoming a hub for “clean energy” crypto mining could run into some pretty “hot” opposition. Meanwhile, another NFT marketplace is bending the knee to environmentalists’ demands, but only slightly.
https://www.coindesk.com/miami-mayor-wants-city-to-become-bitcoin-mining-hub
https://www.coindesk.com/nifty-gateway-pledges-to-go-carbon-negative-amid-criticism-of-nfts
https://www.coindesk.com/cbdcs-will-reduce-demand-for-bitcoin-says-south-korea-central-bank-chief
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
In this episode, Anna Baydakova and Danny Nelson speak with Kim Nilsson, a former user of the oldest (and long defunct) Mt. Gox crypto exchange. Nilsson has investigated the infamous crypto theft and has been watching the effort to repay the exchange’s creditors.
When Mt. Gox stopped functioning and filed for bankruptcy, Nilsson didn’t just sit back and see what happened. He set up his own bitcoin node, coded software and tracked the stolen bitcoin to where it landed. He’s also been an active member of the Mt. Gox creditor community over the years.
Nilsson explains why it takes so long to resolve all the seven-year-old situations, why most of the creditors are still holding on to their claims (instead of selling them) and what’s next for those who have been waiting for repayment since 2014.
We also asked him to chat with us about the most interesting global crypto stories of last week. That was fun!
For example, Canadian exchange Coinsquare was obliged by a federal court in Canada to disclose data on some of its 20,000 users to the national tax agency, the Canada Revenue Agency (CRA). The taxman is knocking on crypto exchanges’ doors, and that, Nilsson believes, is basically the end of privacy in crypto.
The rumor mill is working overtime in India: Will the nation ban all cryptocurrencies? Start blocking IP addresses of crypto exchanges? Maybe, maybe not. India is a big economy with a young and crypto-curious population, so the threat of crypto regulation has resounded.
Meanwhile in Turkey, the national currency, the lira, is tanking, and people are buying bitcoin to protect their savings. There are neither regulations nor a specific tax on crypto in the country, and the interest in bitcoin is surging in the time of fiscal uncertainty.
Stories mentioned in this episode:
WSJ: The Man Who Solved Bitcoin’s Most Notorious HeistCoinDesk: Mt. GoxCoinDesk: Mt. Gox Creditors to Vote on Draft Rehabilitation PlanCoinDesk: Crypto Exchange Coinsquare Ordered to Hand Thousands of Customers’ Records to Canadian Tax AgencyCoinDesk: Crypto Is Not Regulated in Turkey, and It’s ThrivingCoinDesk: India May Block IP Addresses of Crypto Exchanges: ReportDid you enjoy the show? We would love to hear what you think. Leave us a review on Apple Podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
Saknas det avsnitt?
-
In this episode, Anna Baydakova and Danny Nelson speak with Kim Grauer, head of research at Chainalysis, about the blockchain analytics firm’s 2021 “Crypto Crime Report,” how to locate where scammers send their money, and the state of crypto regulation and adoption.
The report, released in February, maps out major crime types associated with cryptocurrencies: crypto scams, ransomware attacks and money laundering, among others. Kim Grauer explains how Chainalysis comes to its conclusions about the geography of crypto transactions, what cyber crimes were on the rise in 2020 and why transaction-tracking software hates mixers.
Also, we discuss Sandali Handagama’s report about a startup that helps savings groups in Africa, and particularly in Nigeria, to invest in stablecoins and protect against inflation of their national currencies. In Africa, many people don’t have access to banking services, and instead, they do collective savings. Could crypto make this practice easier?
On the regulatory front: European crypto firm Bitcoin Suisse has failed in its bid to win a banking license. FINMA, the Swiss financial regulator, on Wednesday rejected Bitcoin Suisse’s charter application on grounds the company had weak anti-money laundering defenses. Bitcoin Suisse has been working with banks and regulators in Switzerland for years now, but looks like it’s not enough.
