Britain’s financial watchdog said on Tuesday it would ban the sale to retail investors of products tracking the price of cryptoassets like Bitcoin, arguing that most people lost money on them.

UK watchdog bans Bitcoin-based products for retail investors

Financial authority in the UK on Tuesday banned some cryptocurrency-based products in order to safeguard retail consumers. From next year, firms in UK will not be able to sell, market or distribute products that track prices of crypto-assets. This covers futures, options, exchange-traded notes and contracts-for-difference. Although analysts believe that the decision will not affect the actual sale of cryptocurrencies, the online trading platforms for cryptocurrencies like Bitcoin, Ripple and Ether among others are expected to get a hit.

UK's Financial Conduct Authority said that it has taken the decision to safeguard retail consumers as they are exposed to unexpected financial losses due to unregulated crypto-assets. Volatility and unreliable valuations add to retail consumers' woes.

The latest decision by the FCA came a year after it actually proposed such a ban. The authority took a review of the situation in its analysis that went on for a year.

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Soon after the decision of the FCA, shares in the online trading platform fell by 2-3 per cent.

Cryptocurrencies have attracted a lot of interest from investors all around the globe in recent years. According to an estimate, the cryptocurrency market is worth around USD 337 billion. It was worth USD 200 billion just 2 years ago.

Financial authority in the UK on Tuesday banned some cryptocurrency-based products in order to safeguard retail consumers. From next year, firms in UK will not be able to sell, market or distribute products that track prices of crypto-assets.

Financial authority in the UK on Tuesday banned some cryptocurrency-based products in order to safeguard retail consumers. From next year, firms in UK will not be able to sell, market or distribute products that track prices of crypto-assets. This covers futures, options, exchange-traded notes and contracts-for-difference. Although analysts believe that the decision will not affect the actual sale of cryptocurrencies, the online trading platforms for cryptocurrencies like Bitcoin, Ripple and Ether among others are expected to get a hit. UK's Financial Conduct Authority said that it has taken the decision to safeguard retail consumers as they are exposed to unexpected financial losses due to unregulated crypto-assets. Volatility and unreliable valuations add to retail consumers' woes. The latest decision by the FCA came a year after it actually proposed such a ban. The authority took a review of the situation in its analysis that went on for a year. × Soon after the decision of the FCA, shares in the online trading platform fell by 2-3 per cent. Cryptocurrencies have attracted a lot of interest from investors all around the globe in recent years. According to an estimate, the cryptocurrency market is worth around USD 337 billion. It was worth USD 200 billion just 2 years ago.

Cryptocurrency products banned in UK after year-long review

A Chinese hacker group called&nbsp;APT41 has been&nbsp;charged by the US Justice Department after the Federal Bureau of Investigation (FBI) and Microsoft caught two of the hackers in a combined effort.&nbsp;

APT41 is a group of seven hackers, out of which five of them are Chinese nationals and are expert hackers. Majority of the group members have been employees of&nbsp;Chengdu 404 Network Technology — a company that provides legal hacking services to the company to help&nbsp;detect vulnerabilities in clients' computer networks. The other company involved in the case is&nbsp;SEA Gamer Mall, a Malaysia-based firm that sells video game currency, power-ups and other in-game items.

They trapped various groups — from gaming companies to non-profit organisations — by several sophisticated and basic phishing methods. While some companies got duped through phishing emails, rest gave permission to the group to modify their codes, which provided them free and unlimited access to clients' computers and internal data.

The group has been alleged of hacking hundreds of computers of various companies around the world. The hackers accessed identities, personal information and used the hacked information to ask for ransom and commit&nbsp;cryptocurrency/bitcoin frauds. They also hacked into systems of gaming companies through which they used the data to sell game items back to the customers and dupe them of money.

They have&nbsp;also been alleged of compromising government&nbsp;data in Vietnam and India.&nbsp;

Whether or not the group was working for the Chinese government is not yet clear. The court has alleged that the hackers collected information regarding pro-democracy activists of Hong Kong and&nbsp;a Buddhist monk from Tibet. One of the hackers,&nbsp;Jiang Lizhi, has a history of working with&nbsp;China's Ministry of State Security.

However, none of these allegations have successfully proved a connection between the hacker group and the Chinese government. More investigation is being carried out for this.

Out of seven, two members have been caught. However, these two were businessmen in Malaysia, and the hackers are still at large. The two businessmen were caught in a&nbsp;sweeping operation by the FBI and private companies including Microsoft to block the hackers from using their online accounts.

The US is currently seeking permission to extradite the hacker groups, which is seemingly difficult as none of the members have lived in the US, but have committed frauds in the country.

A Chinese hacker group called APT41 has been charged by the US Justice Department after the Federal Bureau of Investigation (FBI) and Microsoft caught two of the hackers in a combined effort.

A Chinese hacker group called APT41 has been charged by the US Justice Department after the Federal Bureau of Investigation (FBI) and Microsoft caught two of the hackers in a combined effort. APT41 is a group of seven hackers, out of which five of them are Chinese nationals and are expert hackers. Majority of the group members have been employees of Chengdu 404 Network Technology — a company that provides legal hacking services to the company to help detect vulnerabilities in clients' computer networks. The other company involved in the case is SEA Gamer Mall, a Malaysia-based firm that sells video game currency, power-ups and other in-game items. They trapped various groups — from gaming companies to non-profit organisations — by several sophisticated and basic phishing methods. While some companies got duped through phishing emails, rest gave permission to the group to modify their codes, which provided them free and unlimited access to clients' computers and internal data. The group has been alleged of hacking hundreds of computers of various companies around the world. The hackers accessed identities, personal information and used the hacked information to ask for ransom and commit cryptocurrency/bitcoin frauds. They also hacked into systems of gaming companies through which they used the data to sell game items back to the customers and dupe them of money. They have also been alleged of compromising government data in Vietnam and India. Whether or not the group was working for the Chinese government is not yet clear. The court has alleged that the hackers collected information regarding pro-democracy activists of Hong Kong and a Buddhist monk from Tibet. One of the hackers, Jiang Lizhi, has a history of working with China's Ministry of State Security. However, none of these allegations have successfully proved a connection between the hacker group and the Chinese government. More investigation is being carried out for this. Out of seven, two members have been caught. However, these two were businessmen in Malaysia, and the hackers are still at large. The two businessmen were caught in a sweeping operation by the FBI and private companies including Microsoft to block the hackers from using their online accounts. The US is currently seeking permission to extradite the hacker groups, which is seemingly difficult as none of the members have lived in the US, but have committed frauds in the country.

Chinese hacker group, APT41, dupe companies in Malaysia and China

Social media giant Twitter on Friday explained how Bitcoin scammers hijacked celebrity accounts of&nbsp;Barack Obama, Jeff Bezos and Kim Kardashian&nbsp;two weeks ago.

The tech firm revealed that&nbsp;hackers responsible for the&nbsp;recent high-profile breach used&nbsp;a&nbsp;phone to fool the social media company's employees into giving them access.

They used the technique of "spear-phishing" to attack, which&nbsp;is a practice of sending emails ostensibly from a known or trusted sender in order to induce targeted individuals to reveal confidential information.

Also read:&nbsp;<a href="https://www.wionews.com/world/australia-unveils-law-forcing-google-facebook-to-pay-for-news-317157" hreflang="en">Australia unveils law forcing Google, Facebook to pay for news</a>

Attackers also targeted specific employees who had access to account support tools,&nbsp;<a href="https://blog.twitter.com/en_us/topics/company/2020/an-update-on-our-security-incident.html">Twitter</a>&nbsp;said, adding that it restricted access to its internal tools and systems ever since the incident occurred.

Hackers had accessed&nbsp;Twitter's internal systems on July 15 to hijack some of the platform's top voices including US&nbsp;presidential candidate Joe Biden, reality TV star Kim Kardashian, former US&nbsp;President Barack Obama and billionaire Elon Musk and used them to solicit digital currency.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/amazon-takes-on-spacex-set-to-invest-10-billion-in-satellite-broadband-plan-317163" hreflang="en">Amazon takes on SpaceX, set to invest $10 billion in satellite broadband plan</a>

Publicly available blockchain records show the apparent scammers received more than $100,000 worth of cryptocurrency.

