Weekly News Update: Cryptocurrency

ICE Reveals Cryptocurrency Intelligence Program

The United States Immigration and Customs Enforcement (ICE) has revealed the existence of a Cryptocurrency Intelligence Program (CIP) in the agency’s 2021 budget proposal.

The proposal states that the CIP seeks to identify unlicensed capital flows taking place across peer-to-peer (P2P) marketplaces, online forums, and darknet markets. The CIP was developed by ICE’s Bulk Cash Smuggling Center (BCSC).

Lloyd’s New Insurance Offering Covers Crypto Held in Hot Wallets

Insurance giant Lloyd’s of London now provides a new type of liability insurance policy to protect cryptocurrency in hot wallets that is lost by theft.

Lloyd’s new offering was developed by Lloyd’s syndicate Atrium together with crypto will-focused firm Coincover, with limits from as little as £1,000 ($1,275), Lloyd’s announced on March 2. The policy is also backed by an array of other Lloyd’s insurers, including TMK and Markel, all of whom are members of Lloyd’s Product Innovation Facility.

SC Rules In Favour Of Crypto Trading In India

The Supreme Court on Wednesday struck down the curb on cryptocurrency trade in India put up by the RBI.

ETNow reported quoting:

“SC rules curb on crypto currency trade illegal,” the report said while adding that the order lifted ban on trading in virtual currency, cryptocurrency and bitcoins.

Bitcoin, the most valued cryptocurrency in the world, was down 0.39 per cent at $8,815. The market cap of the currency stood at $161 billion.

The Reserve Bank of India had virtually banned cryptocurrency trading in India as in a circular issued on April 6, 2018, it directed that all entities regulated by it shall not deal in virtual currencies or provide services for facilitating any person or entity in dealing with or settling those.

Whistle-Blower Outs “Wolf Of Kyiv” For Bitcoin Scam

A whistle-blower has revealed the existence of a 200-employee Ukrainian Bitcoin (BTC) trading scam that netted $70 million in 2019.

The whistle-blower outed the scam by providing footage and internal company documents to Swedish newspaper Dagens Nyheter, which reported the news on March 1.

The scam predominantly targets investors based in Australia, New Zealand and the United Kingdom by using fake news articles advertised on Facebook and some mobile game platforms.

Bitfinex to Delist Nearly 50 Cryptocurrency Trading Pairs

Bitfinex, the 11th largest cryptocurrency exchange by daily trading volume, will remove dozens of cryptocurrency trading pairs later this week.

According to a March 2 blog post, Bitfinex will remove 46 crypto trading pairs on Friday, March 6 due to low liquidity on the platform.

The cryptocurrency exchange noted that the delisting of the trading pairs is a common measure that is expected to improve liquidity on Bitfinex platform and lead to a “more streamlined and optimized trading experience for our users.”

Weekly Cryptocurrency News Update

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Bitcoin To Hit $100K In 2025, Says Justin Sun, Founder Of Tron

Justin Sun, the founder and CEO of Tron (TRX), the 15th biggest cryptocurrency by market cap, is investing in a number of cryptos other than Bitcoin (BTC).

In a Feb. 23 interview with CNN, Tron CEO said that he is a long-term believer in cryptocurrencies and owns a stake in many altcoins, including the two largest coins after Bitcoin — Ether (ETH) and XRP.

Iranian Cell Calls For The Use Of Cryptocurrency

This week an Iranian general called for a unique way to bypass the sanctions on his country enforced by the United States.

Saeed Muhammad, commander of the Islamic Revolutionary Guard Corps, called for Iran to use cryptocurrencies to evade the economic sanctions. According to the Telegram channel of Coinit.ir, a crypto news organization based in Iran, the general addressed a crowd on Feb. 26 (translated from Farsi):

“We are demanding the creation of a more sophisticated mechanism to bypass sanctions. To circumvent sanctions, we must develop solutions such as the exchange of products and the use of cryptocurrencies with our partnerships [in other countries].”

Lawsuit Alleging Ripples XRP Moves Forward

A United States federal district court has decided to allow a lawsuit alleging that Ripple’s XRP crypto asset is an unregistered security.

Court documents filed on Feb. 26 reveal that Judge Phyllis Hamilton of the Court of the Northern District of California ruled to only partially grant Ripple’s motion to dismiss the lawsuit against it.

The lawsuit in question was initiated in August 2019 by XRP investor Bradley Sostack, who alleges that the firm misled investors and sold XRP as an unregistered security in violation of federal law.

Binance’s CZ Overtakes Bitmain Co-founder In New Hurun Rich List

While China now has more billionaires than the United States and India combined, Binance CEO might have more money than any crypto person, a new report says.

Binance CEO Changpeng Zhao has overtaken a co-founder of cryptocurrency mining giant Bitmain in the latest Hurun Global Rich List, an annual ranking of the world’s biggest billionaires published Chinese media Hurun Report.

Issued on Feb. 26, the new Hurun Report’s list of 2,816 global billionaires includes six individuals who made their fortune from blockchain and crypto industry.

South Korean Tax Policy Association Proposes Two Step Tax On Cryptocurrencies

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South Korean tax experts have advised the Korean government to apply a low-level trading tax on cryptocurrency profits before subjecting citizens to a transfer income tax, according to a Business Korea report. The Korean government is expected to announce its tax reform plan in late 2020.

The low-level trading tax was recommended because there is a lack of legal infrastructure to enact transfer taxation.