Stories mentioned in this episode:
Chainalysis: The Chainalysis 2021 Crypto Crime ReportCoinDesk: Nigerians Turn to Stablecoins for Protection Against InflationCoinDesk: Stellar Development Foundation Invests $750K in Nigeria Remittance PlatformCoinDesk: Swiss Crypto Firm Bitcoin Suisse Turned Down on Banking LicenseCoinDesk: EU Regulators Warn Again on Crypto Investment RisksDid you enjoy the show? We would love to hear what you think. Leave us a review on Apple Podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
A collection of 5,000 .jpg files just sold at Christie’s for $69.3 million. Why? Because it’s art, it’s digital and it’s on a blockchain. Hosts Anna Baydakova and Danny Nelson dive into the non-fungible token (NFT) phenomenon and its wildest, eye-popping twist yet on “Borderless” this week, discussing what makes NFTs so valuable and whether they’re here to stay – potentially turning the art world on its head. Even hackers are paying attention.
The conversation then turns to Israel, where local media reported the Altschuler Shacham pension fund invested $100 million in Grayscale’s Bitcoin Trust at $21,000. (Grayscale is owned by CoinDesk parent company DCG). It’s the latest example of traditionally conservative money flowing into the historically volatile crypto. Danny and Anna discuss the trend.
Finally, “Borderless” heads to New Zealand where a startup’s started minting one of the world’s earliest fully compliant stablecoin. With currency digitization sweeping across borders, the hosts consider how the future of money might be shaped by corporations and governments, too.
Articles in the podcast:
https://www.coindesk.com/beeple-nft-christies-auction
https://www.coindesk.com/israeli-pension-giant-put-100m-into-grayscale-bitcoin-trust-report
https://www.coindesk.com/new-zealand-stablecoin-techemynt
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
This week on “Borderless,” Anna Baydakova and Danny Nelson speak with Alex Gladstein, chief strategy officer for the Human Rights Foundation, about the intersection of bitcoin and activism, how global movements are using blockchain and what governments might try to do to stop it.
As more world governments step up their digital and financial surveillance measures, bitcoin has become a safe haven for pockets of oppressed. For example, in Nigeria female activists now harness bitcoin to get around government-ordered banking blockades. Alex and his partners at Human Rights Foundation use crypto grants and vocal advocacy to spotlight their stories.
At the same time, some governments have begun treating bitcoin as a tool of their own. The hosts discuss with Alex the ramifications of bitcoin weaponization and consider whether the problem is as bad as the United Nations makes it out to be. Does North Korea really fund its nuclear weapons program with stolen crypto? Alex has a lot to say.
Later in the episode, the hosts take on the non-fungible token (NFT) craze that’s taking the digital collectibles world by storm. What makes a LeBron James video worth hundreds of thousands of dollars, anyway?
Did you enjoy the show? We would love to hear what you think. Leave us a review on Apple Podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
This week on Borderless, tech reporter Leigh Cuen speaks with data analyst and entrepreneur Boaz Sobrado about how bitcoin became relevant to him when he had to use it at his e-commerce company.
With the changes in the U.S. presidential administration in 2016 and the strict regulations that followed it became harder to bank in Cuba. Processing payments and conducting proper international transactions were causing his company to bleed money. So Boaz turned to bitcoin to move money in and out of the country safely and provide commerce to Cuban communities.
However, bitcoin adoption in Cuba turned out to be harder than he thought. Due to COVID-19, Cuba is undergoing the worst economic crisis since the 1990s. At that time Cuba’s economic structure was so atrocious that portions of its population suffered from hunger. Boaz says, “We aren’t there yet” that it isn’t as bad as the crisis of the 1990s. However, with Western Union remittance rates going down there is less and less money in the country. This has caused inflation to rise and product delivery to the country of Cuba to become more difficult.
Listen as Sobrado discusses the informal peer-to-peer development of the cryptocurrency markets in Cuba and how the internet penetration in Cuba is accelerating bitcoin adoption.
Did you enjoy the show? We would love to hear what you think. Leave us a review on Apple Podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
In this episode, Anna Baydakova and Danny Nelson discuss the coming crypto taxation in Russia and India, North Korean hackers indicted by the U.S. Department of Justice and the GameStop story rolling into the U.S. Congress.