The hackers targeted 130 accounts. They managed to tweet from 45 accounts, access the direct message inboxes of 36, and download the Twitter data from seven. Dutch anti-Islam lawmaker Geert Wilders has said his inbox was among those accessed.

Twitter didn't provide any more information about how the attack was carried out, saying it would provide a more detailed report later, given the ongoing law enforcement investigation. The company has previously said the incident was a coordinated social engineering attack&nbsp;that targeted some of its employees with access to internal systems and tools.

Social media giant Twitter on Friday explained how Bitcoin scammers hijacked celebrity accounts of Barack Obama, Jeff Bezos and Kim Kardashian two weeks ago. The tech firm revealed that hackers responsible for the recent high-profile breach used a phone to fool the social media company's employees into giving them access.

Social media giant Twitter on Friday explained how Bitcoin scammers hijacked celebrity accounts of Barack Obama, Jeff Bezos and Kim Kardashian two weeks ago. The tech firm revealed that hackers responsible for the recent high-profile breach used a phone to fool the social media company's employees into giving them access. They used the technique of "spear-phishing" to attack, which is a practice of sending emails ostensibly from a known or trusted sender in order to induce targeted individuals to reveal confidential information. Also read: Australia unveils law forcing Google, Facebook to pay for news Attackers also targeted specific employees who had access to account support tools, Twitter said, adding that it restricted access to its internal tools and systems ever since the incident occurred. Hackers had accessed Twitter's internal systems on July 15 to hijack some of the platform's top voices including US presidential candidate Joe Biden, reality TV star Kim Kardashian, former US President Barack Obama and billionaire Elon Musk and used them to solicit digital currency. Also read: Amazon takes on SpaceX, set to invest $10 billion in satellite broadband plan Publicly available blockchain records show the apparent scammers received more than $100,000 worth of cryptocurrency. The hackers targeted 130 accounts. They managed to tweet from 45 accounts, access the direct message inboxes of 36, and download the Twitter data from seven. Dutch anti-Islam lawmaker Geert Wilders has said his inbox was among those accessed. Twitter didn't provide any more information about how the attack was carried out, saying it would provide a more detailed report later, given the ongoing law enforcement investigation. The company has previously said the incident was a coordinated social engineering attack that targeted some of its employees with access to internal systems and tools.

Twitter reveals how Bitcoin scammers hijacked celebrity accounts

Some of America's richest and powerful names were targeted by hackers on Twitter. The list of victims includes Elon Musk, Bill Gates, Jeff Bezos & Barack Obama. Can twitter survive the bitcoin hack? WION's Executive Editor Palki Sharma Upadhyay gets you a report.

Gravitas: Can Twitter survive the Bitcoin scam?

Several high-profile Twitter accounts were simultaneously hacked on July 15 by attackers who used the accounts with millions of followers to spread a cryptocurrency scam. watch report.

Bitcoin scammers hack Twitter | Prominent US personalities hacked

Digital assets and cryptocurrencies like bitcoin, ethereum and XRP have often been called highly volatile and risky assets used by either speculators or dubious characters for dark web anonymous transactions facilitating illegal activities. Bitcoin has been around for over ten years at this point and it has proven to be useful for more than just speculation, and when it comes to using it for illegal transactions, it is not a clever solution to use a payment where the payment history is ending up on a permanent blockchain freely accessible.

The industries and companies that are developing technology using blockchain are now numbering in the thousands, and with more and more incentive to solve problems with fiat currencies, the industry is set to expand exponentially in the coming years. A fundamental difference between regular fiat currencies like the dollar, and bitcoin, is that the dollar is an inflationary currency that loses value over time due to money printing. Bitcoin, on the other hand, is a deflationary currency with a fixed, limited total supply.

Another characteristic of bitcoin besides the limited supply is the periodic halving of the reward handed out to miners processing transactions on the network and in turn increase the security of it. Currently, miners are rewarded with 12.5 bitcoins per block of transactions confirmed on the network, after the halving the reward will be reduced to 6.25 bitcoins per block. The next bitcoin halving is scheduled to happen on May 12, and investors are expecting that the digital asset will see new all-time highs as there will be a smaller supply of newly created Bitcoins.

When bitcoin halvings have happened historically, it has lead to a bull-market pushing the price of Bitcoin up dramatically in the months following the halving, which takes place roughly every four years.

Twitter handle PlanB @100trillionUSD has created a useful data model to explain these periodic cycles of price fluctuations in relation to the halving events: 
 
<img alt="Data Model" data-entity-type="file" data-entity-uuid="62d444e9-f7c6-4a9f-aae1-65abf35197fb" src="//cdn.wionews.com/sites/default/files/inline-images/medium_Com_PlanB_S2F_model%20%281%29.png" />

This model predicts that following the halving event on May 12, the price of bitcoin will rise into a new phase around $100,000 after the flow of new bitcoins into the market gets factored in and reflected into the price. The different phases of this model also take into consideration how the use case for bitcoin develops over time. In the early days, the most popular bitcoin narrative was “proof of concept”, in the next phase that changed to “payments”, followed by “E-gold” where the price of one bitcoin was close to the price of one ounce of gold. This model has proven its value over the previous halvings on the network, but it is worth noting that some of the scaling issues that appeared during the bull-market of 2017 are yet to be resolved.

Twitter user @C3_Nik states: “The Scalability issues surrounding #Bitcoin $BTC haven't been improved over the last few years. Nothing in terms of the technology has changed since the BTC network slowed down to a crawl and the average fee rose to 60$ in late 2017. It can kill the next bull run for BTC, easily.”

During all-time high bull-market of 2017, the network slowed down significantly, while the transaction fees rose to levels above what most people are comfortable with for smaller transactions, leading to a lot of investments flowing into altcoins where transactions were faster and cheaper.

@C3_Nik goes on to state “And this isn't some 'maybe', it is a proven fact. The data is there. Next time it will happen again. #Bitcoin $BTC will become unusable right in the middle of the next bull run. What will happen then? I hope that the market realises that there are better solutions that work.”

In the years following the launch of bitcoin, several other cryptocurrencies have been launched. One notable example is Ripple's XRP that focuses on international remittances and on-demand liquidity. While some people in the digital assets community think of Ripple as the banker's coin that does not follow the ethos of Bitcoin, Ripple labs went to meet with regulators as soon as possible in order to work with regulators and speed up the process of adoption and implementation. XRP is today the third biggest digital asset by market cap and has partnerships with more than 300 banks around the world. With all the developments in the recent months with the coronavirus pandemic and the economic fall out of that, there is now an added incentive for people to use digital payments instead of using cash due to the risk of getting infected. When the governments around the world are printing money on a large scale leading to inflation and the devaluing of their population's savings and retirements accounts, digital assets can, like gold and silver be used as a safe haven investment for protecting their wealth.

Whether or not the stock to flow model holds true and bitcoin reaches $100,000, the cryptocurrency industry is here to stay, and there are many other solutions than Bitcoin for secure digital payments. During these testing times, the future looks bright for digital assets.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) 
&nbsp;&nbsp;

&nbsp;

Digital assets and cryptocurrencies like bitcoin, ethereum and XRP have often been called highly volatile and risky assets used by either speculators or dubious characters for dark web anonymous transactions facilitating illegal activities.

