News 24.02 – 01.03.20

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Cryptocurrency

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Blockchain

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Crypto exchanges, Banks

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Scams

Qatar billionaire wants to sue Facebook for crypto fraud

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Regulations, State cryptocurrencies

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Mining

Smaller miners are moving from China to other countries with cheaper electricity

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Digital money for the first time in the prestigious MIT Top 10 breakthrough technology selection

Here is MIT annual list of technological advances “we believe will make a real difference in solving important problems. How do we pick? We avoid the one-off tricks, the overhyped new gadgets. Instead we look for those breakthroughs that will truly change how we live and work.”

Unhackable internet
Hyper-personalized medicine
Digital money
Anti-aging drugs
AI-discovered molecules
Satellite mega-constellations
Quantum supremacy
Tiny AI
Differential privacy
Climate change attribution

China’s leaders apparently regard the pound, which was supposed to be secured by a basket of currencies, including the USD, as a threat. It could strengthen America’s disproportionate power over the global financial system, stemming from the role of the dollar as the world’s de facto reserve currency. Now China intends to promote its digital renminbi internationally. The Facebook pound has thus become a geopolitical tool.

In October 2019, Facebook CEO Mark Zuckerberg promised the US Congress that Libra would “extend US financial leadership and our democratic values and world oversight.” So the digital money war began. Why does it matter? With the decreasing use of physical cash, there is also a loss of freedom during transactions. Digital currencies offer no intermediary transactions. Digital currency technology could be used to redistribute the global financial system.

Revolut will bring cryptocurrencies to 50 US states

After Revolut received $ 500 million from investors and thus raised the total value of this unicorn fintech to $ 5.5 billion, Revolut is one of the largest fintech companies in Europe.

Revolut has already a place in Europe, allowing users to buy and sell bitcoins (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP) for one of 29 fiat currencies. Revolut is now planning to offer the same service to its clients in all 50 US states.

Moody’s appreciated a new startup from the Emirates that uses blockchain to implement KYC

Moody’s reported that the new Know Your Customer (KYC) platform, based on a blockchain in the United Arab Emirates, is positive for the state’s lenders. According to a report by The National media network on February 26, the credit rating agency said the platform would improve asset quality and increase profits.

A consortium of six banks, which held almost 45% of total banking assets in the United Arab Emirates, was created this month to share verified customer data using blockchain technology. According to Moody’s, the new KYC platform will improve compliance with local and international regulations while ensuring customer information.

“The platform will support regulatory oversight of banks’ collection and management of KYC data. We also expect it to help credit risk management with better data for client underwriting and debt collection.”

Tagomi joins Libra, the planned stablecoin from Facebook

Tagomi, a New York-based cryptostartup, joins Libra, the Facebook stablecoin governing body. Tagomi was founded in 2018 by Jennifer Campbell, a former associate of Union Square Ventures. Tagomi will become the 22nd member of the Libra Association. Association members are expected to contribute at least $ 10 million to Pound.

Tagomi has so far posted a profit of $ 28 million, which means that a $ 10 million commitment for this startup is a huge amount. Nevertheless, the company’s website lists some of the largest names in the cryptoworld as clients, including Galaxy Digital, Pantera and Electric Capital.