Russia is on its way to taxing cryptocurrency transactions. A draft bill on crypto taxation is now in Russia’s parliament, the State Duma, and it has just passed its first round of hearings last week. The bill says Russian taxpayers must declare crypto they receive to their wallets if its overall value reaches 600,000 rubles, or a bit more than US$8,000.
India is also moving towards crypto taxation. According to a new draft bill, the government is likely to impose a personal income tax on crypto traders and a goods and services tax on trading platforms. So crypto exchanges will have to pay 18 % from the trading fees they earn.
Around the world, it’s becoming our new reality: you deal with crypto, you tell your government about it. Danny shares personal experiences while Anna shares some fears about the future.
This week, the U.S. Department of Justice went after three North Korean hackers for allegedly stealing over $100 million in cryptocurrency from exchanges, including a handful in the U.S. Prosecutors said North Koreans have become the “world’s leading bank robbers,” using keyboards as weapons instead of guns. As longtime listeners of the pod know, they’re using that crypto to build more sinister weapons: nukes!
They even used an initial coin offering to raise money! (Not financial advice.)
GameStop goes to Congress: the U.S. lawmakers questioned Reddit and Robinhood CEOs, as well as the redditor Roaring Kitty. Hearings like this might become hits on their own, just as the Facebook hearings did a couple years ago. But should we expect any material changes afterwards? One thing is for sure: Traditional capital markets are aping right into the crypto world insanity.
Did you enjoy the show? We would love to hear what you think. Leave us a review on Apple Podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
In this episode, Anna Baydakova and Danny Nelson discuss North Korea reportedly stealing your crypto to create nuclear weapons, Tesla rattling markets at an opportune time and Nigeria trying to ban crypto.
Starting Feb. 12, in the Chinese calendar, we are in the year of the ox, or bull; at least for now, things are looking quite bullish for crypto. Usually, Chinese users would massively sell bitcoin ahead of the New Year but the current rally is being mostly driven by institutions, not retail buyers in Asia. So it looks like the “To the Moon” show must go on!
A United Nations expert panel said North Korea used the money it extorted by cyber attacks to fund nuclear weapons development. The panel said that according to its investigations, North Korean regime-linked hackers worked all through 2020 and made the money now funding weapons of mass destruction and ballistic missile programs. According to Chainalysis, the hackers used DeFi infrastructure, over-the-counter brokers and mixers to sell their crypto. So will we end up with a bit of North Korean hacker crypto one day?
Tesla hyped the bitcoin market right around the time some bad news came out of China. In February, Tesla’s annual report to the Securities and Exchange Commission included the news the company put an aggregate of $1.5 billion into bitcoin. Just before that filing several Chinese government agencies publicly questioned Tesla cars’ quality and safety. Coincidence?
Nigeria is trying to curb crypto adoption, but that is not so easy. In early February, the country’s central bank sent a letter to financial institutions ordering them to shut down all bank accounts associated with cryptocurrency trading platforms. Result: Binance halted deposits in Nigeria. As a result, Nigerians turned to peer-to-peer trading platforms. Is this actually good for crypto adoption? We’ll see.
Stories mentioned in this episode:
CoinDesk: Why a Chinese New Year Sell-Off May Not Happen This Year AP: UN experts: North Korea using cyber attacks to update nukesCoinDesk: UN Says North Korea Funded Nuclear Weapons With Crypto Hacks in 2020Chainalisys: Lazarus Group Pulled Off 2020’s Biggest Exchange Hack and Appears to be Exploring New Money Laundering OptionsCoinDesk: China Was Questioning Tesla About Quality Problems. Then Bitcoin HappenedBloomberg: Tesla Summoned by China Regulators Over Quality, Safety IssuesCoinDesk: Nigerian Central Bank Says Its Ban on Crypto Accounts Is Nothing New CoinDesk: Bitcoin ‘Can’t Be Stopped’: Nigerians Look to P2P Exchanges After Crypto BanDid you enjoy the show? We would love to hear what you think. Leave us a review on Apple Podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
In this episode, Anna Baydakova, Tanzeel Akhtar and Danny Nelson discuss possible crypto restrictions in India, fresh darknet market research from Chainalysis and the newest chapter in Virgil Griffith’s North Korea saga.