Digital assets and cryptocurrencies like bitcoin, ethereum and XRP have often been called highly volatile and risky assets used by either speculators or dubious characters for dark web anonymous transactions facilitating illegal activities. Bitcoin has been around for over ten years at this point and it has proven to be useful for more than just speculation, and when it comes to using it for illegal transactions, it is not a clever solution to use a payment where the payment history is ending up on a permanent blockchain freely accessible. The industries and companies that are developing technology using blockchain are now numbering in the thousands, and with more and more incentive to solve problems with fiat currencies, the industry is set to expand exponentially in the coming years. A fundamental difference between regular fiat currencies like the dollar, and bitcoin, is that the dollar is an inflationary currency that loses value over time due to money printing. Bitcoin, on the other hand, is a deflationary currency with a fixed, limited total supply. Another characteristic of bitcoin besides the limited supply is the periodic halving of the reward handed out to miners processing transactions on the network and in turn increase the security of it. Currently, miners are rewarded with 12.5 bitcoins per block of transactions confirmed on the network, after the halving the reward will be reduced to 6.25 bitcoins per block. The next bitcoin halving is scheduled to happen on May 12, and investors are expecting that the digital asset will see new all-time highs as there will be a smaller supply of newly created Bitcoins. When bitcoin halvings have happened historically, it has lead to a bull-market pushing the price of Bitcoin up dramatically in the months following the halving, which takes place roughly every four years. Twitter handle PlanB @100trillionUSD has created a useful data model to explain these periodic cycles of price fluctuations in relation to the halving events: This model predicts that following the halving event on May 12, the price of bitcoin will rise into a new phase around $100,000 after the flow of new bitcoins into the market gets factored in and reflected into the price. The different phases of this model also take into consideration how the use case for bitcoin develops over time. In the early days, the most popular bitcoin narrative was “proof of concept”, in the next phase that changed to “payments”, followed by “E-gold” where the price of one bitcoin was close to the price of one ounce of gold. This model has proven its value over the previous halvings on the network, but it is worth noting that some of the scaling issues that appeared during the bull-market of 2017 are yet to be resolved. Twitter user @C3_Nik states: “The Scalability issues surrounding #Bitcoin $BTC haven't been improved over the last few years. Nothing in terms of the technology has changed since the BTC network slowed down to a crawl and the average fee rose to 60$ in late 2017. It can kill the next bull run for BTC, easily.” During all-time high bull-market of 2017, the network slowed down significantly, while the transaction fees rose to levels above what most people are comfortable with for smaller transactions, leading to a lot of investments flowing into altcoins where transactions were faster and cheaper. @C3_Nik goes on to state “And this isn't some 'maybe', it is a proven fact. The data is there. Next time it will happen again. #Bitcoin $BTC will become unusable right in the middle of the next bull run. What will happen then? I hope that the market realises that there are better solutions that work.” In the years following the launch of bitcoin, several other cryptocurrencies have been launched. One notable example is Ripple's XRP that focuses on international remittances and on-demand liquidity. While some people in the digital assets community think of Ripple as the banker's coin that does not follow the ethos of Bitcoin, Ripple labs went to meet with regulators as soon as possible in order to work with regulators and speed up the process of adoption and implementation. XRP is today the third biggest digital asset by market cap and has partnerships with more than 300 banks around the world. With all the developments in the recent months with the coronavirus pandemic and the economic fall out of that, there is now an added incentive for people to use digital payments instead of using cash due to the risk of getting infected. When the governments around the world are printing money on a large scale leading to inflation and the devaluing of their population's savings and retirements accounts, digital assets can, like gold and silver be used as a safe haven investment for protecting their wealth. Whether or not the stock to flow model holds true and bitcoin reaches $100,000, the cryptocurrency industry is here to stay, and there are many other solutions than Bitcoin for secure digital payments. During these testing times, the future looks bright for digital assets. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Explained: Bitcoin halving and the expected bull-market for digital assets

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin, the world's biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107.

The People's Bank of China's Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin.

The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency.

Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technology.

Bitcoin, known for its wild price swings, soared over 40% in two days after Xi's remarks, with investors betting that Beijing's backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies.

But since late October bitcoin has slumped by nearly a third.

Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallised a growing sense among crypto investors that China's embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin.

"It's the realisation that the positivity over Xi's blockchain announcement was exaggerated," he said. "It may not include bitcoin at this point."

 
&nbsp;

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them.

Bitcoin slumped to a six-month low on Friday after China's central bank launched a fresh crackdown on cryptocurrencies, warning of the risks entailed in issuing or trading them. Bitcoin, the world's biggest cryptocurrency, fell 9% to $6,929, its lowest since May, and was last down 7% at $7,107. The People's Bank of China's Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin. The move came a day after regulators in Shenzhen launched a similar campaign, and came as the PBOC prepares to launch its own digital currency. Chinese President Xi Jinping said last month that the world's second-biggest economy should accelerate the development of blockchain technology. Bitcoin, known for its wild price swings, soared over 40% in two days after Xi's remarks, with investors betting that Beijing's backing of blockchain and plans for a digital renminbi would accelerate the mainstream embrace of cryptocurrencies. But since late October bitcoin has slumped by nearly a third. Jamie Farquhar, portfolio manager at London-based crypto firm NKB Group, said the PBOC statement crystallised a growing sense among crypto investors that China's embrace of blockchain would be unlikely to include cryptocurrencies like bitcoin. "It's the realisation that the positivity over Xi's blockchain announcement was exaggerated," he said. "It may not include bitcoin at this point."

Bitcoin plummets to a six-month low on China crackdown

The Facebook-led Libra cryptocurrency project must meet the highest standards for combating <a href="https://www.wionews.com/world/us-lawmakers-question-facebook-over-plans-on-libra-cryptocurrency-236514">money laundering and terrorism</a> financing if it is to get off the ground, a senior US&nbsp;Treasury official said on Tuesday.

Any cryptocurrency project, including Geneva-based Libra, operating in all or substantial parts of the United States will clearly have to satisfy US&nbsp;regulatory standards, US&nbsp;Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker told reporters in the Swiss capital.

"Whether it's bitcoin, <a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">Ethereum, Libra, our message</a> is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go," Mandelker said.

She was speaking after meeting Swiss government officials and representatives from the Bank for International Settlements and other international financial bodies to discuss cryptocurrencies including the planned Libra project, which is to be launched by a Swiss-based association.

While the digital currency industry has paid tremendous attention to developing the underlying technology, much of the industry has paid far too little attention to ensuring that the networks they are building do not enable terrorists and other bad actors to hide and move money, Mandelker said.

The Treasury official said she would meet Switzerland's financial market supervisor FINMA on Tuesday&nbsp;where she would be discussing not only the application of proper anti-money laundering safeguards but also taking enforcement actions against companies flouting those rules would be a priority.

FINMA in August had granted Switzerland's first banking and securities licenses to two blockchain service providers and has built up a digital currency hub nicknamed the "Crypto Valley".

"Switzerland, like a number of other countries, has promoted itself as a hub for fintech and for innovation, and so, of course, any country that promotes itself in that way -&nbsp;&nbsp;in my view, it's incumbent upon that country to take these particular concerns at the highest level in(to) the utmost regard," she added.

The Libra project was still in very early stages of thinking through steps to prevent such crimes, she said, adding Swiss officials had similar views.

Digital currencies such as Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world's financial system, Group of Seven finance ministers and central bankers had said in July.

The Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground, a senior US Treasury official said on Tuesday.

The Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground, a senior US Treasury official said on Tuesday. Any cryptocurrency project, including Geneva-based Libra, operating in all or substantial parts of the United States will clearly have to satisfy US regulatory standards, US Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker told reporters in the Swiss capital. "Whether it's bitcoin, Ethereum, Libra, our message is the same to all of these companies: anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go," Mandelker said. She was speaking after meeting Swiss government officials and representatives from the Bank for International Settlements and other international financial bodies to discuss cryptocurrencies including the planned Libra project, which is to be launched by a Swiss-based association. While the digital currency industry has paid tremendous attention to developing the underlying technology, much of the industry has paid far too little attention to ensuring that the networks they are building do not enable terrorists and other bad actors to hide and move money, Mandelker said. The Treasury official said she would meet Switzerland's financial market supervisor FINMA on Tuesday where she would be discussing not only the application of proper anti-money laundering safeguards but also taking enforcement actions against companies flouting those rules would be a priority. FINMA in August had granted Switzerland's first banking and securities licenses to two blockchain service providers and has built up a digital currency hub nicknamed the "Crypto Valley". "Switzerland, like a number of other countries, has promoted itself as a hub for fintech and for innovation, and so, of course, any country that promotes itself in that way - in my view, it's incumbent upon that country to take these particular concerns at the highest level in(to) the utmost regard," she added. The Libra project was still in very early stages of thinking through steps to prevent such crimes, she said, adding Swiss officials had similar views. Digital currencies such as Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world's financial system, Group of Seven finance ministers and central bankers had said in July.

