Wednesday 28 September 2022
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Privacy

Official explains why China CBDC should not be as anonymous as cash

China’s central bank digital currency (CBDC) should not be as anonymous as cash, the head of the People’s Bank of China (PBoC) digital currency institute declared. Digital yuan project lead Mu Changchun spoke of China’s CBDC project at the 5th Digital China Construction Summit on Monday, local financial publication Sina Finance reported. Since debuting the digital yuan in 2020, the Chinese central bank has never targeted complete anonymity for the project, Mu said at the event. Instead, PBoC has been working to enable only limited anonymity in compliance with global Anti-Money Laundering (AML) regulations, the official stated. The Chinese authorities should be able to access CBDC data on people suspected of crimes, Mu noted. According to the official, partial anonymity is an important feature of the digital yuan project though, as it guarantees transaction privacy and personal information protection. However, a completely anonymous CBDC would interfere with the prevention of crimes li..

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SEC Philippines to investigate Binance over alleged illegal operations

Philippines’ think tank Infrawatch PH continues efforts to ban Binance in the country by asking more regulators to investigate the cryptocurrency exchange over alleged illegal operations. Infrawatch PH on Monday filed a twelve-page complaint calling on the Philippines’ Securities and Exchange Commission (SEC) to crack down on Binance’s activities in the Philippines. According to the think tank, Binance has been operating in the Philippines for several years without approval by appropriate authorities. Terry Ridon, the convenor for Infrawatch PH, claimed that Binance has no office in Manila and only uses “third-party companies that employ Filipinos for its technical and customer support services.” He also referred to former finance secretary Carlos Dominguez who publicly declared last month that Binance had no records with either the SEC or the Bangko Sentral ng Pilipinas (BSP). “The SEC has served the public well by banning unscrupulous online lending services. It should similarly do t..

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Want a compelling use case for privacy blockchains? Look no further than dating

The excitement surrounding Web3 is palpable — and undeniable. Projects are flooding into the space to build cutting-edge versions of the sites and apps served up by centralized Web2 rivals, covering every sector imaginable. But at this point, it's worth taking a step back and reflecting on the challenges that the Web3 world still needs to tackle. This technology isn't inherently private — and the transactions bouncing around on blockchains are mostly transparent. Privacy coins, and the anonymizing blockchains they're normally based on, are normally viewed with suspicion by critics. They point to how cryptocurrencies like Monero are increasingly being demanded by ransomware attackers, and argue these digital assets only have a use case for people who are up to no good. However, this doesn't tell the whole story. It's easy to forget that we already have privacy coins in the fiat world — that is, the banknotes in your pocket. If you give $10 to a friend, it's..

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Grayscale legal officer says Bitcoin ETF litigation could take two years

Asset management firms continue to fight for a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States as regulators remain skeptical of the idea. Craig Salm, chief legal officer at asset manager Grayscale, discussed the firm’s lawsuit with the United States Securities and Exchanges Commission (SEC) regarding the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Salm explained the basis for Grayscale’s argument against the SEC while answering the most-asked questions regarding the lawsuit. According to the legal officer, the SEC’s denial of the spot Bitcoin ETF separates futures and spot trading for Bitcoin ETFs and draws a distinction between the two. However, Grayscale argues that the differences have no correlation with Bitcoin ETF approvals, as both futures and spot Bitcoin ETF prices are based on the same spot Bitcoin markets. Thus, the Grayscale legal team believes that the disapproval of spot Bitcoin ETFs amid the approval of Bitcoin futures..

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Crypto needs regulation to mitigate risks, says Bank of England exec

Bank of England (BoE) deputy governor for financial stability, Jon Cunliffe, recommended forming a set of regulations — similar to conventional financial systems — to tackle risks within the cryptocurrenc ecosystem while improving investor confidence. Speaking at a press conference, Cunliffe highlighted the recent downfall of the Terra ecosystem, pointing out that cryptocurrencies that fail to maintain their value induce stress across crypto markets. He compared his idea for a crypto regulatory framework to similar instances in traditional finance wherein regulations shelter investors from unrecoverable losses, adding: “For me, it underlines the fact that we need now to bring in the regulatory system that will manage those risks in the crypto world in the same way that we manage them in the conventional world.”While acknowledging crypto’s “real potential for use in the financial system,” Cunliffe stated that regulations for crypto need not be fundamentally different from traditional f..

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US inflation data will be ‘messy’ — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts another week in a precarious position near $20,000 ahead of fresh macro upheaval. After admittedly sealing its best week’s gains since March, the largest cryptocurrency is struggling to hold onto its recently-reclaimed levels. Major resistance zones remain overhead, and with inflation data due for release later in the week, the coming days could prove unnerving for risk assets everywhere. At the same time, crypto market sentiment is showing signs of recovery, and on-chain metrics continue to underscore what should be Bitcoin’s latest macro price bottom. With conflicting data everywhere, Cointelegraph takes a deeper look at potential market-moving factors for the week ahead. 200-week moving average causes headachesAt around $20,850, the June 10 weekly close was hardly anything special for BTC/USD, but the pair still managed its best seven days’ growth in several months. Ending Sunday a full $1,600 higher than its position at the start of the week, Bitcoin thus seal..

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