Will India ban crypto? The move by the government, rumoured for months, may be not as bad as expected. For now, it’s only about illegal activities involving crypto and using it to pay for things, as Minister of State for Finance Anurag Singh Thakur told the nation last week.
India had cracked down on cryptocurrencies: In April 2018, the Reserve Bank of India barred India’s banks from serving crypto exchanges and related businesses. The ban was successfully challenged in India’s Supreme Court and lifted last March. Whether you can really ban crypto in any form is another question, though.
As for illegal use cases, Chainalysis new report on darknet markets and crypto says Russia, the U.S., Ukraine and China are the countries that pump the most money into the illegal goods marketplaces. Per the previous Chainalysis’ report on global crypto adoption, Ukraine and Russia also lead the global retail adoption of crypto.
Does it mean most of the crypto adoption in these countries are “dark”? One thing is clear: Both these countries are user bases of Hydra, the world’s most successful drug marketplaces, pocketing about 75% of the entire darknet markets’ revenue, Chainalysis said.
In the meantime, the court case of Ethereum dev Virgil Griffith is moving along – and it doesn’t look good. During the latest hearing, on Jan. 27, the judge rejected Griffith’s motion to dismiss charges he violated U.S. sanctions law in North Korea. Griffith’s lawyers’ argument that his speaking at a conference in North Korea is not equal to providing “services” to the sanctioned country apparently did not convince Judge Kevin Castel. Free speech or helping bad guys do bad things? A jury will decide in Griffith’s case.
Stories mentioned in this episode:
CoinDesk: Why India’s Proposed Crypto Ban Has Investors Nervous, May Feed Anti-Bitcoin Narrative CoinDesk: India Minister Suggests Modi Government Not Planning Outright Crypto BanCoinDesk: Russia and US Dominate Global Dark Market Traffic: Report Chainalysis: Geographic Distinctions in Darknet Market Activity: U.S. and Western Europe Have the Most Vendors, Eastern Europe and China Lead in Money LaunderingCoinDesk: Ukraine Leads Global Crypto Adoption, Chainalysis Says in New ReportCoinDesk: Judge Denies Virgil Griffith’s Motion to Dismiss ChargesDid you enjoy the show? We would love to hear what you think. Leave us a review on Apple Podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
In this episode, Anna Baydakova, Tanzeel Akhtar and Danny Nelson discuss what the GameStop stock market chaos can teach crypto, why the Bank of International Settlements is pitching central bank digital currencies (CBDC) instead of crypto, and the privacy concerns around China’s digital yuan.
The big story for the week involves the Reddit-based trading community called WallStreetBets that has been causing equities to behave like cryptocurrencies – very volatile. WallStreetBets have wreaked chaos in traditional markets after pumping GameStop stock up by nearly 900% in five days to around $380. Hedge fund Melvin Capital Management suffered heavy losses by betting against video game retailer GameStop.
Does crypto fix this?
The digital yuan was front-and-center in yesterday’s CBDC survey by the BIS, better known as the bank for central banks. Researchers there said 20% of the global population will likely be using general purpose digital fiat in the next three years. What they didn’t say was the identity of the country with 18% of the global population…. China!
In the meantime, security researchers started paying attention to potential risks of the digital yuan for the users outside of China. The Center for New American Security issued a report on how the Chinese Communist Party might get access to the financial data of people worldwide including, potentially, Americans who will be using the Chinese system in the future.
Would you use something like that, and do you care about privacy of your transactions?