Facebook's Libra has to build anti-money laundering, anti-terror financing design: US Treasury

Fraudsters are out to cash in on interest in <a href="https://www.wionews.com/world/us-lamakers-propose-barring-big-tech-companies-from-offering-financial-services-digital-currencies-236125">Facebook-backed digital currency Libra</a>, hawking bogus buying opportunities at online venues including the social network itself.

Libra is to launch next year, overseen by an association based in Europe, but as with other hot topics it has been seized on by nefarious characters intent on tricking people with false accounts, pages, and information.

Fake Libra opportunities or offerings have popped up on Facebook's main social network and its image-centric online community Instagram, &nbsp;according to a report Monday in the Washington Post.

Several Libra-themed deceptive accounts were removed from the Facebook platform after the California-based company was alerted by the Post, according to the publication.

Some of the fake accounts used the official Facebook logo and photos of <a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162">chief executive Mark Zuckerberg</a>.&nbsp;

"<a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">Facebook</a> removes ads and Pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms," the internet titan said in response to an AFP inquiry.

The Libra Association was reported to be working with Facebook to get deceptive pages about the currency deleted.

Criminals routinely seize on hot topics to try to dupe people online, from natural disasters and major tragedies to celebrity news.

A buylibracoins.com website accessible Monday offered a fake chance to buy the digital currency, encouraging potential victims to share contact details of friends in a referral program.

Fraudsters were said to be set also hunting for victims at other online venues such as Twitter and YouTube.

Financial upheaval

The rise of fake Libra offerings comes as Facebook tries to dispel worries and build trust in what it hopes will be a global currency that gives life-changing financial tools to people around the world.

G7 finance ministers and central bankers last week dealt a blow to Facebook's planned new cryptocurrency Libra, issuing a barrage of warnings about its dangers for the global economy at a two-day meeting outside Paris.

Facebook in June unveiled its plans for Libra in an announcement greeted with concern by governments and critics of the social network behemoth, whose reputation has already been tarnished by its role in spreading fake information and extremist videos.

Ministers from the Group of Seven (G7) major global economies "agreed that projects such as Libra may affect monetary sovereignty and the functioning of the international monetary system," France, the current G7 chair, said in a statement.

It said projects like Libra with a "global and potentially systemic footprint... raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented."

US Treasury Secretary Steven Mnuchin said his concerns about Libra and other cryptocurrencies which he had made clear in White House news conference this month were shared by G7 counterparts.

Libra is widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Fraudsters are out to cash in on interest in Facebook-backed digital currency Libra, hawking bogus buying opportunities at online venues including the social network itself.

Fraudsters are out to cash in on interest in Facebook-backed digital currency Libra, hawking bogus buying opportunities at online venues including the social network itself. Libra is to launch next year, overseen by an association based in Europe, but as with other hot topics it has been seized on by nefarious characters intent on tricking people with false accounts, pages, and information. Fake Libra opportunities or offerings have popped up on Facebook's main social network and its image-centric online community Instagram, according to a report Monday in the Washington Post. Several Libra-themed deceptive accounts were removed from the Facebook platform after the California-based company was alerted by the Post, according to the publication. Some of the fake accounts used the official Facebook logo and photos of chief executive Mark Zuckerberg. "Facebook removes ads and Pages that violate our policies when we become aware of them, and we are constantly working to improve detection of scams on our platforms," the internet titan said in response to an AFP inquiry. The Libra Association was reported to be working with Facebook to get deceptive pages about the currency deleted. Criminals routinely seize on hot topics to try to dupe people online, from natural disasters and major tragedies to celebrity news. A buylibracoins.com website accessible Monday offered a fake chance to buy the digital currency, encouraging potential victims to share contact details of friends in a referral program. Fraudsters were said to be set also hunting for victims at other online venues such as Twitter and YouTube. Financial upheaval The rise of fake Libra offerings comes as Facebook tries to dispel worries and build trust in what it hopes will be a global currency that gives life-changing financial tools to people around the world. G7 finance ministers and central bankers last week dealt a blow to Facebook's planned new cryptocurrency Libra, issuing a barrage of warnings about its dangers for the global economy at a two-day meeting outside Paris. Facebook in June unveiled its plans for Libra in an announcement greeted with concern by governments and critics of the social network behemoth, whose reputation has already been tarnished by its role in spreading fake information and extremist videos. Ministers from the Group of Seven (G7) major global economies "agreed that projects such as Libra may affect monetary sovereignty and the functioning of the international monetary system," France, the current G7 chair, said in a statement. It said projects like Libra with a "global and potentially systemic footprint... raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented." US Treasury Secretary Steven Mnuchin said his concerns about Libra and other cryptocurrencies which he had made clear in White House news conference this month were shared by G7 counterparts. Libra is widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Fraudsters exploit interest in Libra digital currency

Facebook must meet "a very high standard" before it moves ahead with its planned <a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162">digital currency Libra</a>, US Treasury Secretary Steven Mnuchin said Monday.

Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

"Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system."

Facebook last month unveiled its <a href="https://www.wionews.com/world/facebooks-libra-currency-under-fire-235697">plans for Libra</a>, widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Mnuchin said the US Treasury welcomes "responsible innovations" that can improve the efficiency of the financial system but added: "Our overriding goal is to maintain the integrity of the financial system and protect it from abuse."

'National security issue'

He said US regulators have met with Facebook officials on this question, and how Facebook can protect against the new virtual coin being used for criminal activity.

"This is indeed a national security issue," the Treasury chief said.

Facebook, he added, must implement safeguards against the use of Libra for money laundering and terrorist financing and comply with other financial regulations.

Commenting on Facebook's claim that Libra could lower costs and help people without access to traditional financial services, Mnuchin said, "That's fine (but) they've got a lot of work to do to convince us they can get to that place."

Mnuchin's comments echoed concerns voiced by Federal Reserve Chairman Jerome Powell and regulators around the world, as well as by lawmakers set to open hearings this week on the plan by Facebook and its partners in the Libra project.

Hearing set Tuesday

David Marcus, who heads Facebook's digital wallet and blockchain efforts, said in testimony prepared for delivery Tuesday that he expects regulators to carry out an extensive review of the Libra project.

"The time between now and launch is designed to be an open process and subject to regulatory oversight and review," Marcus was to say in his remarks, which were released by the Senate Banking Committee.

"We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals."

Marcus said that Libra, whose association will be based in Geneva, will be supervised by the Swiss Financial Markets Supervisory Authority, but would also register with the US Treasury's FinCEN (Financial Crimes Enforcement Network) to comply with anti-money laundering regulations.

Facebook "will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy," Marcus added.

The companies behind Libra include payment giants Visa, MasterCard and PayPal, as well as ride-hailing apps Lyft and Uber.

Central bankers around the world have said they would carefully study the proposed currency and last week US President Donald Trump weighed in.

"I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he said.

Facebook must meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

Facebook must meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities. "Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system." Facebook last month unveiled its plans for Libra, widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies. Mnuchin said the US Treasury welcomes "responsible innovations" that can improve the efficiency of the financial system but added: "Our overriding goal is to maintain the integrity of the financial system and protect it from abuse." 'National security issue' He said US regulators have met with Facebook officials on this question, and how Facebook can protect against the new virtual coin being used for criminal activity. "This is indeed a national security issue," the Treasury chief said. Facebook, he added, must implement safeguards against the use of Libra for money laundering and terrorist financing and comply with other financial regulations. Commenting on Facebook's claim that Libra could lower costs and help people without access to traditional financial services, Mnuchin said, "That's fine (but) they've got a lot of work to do to convince us they can get to that place." Mnuchin's comments echoed concerns voiced by Federal Reserve Chairman Jerome Powell and regulators around the world, as well as by lawmakers set to open hearings this week on the plan by Facebook and its partners in the Libra project. Hearing set Tuesday David Marcus, who heads Facebook's digital wallet and blockchain efforts, said in testimony prepared for delivery Tuesday that he expects regulators to carry out an extensive review of the Libra project. "The time between now and launch is designed to be an open process and subject to regulatory oversight and review," Marcus was to say in his remarks, which were released by the Senate Banking Committee. "We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals." Marcus said that Libra, whose association will be based in Geneva, will be supervised by the Swiss Financial Markets Supervisory Authority, but would also register with the US Treasury's FinCEN (Financial Crimes Enforcement Network) to comply with anti-money laundering regulations. Facebook "will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy," Marcus added. The companies behind Libra include payment giants Visa, MasterCard and PayPal, as well as ride-hailing apps Lyft and Uber. Central bankers around the world have said they would carefully study the proposed currency and last week US President Donald Trump weighed in. "I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he said.