During a seminar on Feb. 21, members of the Korean Tax Policy Association advised the South Korean government to enact this two-step plan, arguing that taking a deliberative approach to implementing a cryptocurrency income tax will be most effective.

Weekly News Overview: Cryptocurrency

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Ukrainian Regulations States That Mining Does Not Require Governmental Oversight

Ukrainian’s powers stated that crypto mining does not require regulatory activity from governmental oversight bodies or other third-party protocols.

In its legal article on virtual assets published on Feb. 7, the Ministry of Digital Transformation of Ukraine specified that mining does not necessitate directives by state authorities as this activity is measured by the protocol itself and network members.

Internet Surges 300% In North Korea Over The Past 3 Years

North Korea’s internet use saw a 300% surge over the past three years, as the country’s regime has continued to rely on cryptocurrencies for various activities.

Misuse of crypto and blockchain technology is among the primary tactics for the country to generate revenue as well as transfer and use illicitly obtained funds, a new study says. Blog

U.S. Think Tank Contradicts Need For Federal Digital Currency

Conservative United States think tank the Heritage Foundation argues that instead of launching a central bank digital currency (CBDC), the government should ensure that the public can use the currencies they prefer, including private ones.

In a commentary piece published on Feb. 12, the Heritage Foundation notes that Facebook’s Libra global stablecoin project “is just the latest reminder that providing money does not have to be a centralized function of government.” The report answers to the idea that the public sector must ensure that sovereign currencies stay at the centre of each nation’s financial system.

Blockchain Education Is Becoming Popular Than Ever Before

As blockchain weaves its way deeper into the world economy, more American universities are teaching the technology, offering more courses and expanding delivery methods.

Kevin Werback, a professor and blockchain club mentor at the University of Pennsylvania, told Cointelegraph, “Even if they aren’t pursuing a career in the area, most students aren’t confident they can figure it out on their own. Blockchain is just so darn weird.”

US Intelligence Community Sees Crypto As A Threat

The United States intelligence community is seeking a researcher to model risk scenarios for how and why the dollar could lose its global supremacy, and how best to respond. The role was advertised on Feb. 14 by the Office of the Director of National Intelligence (ODNI).

The successful candidate will be tasked with evaluating threats to the dollar’s status as world reserve currency — most notably cryptocurrencies and the rise of major new economies such as China and India.

Qawra: A Travel Guide

Qawra is a Maltese resort town popular for its coastal scenery and great value cafes, bars and restaurants. Many of its eateries are within close walking distance of a wide variety of accommodation choices. Accommodation options range from 2 star apartments to 4 star hotels and resorts, so there’s something for every budget.

Qawra is one of three adjoining villages located in the Northern region of Malta along the shores of St Paul’s Bay. Bugibba and St Pauls comprise the other two. The capital of Malta, Valetta, is only 17.6km (10.9 miles) away, making it easily accessible by public transport or the City Sightseeing Malta bus tour.

**Qawra Watch Tower (Source: google.com)**

In spite of its modern, tourist-centric image, Qawra boasts its fair share of beautiful old buildings. Qawra Watch Tower was built back in 1638 by the Order of St John. The battery was added in 1715. The tower is now home to a restaurant (Ta’ Fra Ben Bar & Restaurant), and the battery a swimming pool. Many visitors find it relaxing to take an evening stroll along the waterfront. Along the seafront you can choose from a wide variety of restaurants for an evening meal or a few drinks.

**Malta National Aquarium (Source: google.com)**

With its Mediterranean themed exhibitions, Malta National Aquarium is another must-see attraction. A major highlight is the underwater ocean tunnel, where you can walk beneath the waves without ever getting wet! Its on-site restaurant serves a selection of dishes to entice you in after a busy few hours exploring the enclosures.

The shop is well stocked with marine themed souvenirs. There is also a fenced playground for children, a cafe and public toilets in the square outside the aquarium. If you have children aged 6 to 14 years they can even sleep over at the aquarium as part of the ‘Night at the Aquarium’ tour.

**Classic Car Museum (Source: google.com)**

Whether you’re a motoring enthusiast or are simply looking to escape Malta’s summer sun, the Classic Car Museum is popular with all kinds of visitors. Discover a remarkable collection of vintage automobiles including many rare models. The whole museum is expertly laid out with vintage clothing displayed alongside the vehicles.

While wandering the streets of Qawra you may be lucky enough to time your visit with one of the many festivals of the Patron Saints. Festivals often feature magnificent firework displays, decorated streets, food stalls and entertainment.

EATING OUT IN QAWRA:

In Qawra there are a number of options for eating out. To dine somewhere with a bit of history you could try the restaurant in the 350-year-old watch tower. Local restaurants tend to have a strong Italian influence yet can cater to most tastes. For example, pizza and pasta dishes feature prominently alongside mixed grills, salads and all-day breakfasts.

There are just as many opportunities to sample local cuisine as many restaurants have local options with Bragioli (beef olives), rabbit stew and Lampuki pie (fish pie) being popular choices. Fresh seafood is a common inclusion on most restaurant menus.

Many restaurants located along the promenade offer spectacular seaside views. The Luzzu complex is one such place that’s popular among tourists both international and local. It features a cafe, restaurant and pool (lido) with stunning coastal scenery. Depending on the facilities in your accommodation you may also choose to prepare some meals using supplies from the local supermarkets.

Use XcelToken Plus on XcelTrip to plan your vacation to Qawra Malta and follow this guide to make memories that last a lifetime.