Illegal crypto mining operations in the Russian Federation have stolen electricity worth nearly $6.6 million in the last three years. According to state-owned power distributor, Rossetti, illegal mining farms, compromised power meters and underground mining farms helped illicit cryptocurrency miners to illegally consume 450 million Russian rubles ($6.6 million) worth of electric power from the […]
digital currencies
South Korean Officials Proposes Taxing Cryptocurrency Profits
South Koreans may soon see their cryptocurrency proceeds slashed by the tax man.Earlier this week, South Korean officials in the Ministry of Strategy and Finance proposed taxing profits made through crypto-fiat transactions, including tokens sold by mining firms through ICO offerings. The regulator anticipates to submit the complete proposal in July and hand in the […]
Crypto-Jacking Post Office Head Indicted in Russia
The Russian police have arrested a crypto-jacking post office head, who used computers in his post office branch to mine digital currencies. According to local reports, the now-former regional post office head used to illegally mine cryptocurrencies while on the job. The local police started investigations on the former post office chief who managed to […]
Digital Mortgage Platform Under Development by Bank of Russia
The Bank of Russia is reportedly creating a digital mortgage network based on a locally built blockchain platform dubbed Masterchain, as per state-owned media outlet Ria on May 28. According to the first Deputy Governor of the Bank, the blockchain platform has recently begun to support mortgages, which is the cornerstone of the impending platform. […]
East Asia Stablecoin Suggested by Top Chinese Political Advisors
On May 21, Chinese officials proposed stablecoin in East Asia during a national session. The regional stablecoin will be backed by four major fiat currencies and facilitate trade between China , Korea and Japan. A member of the Chinese People’s Political Consultative Conference Shen Nanpeng, who is also a global managing partner at Sequoia Capital, […]
Dubai’s DIFC, Mashreq Bank launches KYC Blockchain Platform as Blockchain Continues to Develop in the Middle East
Over the last decade, Blockchain technology has become a major part of the Fintech industry, and the modern banking system is now on the verge of incorporating its innovations into its accounting systems. Approximately 40 central banks in the financial ecosystem have already taken steps to establish a blockchain platform for their operations, some of […]
Blockchain Crime Syndicates – Is Crypto a Den of Thieves?
Cryptocurrencies have provided significant benefits to individuals and organizations alike. Innovators are finding even better ways to implement these new inventions. A study by Statistica estimates that there were at least 42 million blockchain wallets by September 2019. However, behind the underlying benefits of digital currencies and the blockchain, is a sinister threat of terrorists […]