Facebook needs 'very high standard' for Libra coin: US Treasury Steven Mnuchin

A proposal to prevent big technology companies from functioning as financial institutions or <a href="https://www.wionews.com/world/facebooks-libra-currency-under-fire-235697">issuing digital currencies </a>has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation.

In a sign of widening scrutiny after<a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162"> Facebook Inc's proposed Libra digital </a>coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules.

Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber.

Even if it were to pass the full house, it would still have to pass the Senate which would also likely be an uphill struggle.

Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space.

The draft legislation, "Keep Big Tech Out Of Finance Act", describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue.

"A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System," it proposes.

Facebook, which would qualify to be such an entity, said last month it would launch its global cryptocurrency in 2020.

Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, would form the Libra Association to govern the new coin. No banks are currently part of the group.

Last week, US President Trump criticised Libra and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank."

His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation.

A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation. In a sign of widening scrutiny after Facebook Inc's proposed Libra digital coin aroused widespread objection, the bill proposes a fine of $1 million per day for violation of such rules. Such a sweeping proposal would likely spark opposition from Republican members of the house who are keen on innovation, and would likely struggle to gather enough votes to pass the lower chamber. Even if it were to pass the full house, it would still have to pass the Senate which would also likely be an uphill struggle. Nevertheless, the draft proposal sends a strong message to large tech firms increasingly eyeing the financial services space. The draft legislation, "Keep Big Tech Out Of Finance Act", describes a large technology firm as a company mainly offering an online platform service with at least $25 billion in annual revenue. "A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System," it proposes. Facebook, which would qualify to be such an entity, said last month it would launch its global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, would form the Libra Association to govern the new coin. No banks are currently part of the group. Last week, US President Trump criticised Libra and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank." His comments came after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

US lawmakers propose barring big tech companies from offering financial services, digital currencies

US President Donald Trump on Thursday criticised <a href="https://www.wionews.com/india-news/india-us-trade-talks-to-restart-friday-amid-few-signs-of-compromise-234949">Bitcoin, Facebook's proposed</a> Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank."

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump wrote on Twitter.

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<blockquote class="twitter-tweet">
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472282584072192?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote>
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"If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International," he added.

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....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National...
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472284702208000?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote>
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Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra cannot move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.

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...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1149472285905940480?ref_src=twsrc%5Etfw">July 12, 2019</a></blockquote>
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Powell said the Fed has established a working group to follow the project and is coordinating with other government's central banks. The US Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to make a review.

Hours earlier on Thursday, Trump criticised large technology companies at an event at the White House, who he said treated conservative voices unfairly.

The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said, "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect." 
&nbsp;

US President Donald Trump on Thursday criticised Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank.

US President Donald Trump on Thursday criticised Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to "become a bank." "I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump wrote on Twitter. I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.... — Donald J. Trump (@realDonaldTrump) July 12, 2019 × "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International," he added. ....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National... — Donald J. Trump (@realDonaldTrump) July 12, 2019 × Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra cannot move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability. ...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar! — Donald J. Trump (@realDonaldTrump) July 12, 2019 × Powell said the Fed has established a working group to follow the project and is coordinating with other government's central banks. The US Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to make a review. Hours earlier on Thursday, Trump criticised large technology companies at an event at the White House, who he said treated conservative voices unfairly. The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said, "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect."

If Facebook's Libra wants to become a bank, it must seek new banking charter: Trump

<a href="https://www.wionews.com/world/forget-bitcoin-millionaires-bezos-gates-may-become-trillionaires-29476">Bitcoin</a> surged to a near 16-month high above $11,000 Monday, overshadowing showings across stock, foreign exchange and commodity markets, with investors looking ahead to the week's G20 summit.

Bitcoin reached $11,251.21, surpassing $10,000 for the first time since March last year, as the cryptocurrency sector got a huge boost from Facebook's unveiling of its own digital unit Libra, analysts said.&nbsp;

"The strong resurgence in the bitcoin price is mainly due to the renewed mainstreaming interest in cryptocurrencies and the technology which underlines them," Naeem Aslam, an analyst at trading group ThinkMarkets, said.

"Projects like Facebook's Libra have provided a much-needed tailwind for this space."

The social network plans to launch Libra next year, with the backing by a basket of real-world currencies and a consortium of companies including Visa, MasterCard, PayPal and Uber.

"<a href="https://www.wionews.com/business-economy/bitcoin-trading-volume-hits-two-year-low-in-march-208110">Bitcoin</a> volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels," said OANDA senior market analyst Edward Moya.

Bitcoin has risen about 20 per cent this month alone but is still well off record levels near $20,000 seen at the end of 2017.

Elsewhere Monday, oil prices nudged higher as rising US-Iran tensions continued to fuel supply concerns.

Stock markets were largely steady ahead of a crunch meeting between US President Donald Trump and Chinese counterpart Xi Jinping at the weekend summit of 20 major economies.

Markets are waiting to see if Trump and Xi can break an impasse in their trade war when they meet on the sidelines of the event in Japan.

Global equities last week rallied after Trump hailed positive telephone talks between the pair, fuelling hopes of a possible end to their long-running tariffs battle.

"No one thinks the US and China will do a deal in Osaka, but there is some hope that we will have a positive development that marks a shift in the rhetoric and a re-energising of talks following the breakdown in the recent discussions," said Neil Wilson, chief market analyst at Markets.com.

The dollar meanwhile dropped Monday, continuing to face pressure from expectations that the Federal Reserve could lower US interest rates as soon as July as the economy shows signs of softening amid the trade war with China.

Bitcoin surged to a near 16-month high above $11,000 Monday, overshadowing showings across stock, foreign exchange and commodity markets, with investors looking ahead to the week's G20 summit.

Bitcoin surged to a near 16-month high above $11,000 Monday, overshadowing showings across stock, foreign exchange and commodity markets, with investors looking ahead to the week's G20 summit. Bitcoin reached $11,251.21, surpassing $10,000 for the first time since March last year, as the cryptocurrency sector got a huge boost from Facebook's unveiling of its own digital unit Libra, analysts said. "The strong resurgence in the bitcoin price is mainly due to the renewed mainstreaming interest in cryptocurrencies and the technology which underlines them," Naeem Aslam, an analyst at trading group ThinkMarkets, said. "Projects like Facebook's Libra have provided a much-needed tailwind for this space." The social network plans to launch Libra next year, with the backing by a basket of real-world currencies and a consortium of companies including Visa, MasterCard, PayPal and Uber. "Bitcoin volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels," said OANDA senior market analyst Edward Moya. Bitcoin has risen about 20 per cent this month alone but is still well off record levels near $20,000 seen at the end of 2017. Elsewhere Monday, oil prices nudged higher as rising US-Iran tensions continued to fuel supply concerns. Stock markets were largely steady ahead of a crunch meeting between US President Donald Trump and Chinese counterpart Xi Jinping at the weekend summit of 20 major economies. Markets are waiting to see if Trump and Xi can break an impasse in their trade war when they meet on the sidelines of the event in Japan. Global equities last week rallied after Trump hailed positive telephone talks between the pair, fuelling hopes of a possible end to their long-running tariffs battle. "No one thinks the US and China will do a deal in Osaka, but there is some hope that we will have a positive development that marks a shift in the rhetoric and a re-energising of talks following the breakdown in the recent discussions," said Neil Wilson, chief market analyst at Markets.com. The dollar meanwhile dropped Monday, continuing to face pressure from expectations that the Federal Reserve could lower US interest rates as soon as July as the economy shows signs of softening amid the trade war with China.

After Facebook's cryptocurrency Libra, Bitcoin surges above $11,000

Cryptocurrencies live in a volatile, roller-coaster world, which Facebook is seeking to change with its new Libra digital money.