Stories mentioned in this episode:
CoinDesk: GameStop Investing Craze ‘Proof of Concept’ for Bitcoin Success, Says Scaramucci CoinDesk: GameStop-Style Revolts Spread, Drawing Attention of White House, Nasdaq; TD Ameritrade Restricts Trading Reddit: An Open Letter to Melvin Capital, CNBC, Boomers, and WSB CoinDesk: BIS Chief Blasts Bitcoin’s Viability, Prompting Blowback From Advocates BIS Plans Platform for Testing Central Bank Digital Currencies in Cross-Border Payments https://www.coindesk.com/bis-plans-platform-for-testing-central-bank-digital-currencies-in-cross-border-paymentsCoinDesk: Geopolitics at Stake in US Response to China’s Digital Yuan: Report Center for New American Security: China’s Digital Currency. Adding Financial Data to Digital Authoritarianism CoinDesk: WEF Davos: Bank of England Governor Insists Digital Payments (but Not Crypto) Are Sticking Around CoinDesk: WEF Davos: Silver Lake Co-Founder Tells Davos Cash Is Used Far More in Crime Than Bitcoin Colombia, Estonia Upload the Bitcoin White Paper to Their Governmental Websites https://www.coindesk.com/colombia-estonia-bitcoin-whitepaperDid you enjoy the show? We would love to hear what you think. Leave us a review on Apple Podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
In this episode, Anna Baydakova, Tanzeel Akhtar and Nik De discuss what to expect from U.S. President Joe Biden’s administration regarding crypto, how QuadrigaCX users are doing and trying to predict the future for Ripple.
President Joe Biden has named Gary Gensler as his pick for chairman of the U.S. Securities and Exchange Commission and Janet Yellen as the future head of the U.S. Treasury. Gensler, the former chairman of the Commodity Futures Trading Commission is known for his series of lectures at MIT about blockchain tech. Yellen said recently she believes crypto is funding illicit activities, sending the bitcoin price down. What’s next? Nik De provides a short guide to what to watch.
Ernst and Young (EY), the bankruptcy trustee for the defunct Canadian exchange QuadrigaCX, is still trying to figure out how to value the firm’s cryptocurrency assets before disbursement to creditors. Timing is crucial here: The amount of money creditors will get depends on the day of evaluation chosen because the price of bitcoin changed a lot between February and April 2019, when QuadrigaCX’s court story was developing.
Last but not least, Ripple has been grappling with a bunch of troubles since the SEC filed a lawsuit against the company in December. The commission believes Ripple has been selling unregistered securities, namely the XRP tokens. The court case is still in progress, but soon after the lawsuit was filed, a number of exchanges and brokers suspended XRP trading including Coinbase, Kraken, OKCoin, Bitstamp, eToro, Crypto.com, Genesis and others. Now, a new SEC head is expected. Good news for Ripple? Probably not too much.
Stories mentioned in this episode:
Gary Gensler Named as Joe Biden’s SEC Chair Pick (TA)https://www.coindesk.com/gary-gensler-confirmed-as-joe-bidens-sec-chair-pick
Janet Yellen Says Cryptocurrencies Are a ‘Concern’ in Terrorist Financing https://www.coindesk.com/janet-yellen-says-cryptocurrencies-are-a-concern-in-terrorist-financingCriminal Activity in Crypto Transactions Fell Sharply in 2020, Says Chainalysishttps://www.coindesk.com/criminal-activity-in-crypto-transactions-fell-sharply-in-2020-says-chainalysis
Trustee of Collapsed Exchange Moves to Resolve Crypto vs. Fiat Creditor Claims Tussle https://www.coindesk.com/trustee-of-collapsed-exchange-to-ask-court-to-resolve-crypto-vs-fiat-creditor-claims-tussleKraken to Halt XRP Trading for US Residents https://www.coindesk.com/kraken-to-halt-xrp-trading-for-u-s-residentsJapan’s FSA Says XRP Not a Security: Report https://www.coindesk.com/japans-fsa-says-xrp-not-a-security-report Asia’s Retail FOMO Could Be Behind XRP’s Rally Despite SEC’s Lawsuit https://www.coindesk.com/xrp-asia-retail-fomo-rallyRipple CEO Walks Back Threat to Leave US https://www.coindesk.com/ripple-leaving-usaDid you enjoy the show? We would love to hear what you think. Leave us a review on apple podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
In this episode, Anna Baydakova, Danny Nelson and Tanzeel Akhtar discuss why one of Justin Sun’s companies is linked to extremism, the insurrection of the Capitol on a blockchain, Iran taking the mining industry under control and also if Europe can regulate bitcoin.