The new digital currency will be overseen by a nonprofit association and backed with real assets to serve as a reliable, stable form of globally accepted money that lives essentially on smartphones.

How do cryptocurrencies work?

To use <a href="https://www.wionews.com/world/libra-facebook-unveils-cryptocurrency-meant-to-be-new-global-currency-228282">currencies like Libra</a>, people will need to install software referred to as a digital wallet.

Several digital wallets are available, but one called Calibra is being built by a Facebook subsidiary for Apple- and Android-powered smartphones and integrated with the social network's Messenger and WhatsApp mobile services.

This system "lets everyone store their money securely in their phone," Calibra vice president of product Kevin Weil told AFP.

A digital wallet chosen by the user is linked to bank accounts or credit cards for transfers or online transactions.

"The same way you can pick any browser to go on the internet, you can pick any digital wallet," Weil said.

What are the advantages?

Libra was released as an open ecosystem, so any business or service may accept it for payments. Financial institutions could also offer credit or loans in Libra.

"Imagine storing your life savings in your house; it is safer to take it with you on the go on your phone," Weil said.

Calibra, for example, could be used to send money to friends or family members in another country, or shop at stores online or in the real world the same way they might use Apple Pay or Google Pay.

More than a billion people already use WhatsApp and Messenger to communicate, so providing a way to send money makes sense.

"Over time, as the Libra ecosystem grows and Libra is built into products and services, there will be more things you can just do with Libra," Weil said.

How is cash converted to crypto?&nbsp;

People without access to banks could go to currency exchange or merchant to convert cash into Libra.

Once on a smartphone, Libra could be sent text-message style, with recipients having the option to save it in their own wallets for future use or convert it to their local currency.

"We make it easy to go back and forth to local currency," Weil said.

"If you are unbanked, you will have locations like money exchanges that operate with Libra."

Currency exchange fees would be market-driven, but likely less than remittance fees charged by businesses that wire funds.

Calibra has built-in fraud and password recovery protections, and there is a "know-your-customer" process that requires people to initially provide some form of government identification.

"This is people's money; we feel a huge responsibility to keep it safe," Weil said.

Cryptocurrencies live in a volatile, roller-coaster world, which Facebook is seeking to change with its new Libra digital money. The new digital currency will be overseen by a nonprofit association and backed with real assets to serve as a reliable, stable form of globally accepted money that lives essentially on smartphones.

Cryptocurrencies live in a volatile, roller-coaster world, which Facebook is seeking to change with its new Libra digital money. The new digital currency will be overseen by a nonprofit association and backed with real assets to serve as a reliable, stable form of globally accepted money that lives essentially on smartphones. How do cryptocurrencies work? To use currencies like Libra, people will need to install software referred to as a digital wallet. Several digital wallets are available, but one called Calibra is being built by a Facebook subsidiary for Apple- and Android-powered smartphones and integrated with the social network's Messenger and WhatsApp mobile services. This system "lets everyone store their money securely in their phone," Calibra vice president of product Kevin Weil told AFP. A digital wallet chosen by the user is linked to bank accounts or credit cards for transfers or online transactions. "The same way you can pick any browser to go on the internet, you can pick any digital wallet," Weil said. What are the advantages? Libra was released as an open ecosystem, so any business or service may accept it for payments. Financial institutions could also offer credit or loans in Libra. "Imagine storing your life savings in your house; it is safer to take it with you on the go on your phone," Weil said. Calibra, for example, could be used to send money to friends or family members in another country, or shop at stores online or in the real world the same way they might use Apple Pay or Google Pay. More than a billion people already use WhatsApp and Messenger to communicate, so providing a way to send money makes sense. "Over time, as the Libra ecosystem grows and Libra is built into products and services, there will be more things you can just do with Libra," Weil said. How is cash converted to crypto? People without access to banks could go to currency exchange or merchant to convert cash into Libra. Once on a smartphone, Libra could be sent text-message style, with recipients having the option to save it in their own wallets for future use or convert it to their local currency. "We make it easy to go back and forth to local currency," Weil said. "If you are unbanked, you will have locations like money exchanges that operate with Libra." Currency exchange fees would be market-driven, but likely less than remittance fees charged by businesses that wire funds. Calibra has built-in fraud and password recovery protections, and there is a "know-your-customer" process that requires people to initially provide some form of government identification. "This is people's money; we feel a huge responsibility to keep it safe," Weil said.

How cryptocurrencies can replace other pay options

Facebook is set Tuesday to unveil a bid to bring <a href="https://www.wionews.com/world/facebooks-cryptocurrency-based-payments-system-gets-big-backers-reports-227004">cryptocurrency payments</a> into the mainstream, reportedly with the endorsement of governments and financial giants.&nbsp;

The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of <a href="https://www.wionews.com/world/facebook-plans-cryptocurrency-launch-next-year-report-221431">"blockchain" technologies</a> such as bitcoin.&nbsp;

Facebook is setting up a consortium called "Libra" which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber.

The companies along with venture capitalists and telecommunications firms will reportedly invest around $10 million each into the consortium.

Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news.

The consortium will be managed externally and will seek to build trust among consumers by pegging the virtual coin to a basket of currencies including the dollar and euro, the Journal said.

Facebook has already sought blessings from the US Treasury and the Bank of England, the BBC reported last month.

Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers.

With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to bring cryptocurrency out of the fringes and emulate the likes of WeChat in China, where the US site is banned.

WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal.&nbsp;

Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments.

But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that.

Facebook's crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad user base in Asia, RBC analyst Mark Mahaney said in a research note last week.

It "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", he wrote.

Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants.

Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants. The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of "blockchain" technologies such as bitcoin. Facebook is setting up a consortium called "Libra" which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber. The companies along with venture capitalists and telecommunications firms will reportedly invest around $10 million each into the consortium. Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news. The consortium will be managed externally and will seek to build trust among consumers by pegging the virtual coin to a basket of currencies including the dollar and euro, the Journal said. Facebook has already sought blessings from the US Treasury and the Bank of England, the BBC reported last month. Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers. With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to bring cryptocurrency out of the fringes and emulate the likes of WeChat in China, where the US site is banned. WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal. Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments. But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that. Facebook's crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad user base in Asia, RBC analyst Mark Mahaney said in a research note last week. It "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", he wrote.

Facebook all set to unveil new cryptocurrency

The armed wing of Hamas is using increasingly complex methods of raising funds via bitcoin, researchers say, highlighting the difficulties regulators face in tracking cryptocurrency financing of outfits designated by some as terrorist groups.

Hamas shifts tactics in bitcoin fundraising, highlighting crypto risks

<a href="https://www.google.com/url?q=https://www.wionews.com/world/opinion-bitcoin-is-interesting-but-not-worth-investing-27266&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2mOO1bFnborPY9BfGg2sb6">Bitcoin</a>'s trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny.

Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when the volume was just $845.7 million.

The original <a href="https://www.google.com/url?q=https://www.wionews.com/world/bitcoin-crashes-over-10-per-cent-on-bitstamp-27226&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggQMAQ&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1h4jzr1AO_DIQY_pRSorH9">cryptocurrency</a>, bitcoin has dropped more than 70 per cent since hitting an all-time high of nearly $20,000 in December 2017, a slump that has spread to all digital currencies.

A global regulatory crackdown led by the <a href="https://www.google.com/url?q=https://www.wionews.com/world/the-bitcoin-bubble-how-we-know-it-will-burst-26216&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggTMAU&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2olCDFuIwYQNKiEL5MOftR">US Securities and Exchange Commission</a> has created concerns about greater oversight and acceptance of digital currencies as payments, taking the wind out of the once red-hot virtual assets.

Early this week, however, bitcoin recovered somewhat to hit a roughly five-month high of $5,345 on the <a href="https://www.google.com/url?q=https://www.wionews.com/world/opinion-bitcoin-is-a-highly-speculative-investment-why-caution-is-required-26092&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggZMAc&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0m0lVK40Nce89zqY8Pa0_c">Bitstamp platform</a>, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said.

TradeBlock said in its research that as bitcoin trading volumes fell, digital asset exchanges started increasing the number of assets listed. It cited Coinbase, which has historically listed fewer assets than its peers, taking on two new currencies - Ripple and Stellar Lumens - over the last few months.

Coinbase's trading volume for March was $1.6 billion, a two-year low as well, TradeBlock data showed.

TradeBlock's research also showed that as volumes declined, digital currency exchanges began raising trading fees in 2018 and 2019.

"An increase in trading fees is in line with expectations that exchanges are looking to protect revenues, amidst continually dampened trading volumes," TradeBlock said. 
&nbsp;

Bitcoin's trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny.

Bitcoin's trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny. Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when the volume was just $845.7 million. The original cryptocurrency, bitcoin has dropped more than 70 per cent since hitting an all-time high of nearly $20,000 in December 2017, a slump that has spread to all digital currencies. A global regulatory crackdown led by the US Securities and Exchange Commission has created concerns about greater oversight and acceptance of digital currencies as payments, taking the wind out of the once red-hot virtual assets. Early this week, however, bitcoin recovered somewhat to hit a roughly five-month high of $5,345 on the Bitstamp platform, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said. TradeBlock said in its research that as bitcoin trading volumes fell, digital asset exchanges started increasing the number of assets listed. It cited Coinbase, which has historically listed fewer assets than its peers, taking on two new currencies - Ripple and Stellar Lumens - over the last few months. Coinbase's trading volume for March was $1.6 billion, a two-year low as well, TradeBlock data showed. TradeBlock's research also showed that as volumes declined, digital currency exchanges began raising trading fees in 2018 and 2019. "An increase in trading fees is in line with expectations that exchanges are looking to protect revenues, amidst continually dampened trading volumes," TradeBlock said.

Bitcoin trading volume hits two-year low in March

Bitcoin suddenly spikes to top $5000

A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the <a href="http://www.wionews.com/world/us-demands-access-for-us-diplomats-journalists-to-tibet-threatening-to-bar-chinese-officials-183865">United States</a> and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said.

One email targeting a St Louis-area middle school was traced by local investigators to an internet protocol, or IP, address in Moscow, the sheriff's office in Lincoln County, Missouri said.

But US government sources speaking on background to Reuters said that such findings were inconclusive and that federal investigators doubted that Russians or the Russian government were involved.

The officials cautioned that such an IP address does not prove it came from Russia because the sender could have electronically laid a false trail to cover up its true origin. They suggested instead that the flurry of emails were part of a widescale digital hoax.

The security scare began shortly before 2 pm EST as police departments in major US cities coast to coast began reporting on Twitter that numerous local businesses had received the menacing emails - awkwardly worded threats to set off a bomb unless a bitcoin payment of $20,000 were received.

Four hours into the security scare, no actual explosives had been found, authorities said. But the threats prompted brief evacuations of a Toronto subway station and a newspaper office in Raleigh, North Carolina. Some public schools and businesses also were evacuated as a precaution.

Lincoln County, Missouri, sheriff's spokesman Lieutenant Andy Binder said authorities bused the students from a middle school receiving one of the threats to another campus as a precaution, but the school was later determined to be safe and classes will resume there on Friday.

Among other cities where bomb threats were reported by authorities were Washington, New York, Detroit, San Francisco, Los Angeles, Oklahoma City, Denver, Ottawa, and Calgary, Alberta.

Police at the University of Wisconsin in Madison tweeted an image taken of one email threat found to be circulating that said in part: "Good day. There is an explosive device (lead azide) in the building where your company is conducted. It is assembled according to my guide. It is compact and it is covered up very carefully. It can not damage the structure of the building, but in case of its explosion you will get many wounded people."

The campus police tweet concludes by referring to the emails as "a SCAM happening nationwide."

The FBI and other federal agencies were alerted to the email chains, officials said.

"We are aware of threats being made in cities across the country," Rukelt Dalberis, an FBI spokesman in Los Angeles, told Reuters separately. "We remain in touch with our law enforcement partners. We encourage the public to remain vigilant and report suspicious activities that could represent a threat."

A similar wave of emailed hoax bomb threats in December 2015 prompted officials in Los Angeles to close the city's public school system, which national law enforcement officials later criticized as an overreaction.

Two weeks previously, a married couple inspired by Islamic State had killed 14 people at a California county office building in a shooting rampage.

A teenager with dual Israeli-US citizenship was arrested in Israel in March 2017 for making bomb threats to more than 100 Jewish organizations and Jewish community centers (JCCs) in dozens of US states over several months.

A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the United States and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said.

A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the United States and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said. One email targeting a St Louis-area middle school was traced by local investigators to an internet protocol, or IP, address in Moscow, the sheriff's office in Lincoln County, Missouri said. But US government sources speaking on background to Reuters said that such findings were inconclusive and that federal investigators doubted that Russians or the Russian government were involved. The officials cautioned that such an IP address does not prove it came from Russia because the sender could have electronically laid a false trail to cover up its true origin. They suggested instead that the flurry of emails were part of a widescale digital hoax. The security scare began shortly before 2 pm EST as police departments in major US cities coast to coast began reporting on Twitter that numerous local businesses had received the menacing emails - awkwardly worded threats to set off a bomb unless a bitcoin payment of $20,000 were received. Four hours into the security scare, no actual explosives had been found, authorities said. But the threats prompted brief evacuations of a Toronto subway station and a newspaper office in Raleigh, North Carolina. Some public schools and businesses also were evacuated as a precaution. Lincoln County, Missouri, sheriff's spokesman Lieutenant Andy Binder said authorities bused the students from a middle school receiving one of the threats to another campus as a precaution, but the school was later determined to be safe and classes will resume there on Friday. Among other cities where bomb threats were reported by authorities were Washington, New York, Detroit, San Francisco, Los Angeles, Oklahoma City, Denver, Ottawa, and Calgary, Alberta. Police at the University of Wisconsin in Madison tweeted an image taken of one email threat found to be circulating that said in part: "Good day. There is an explosive device (lead azide) in the building where your company is conducted. It is assembled according to my guide. It is compact and it is covered up very carefully. It can not damage the structure of the building, but in case of its explosion you will get many wounded people." The campus police tweet concludes by referring to the emails as "a SCAM happening nationwide." The FBI and other federal agencies were alerted to the email chains, officials said. "We are aware of threats being made in cities across the country," Rukelt Dalberis, an FBI spokesman in Los Angeles, told Reuters separately. "We remain in touch with our law enforcement partners. We encourage the public to remain vigilant and report suspicious activities that could represent a threat." A similar wave of emailed hoax bomb threats in December 2015 prompted officials in Los Angeles to close the city's public school system, which national law enforcement officials later criticized as an overreaction. Two weeks previously, a married couple inspired by Islamic State had killed 14 people at a California county office building in a shooting rampage. A teenager with dual Israeli-US citizenship was arrested in Israel in March 2017 for making bomb threats to more than 100 Jewish organizations and Jewish community centers (JCCs) in dozens of US states over several months.

Bomb threats demanding bitcoin sweep US, Canada, none found credible

A Pakistan-born woman has pleaded guilty to providing material support to the Islamic State (ISIS) by participating in a scheme under which she wired over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the terror group.&nbsp;

Zoobia Shahnaz, 27, of Brentwood, New York, pleaded guilty before US District Judge Joanna Seybert, Assistant Attorney General for National Security John C Demers said.&nbsp;

According to a report in The Wall Street Journal last December, Pakistan-born Shahnaz was a naturalized US citizen. She had come to the US using a family-based immigration system, under which she had got the US visa because of her family ties.&nbsp;

According to court filings and facts presented at the plea hearing, between March 2017 and the date of her attempted travel to Syria on July 31, 2017, Shahnaz engaged in a scheme to defraud numerous financial institutions.&nbsp;

Specifically, Shahnaz obtained a loan for approximately $ 22,500 by way of materially false pretenses, representations and promises. She also fraudulently applied for and used over a dozen credit cards, which she used to purchase approximately $ 62,000 in Bitcoin and other cryptocurrencies online. She then engaged in a pattern of financial activity, culminating in several wire transactions totalling over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the ISIS.&nbsp;

During the time she was committing bank fraud and laundering money overseas, she was accessing ISIS propaganda online, including violent jihad-related websites and message boards, and social media and messaging pages of known ISIS recruiters, facilitators and financiers.&nbsp;

Additionally, she conducted numerous internet searches for information that would facilitate her entry into Syria, but ultimately was intercepted by the Joint Terrorism Task Force (JTTF) at John F Kennedy International Airport while attempting to board a flight with a multi-day layover in Istanbul&nbsp;a common point of entry for individuals travelling from Western countries to join the ISIS in Syria, prosecutors said.&nbsp;

As part of her plea agreement with the government, Shahnaz admitted to defrauding numerous financial institutions and laundering the stolen proceeds out of the country with the intent to support a specified unlawful activity, namely the provision of material support to ISIS, after which she attempted to leave the United States and travel to Syria.&nbsp;

Shahnaz faces up to 20 years in prison, as well as restitution, criminal forfeiture and a fine.