Rioters storming the U.S. Capitol on Jan. 6, livestreamed the action in DLive; a video streaming platform owned by BitTorrent, which, in turn, is owned by the Tron founder Justin Sun. They also received donations through the blockchain-based service. Crypto, extremism, deplatforming and the history of Justin Suns' ventures all are wrapped up in this story, which is too big to ignore.
The government of Iran wants to control crypto mining and has clamped down on miners again. In January, the country shut down 1,620 illegal cryptocurrency mining farms. The mining operations were disconnected from the national power grid and miners will face prosecution. Iran has been cash-strapped by the international sanctions for years, and bitcoin looks like another way to get the government the money it needs. But will it work? And will the rest of the world allow it?
In Europe, European Central Bank President Christine Lagarde is eager to go after “funny business” in the cryptocurrency markets. Lagarde believes the world needs to adopt comprehensive regulation to stop criminals, such as money launderers, from turning to bitcoin for help. She has called bitcoin a "highly speculative" asset. This is not the first time Lagarde has cautioned that cryptocurrencies should be taken seriously and called for global cooperation among worldwide regulators. Whether or not Lagarde is being taken seriously is yet to be seen.
CoinDesk reporters Anna Baydakova, Danny Nelson and Tanzeel Akhtar mentioned these stories in today’s episode:
CoinDesk: Tron-Owned Video Platform Dlive Criticized for Hosting Extremists, US Capitol Rioters The Verge: Hype Man of The CenturyCoinDesk: BitGo Launches Wrapped Bitcoin, Ether on Tron Blockchain Iranian Authorities Close 1,620 Illegal Cryptocurrency Mining Farms: Report Motherboard: The Era of Government-Friendly Bitcoin Miners Is HereThe University of Cambridge: Bitcoin Mining MapECB’s Christine Lagarde Says ‘Speculative’ Bitcoin Needs Global RegulationDid you enjoy the show? We would love to hear what you think. Leave us a review on apple podcasts or your preferred service and talk to us directly via email at [email protected].
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
From the CoinDesk Global Macro news desk, this is Borderless – a twice-monthly roundup of the most important stories impacting Bitcoin and the crypto sector from around the world. On this episode, Nik, Anna, Daniel and CoinDesk tech reporter Colin Harper discuss Nigerian protestors using bitcoin, the digital yuan reaching retail users in China, the IMF talking about crypto, and more.
In Nigeria, people are protesting police brutality and demanding the abolition of SARS, or the Special Anti-Robbery Squad police unit, an infamous special forces team known for abusing and harassing citizens.
CoinDesk reporter Colin Harper joins the conversation to talk about how The Feminist Coalition, a movement advocating for women’s rights in Nigeria, has been using bitcoin to fundraise and help people hurt by the police during the protests. After the movement’s bank account was frozen, it switched to bitcoin donations, using bitcoin as a censorship-resistant tool, just as activists in another part of the world – Belarus – are doing.
On the central bank digital currency front, China is charging forward with its digital yuan project: last week, about two million people got free digital yuans in a lottery in Shenzhen. People could spend the giveaway tokens in over 3,000 local stores, as Reuters reported. The consumers haven’t been impressed so far, but maybe that’s only a beginning,
Unlike in China, central bankers in the West are not that sure about CBDCs. The International Monetary Fund (IMF) issued a report discussing the benefits of issuing digital tokens by central banks. Maybe the most interesting part, the International Monetary Fund talks about the Big Tech stablecoin projects and what’s at stake there.
Reporters Nikhilesh De, Daniel Nelson, Anna Baydakova and Colin Harper discuss these issues and more on today’s episode of Borderless.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
From the CoinDesk Global Macro news desk, this is Borderless – a twice-monthly roundup of the most important stories impacting Bitcoin and the crypto sector from around the world. It’s created by reporters Nikhilesh De, Anna Baydakova and Daniel Nelson.