A Pakistan-born woman has pleaded guilty to providing material support to the Islamic State (ISIS) by participating in a scheme under which she wired over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the terror group.

A Pakistan-born woman has pleaded guilty to providing material support to the Islamic State (ISIS) by participating in a scheme under which she wired over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the terror group. Zoobia Shahnaz, 27, of Brentwood, New York, pleaded guilty before US District Judge Joanna Seybert, Assistant Attorney General for National Security John C Demers said. According to a report in The Wall Street Journal last December, Pakistan-born Shahnaz was a naturalized US citizen. She had come to the US using a family-based immigration system, under which she had got the US visa because of her family ties. According to court filings and facts presented at the plea hearing, between March 2017 and the date of her attempted travel to Syria on July 31, 2017, Shahnaz engaged in a scheme to defraud numerous financial institutions. Specifically, Shahnaz obtained a loan for approximately $ 22,500 by way of materially false pretenses, representations and promises. She also fraudulently applied for and used over a dozen credit cards, which she used to purchase approximately $ 62,000 in Bitcoin and other cryptocurrencies online. She then engaged in a pattern of financial activity, culminating in several wire transactions totalling over $ 150,000 to individuals and shell entities in Pakistan, China and Turkey that were fronts for the ISIS. During the time she was committing bank fraud and laundering money overseas, she was accessing ISIS propaganda online, including violent jihad-related websites and message boards, and social media and messaging pages of known ISIS recruiters, facilitators and financiers. Additionally, she conducted numerous internet searches for information that would facilitate her entry into Syria, but ultimately was intercepted by the Joint Terrorism Task Force (JTTF) at John F Kennedy International Airport while attempting to board a flight with a multi-day layover in Istanbul a common point of entry for individuals travelling from Western countries to join the ISIS in Syria, prosecutors said. As part of her plea agreement with the government, Shahnaz admitted to defrauding numerous financial institutions and laundering the stolen proceeds out of the country with the intent to support a specified unlawful activity, namely the provision of material support to ISIS, after which she attempted to leave the United States and travel to Syria. Shahnaz faces up to 20 years in prison, as well as restitution, criminal forfeiture and a fine.

US: Pakistan-born woman pleads guilty to providing material support to IS

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017.

Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum.

Bitcoin fell below US $5,000 on Monday for the first time in over a year, slumping to a fresh 13-month low on the Bitstamp platform as a broad sell-off in cryptocurrencies sparked last week gathered momentum. As of 1645 GMT the original cryptocurrency was down 8.7 per cent at US $5,100, after breaching the landmark for the first time since October 12, 2017. Traders said selling was largely sentiment-driven and cited fears that Thursday's "hard fork" in bitcoin cash, where the smaller coin split into two separate currencies, could destabilise others.

Bitcoin breaches $5,000, plumbs fresh 13-month low

Bollywood actress Shilpa Shetty's husband Raj Kundra was summoned to Enforcement Directorate(ED) today in connection with I-T department's notice to bitcoin users who were conducting transaction of more than 1 crore per day.

The ED is examining alleged money laundering and fraud in bitcoin transactions.

In December, the Reserve Bank of India(RBI) had cautioned users of bitcoin for the third time citing potential economic, financial, operational, legal, customer protection and security related risks.

The London-born businessman was earlier embroiled in the IPL scandal after he confessed to betting in Rajasthan Royals matches. The Supreme Court had imposed a life ban on Kundra from entering cricket stadium in India.

The London-born businessman was earlier embroiled in the IPL scandal

Bollywood actress Shilpa Shetty's husband Raj Kundra was summoned to Enforcement Directorate(ED) today in connection with I-T department's notice to bitcoin users who were conducting transaction of more than 1 crore per day. The ED is examining alleged money laundering and fraud in bitcoin transactions. In December, the Reserve Bank of India(RBI) had cautioned users of bitcoin for the third time citing potential economic, financial, operational, legal, customer protection and security related risks. The London-born businessman was earlier embroiled in the IPL scandal after he confessed to betting in Rajasthan Royals matches. The Supreme Court had imposed a life ban on Kundra from entering cricket stadium in India.

ED summons Shilpa Shetty's husband Raj Kundra in bitcoin probe

A mosque in London has started accepting donations in cryptocurrency Bitcoin, reports said.

News agency Reuters reported while quoting a mosque leader saying that the Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees.

"For a donor that already has a bitcoin or an ethereum account, the effort of converting cryptocurrency into say British pounds or dollars can be quite burdensome. The mosque effectively takes the burden on themselves," said blockchain consultant Lukasz Musial, who helped the mosque set up the technology, Reuters reported.

Whether the cryptocurrency&nbsp; Bitcoin is permissible in Islamic law, it has been a constant topic of arguments among the scholars of the Islamic religion.&nbsp;

Media reports last month said that the Sharia Law declared Bition halal in Islamc law. But, Egypt's Grand Mufti has said that it is not permitted as per the Islamic law.

However, Shacklewell's imam Abdalla Adeyemi has defended the mosque's decision.

"Bitcoin is like any other currency. It's accepted by a group of people, We ourselves are not trading. We are not involved, we are a charity," Adeyemi told Reuters.

The Reuters report further quoted mosque saying that it is one of the handful mosques to accept cryptocurrencies out of hundreds in London.

According to the report the mosque is expecting to double its donations this year to more than $13,000.

As per Islamic law, the followers of the religion&nbsp;are obliged to give 2.5 per cent of their wealth to the charity in the holy month of Ramazan. 
&nbsp; 
Bitcoin is cryptocurrency and worldwide payment system. it is the first decentraliszed digital currency in which the system workd with out any intermediary.

The system is designed to work as a peer-to-peer network hwere trancations take place directly between users.

However, the usage of Bitcoin is no accepatable as a legal form of money in the majority of the country. 
&nbsp; 
&nbsp; 
&nbsp;

The Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees

A mosque in London has started accepting donations in cryptocurrency Bitcoin, reports said. News agency Reuters reported while quoting a mosque leader saying that the Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees. "For a donor that already has a bitcoin or an ethereum account, the effort of converting cryptocurrency into say British pounds or dollars can be quite burdensome. The mosque effectively takes the burden on themselves," said blockchain consultant Lukasz Musial, who helped the mosque set up the technology, Reuters reported. Whether the cryptocurrency Bitcoin is permissible in Islamic law, it has been a constant topic of arguments among the scholars of the Islamic religion. Media reports last month said that the Sharia Law declared Bition halal in Islamc law. But, Egypt's Grand Mufti has said that it is not permitted as per the Islamic law. However, Shacklewell's imam Abdalla Adeyemi has defended the mosque's decision. "Bitcoin is like any other currency. It's accepted by a group of people, We ourselves are not trading. We are not involved, we are a charity," Adeyemi told Reuters. The Reuters report further quoted mosque saying that it is one of the handful mosques to accept cryptocurrencies out of hundreds in London. According to the report the mosque is expecting to double its donations this year to more than $13,000. As per Islamic law, the followers of the religion are obliged to give 2.5 per cent of their wealth to the charity in the holy month of Ramazan. Bitcoin is cryptocurrency and worldwide payment system. it is the first decentraliszed digital currency in which the system workd with out any intermediary. The system is designed to work as a peer-to-peer network hwere trancations take place directly between users. However, the usage of Bitcoin is no accepatable as a legal form of money in the majority of the country.

London mosque now accepts bitcoin in donation

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