Last week, two federal U.S.agencies brought charges against BitMEX, one of the world’s largest crypto derivatives trading platforms, alleging the company violated multiple laws by allowing U.S. customers to trade its options contracts. The U.S. Attorney’s Office for the Southern District of New York, a prosecutor, claimed the exchange and its owners, CEO Arthur Hayes, CTO Samuel Reed, Ben Delo and Gregory Dwyer violated the Bank Secrecy Act by not conducting any know-your-customer procedures, while the Commodity Futures Trading Commission alleged that BitMEX allowed U.S. customers to trade on its platform, despite the fact that the startup hadn’t registered as an exchange with the company. The charges are both criminal and civil, and the SDNY announced that while it had arrested one of Hayes’ colleagues, Hayes himself remains at large.
Across the pond, the European Union is preparing to set the fate of its much-hyped “digital euro.” In its latest report, released last week, the bloc’s central bank reiterated the importance of preparing a EU CBDC future but once again refused to commit to it. That decision is expected in the middle of next year. But central bankers are nonetheless thinking through what a “digital euro” might look like right now. For example, one “requirement” is that any “digital euro” should have “cash-like features.” That means broad accessibility, offline capabilities, widespread acceptance, all the cash-like features we don’t even think about. ECB officials even set “strong european branding” as a requirement.
Belarus has been protesting against its president Alexander Lukashenko since August. And since then, the government has been trying to limit access to the information: in addition to multiple internet outages, local media and political movement websites have been blocked. News publications are looking to new, decentralized tools to fight back.
A San Francisco-based startup called Clostra is offering a peer-to-peer file-sharing service called NewNode. Users can connect devices using the internet, Bluetooth or WiFi hot-spots, sharing information similarly to how torrent clients operate (indeed, Clostra was founded by former BitTorrent director of engineering Stanislav Shalunov).
Reporters Nikhilesh De, Daniel Nelson and Anna Baydakova discuss these issues and more on today’s episode of Borderless.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
-
From the CoinDesk Global Macro newsdesk, this is Borderless - A twice-monthly roundup of the most important stories impacting bitcoin and the crypto sector from around the world. It's created by reporters Nikhilesh De, Anna Baydakova and Danny Nelson
On today’s show: the FinCEN files, AirTM isn’t working in Venezuela the way people hoped and stablecoin regulations are reappearing in the U.S. and Europe.
CoinDesk's inaugural episode of Borderless discusses the FinCEN Files, which showed that not only is a global superpower keeping tabs on thousands of financial transactions, but it doesn't appear to actually be tamping downon the alleged crimes it purportedly wants to halt using this data. What's more, many of these transaction records aren't suspicious. Should the government hold on to this personal and financial data for 20 years?
Stablecoin regulations are resurging in both Europe and the U.S., with government officials in both regions publishing new guidance discussing how stablecoins might be regulated and how issuers can interact with banks. The EU wants stablecoin issuers to abide by strict "e-money" rules, according to draft legislation leaked last week. Meanwhile, a federal banking regulator in the U.S. says nationally regulated banks can offer stablecoin issuers financial services.
This applies specifically to hosted wallets, meaning wallets that are controlled by a trusted (regulated) third party. Wallets where users directly control the keys do not fall into the guidance. For its part, the Securities and Exchange Commission warns that some of these digital assets may or may not look like securities, and recommends that issuers contact it prior to launching a new token.
Another stablecoin story down in Venezuela has us rethinking whether the country’s purported crypto economy is really as robust as the headlines make you think. CoinDesk contributor Jose Rafael Pena Gholam writes that opposition leader Juan Guaido’s attempted airdrop of $19 million in stablecoins to Venezuela's “health heroes” has fallen flat.
The money came from funds seized by U.S authorities. Guaido was hoping to use it to back pay thousands of health workers with a $100 bonus for three months of work, but the drop has been hampered by the Maduro regime and tech hiccups.Reporters Nikhilesh De, Daniel Nelson and Anna Baydakova discuss these issues and more.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
