Electric Capital co-founder and partner Curtis Spencer implied that the Bitcoin network may owe its continued existence to the grace of world governments. In a panel at the Collision web summit on Tuesday, Spencer said lawmakers are the ones giving Bitcoin (BTC) a chance to grow by not imposing harsher restrictions on mining operations in their respective countries. The Electric Capital executive was speaking on the state of investing in cryptocurrency in 2021, alongside Michael Jordan of Galaxy Digital, Kartik Talwar of A Capital, Ash Egan of Accomplice, Tara Tan of IDEO CoLab Ventures and moderator Min Teo of Consensys. …

The government of the United Arab Emirates will employ blockchain technology for use in its judicial notarization and authentication services, it announced on Monday, according to the Emirates News Agency. The adoption of blockchain tech is expected to cut down on the time, effort and expenditure spent by the UAE’s Ministry of Justice in authenticating and verifying contracts and documentation, while building on the government’s plan to transfer half of its transactions onto the blockchain by the end of this year. The UAE’s deployment of blockchain technology forms part of its plans to create a remote digital framework for all …

A new ranking of global central bank digital currencies, or CBDCs, places the Bahamas at the top of the leaderboard in terms of retail applications — offering an important glimpse in the race to issue government-backed cryptocurrencies. In its 2021 "CBDC global index," consulting firm PwC surveyed the level of central-bank maturity in deploying cryptocurrencies based on two factors: retail applications and interbank applications. Retail applications refer to CBDCs that can be held and transacted directly by individuals and companies in the form of digital cash. Interbank, or wholesale, CBDCs, meanwhile, are restricted to major financial institutions for settlement. “More …

Several South Korean financial authorities are planning to join forces to combat illegal operations involving cryptocurrencies like Bitcoin (BTC). The interagency crackdown comes in response to growing concerns over speculative investments and potentially illegal activities amid the ongoing boom in crypto markets, Koo Yun-cheol, head of the Office for Government Policy Coordination, said Monday. “There is a need to pay special attention to the occurrence of illegal activities using virtual assets,” he stated at a vice ministers’ meeting on crypto, according to local news agency Yonhap. As part of the crackdown, which is slated to continue until June, the Financial …

Many users on social media have started an online campaign for Pakistan Prime Minister Imran Khan to bring back pro-crypto adviser Zia Ullah Bangash. On Saturday, Bangash, the science, technology, and information technology adviser to Mahmood Khan, the chief minister of the Khyber Pakhtunkhwa province, announced he would resign his position. Bangash cited “unavoidable circumstances” in his decision to leave his advisory role in addition to responsibilities in his constituency — he previously served as a member of the provincial assembly of Khyber Pakhtunkhwa, or KP. Khan reportedly has not yet officially accepted his resignation. The sudden departure of a …

The United States Internal Revenue Service has been hunting crypto vigorously for more than five years now, and the pace is getting faster. A couple of decades ago, the IRS was after offshore accounts, and that effort was among the most successful in the IRS’ history. Now, it’s crypto the IRS is after, and there’s no suggestion that the IRS intends to fail. The IRS wants crypto tax data in a big way, from asking about crypto on each tax return to its latest Hidden Treasure initiative and more. The collective efforts of the IRS are impressive, and it is …

Over the last couple of years, we have seen a lot of interest from central banks and governments in the stablecoin market. The reason behind it lies in the development of central bank digital currencies, or CBDCs. The idea of issuing a digital alternative to cash is a great motivator for central banks. It allows them to gain more control over the transition and processing of cashless transactions, which are currently overseen indirectly through private payment processors and banks. Related: Did CBDCs affect the crypto space in 2020, and what’s next in 2021? Experts answer There have been a number …

Ever since the publication of Satoshi Nakamoto’s white paper back in November 2008, “Bitcoin: A Peer-to-Peer Electronic Cash System,” the term “blockchain” has been synonymous with digital currencies in the sense of the underlying technology that allows for the transfer of value, peer-to-peer. What’s interesting is that the term “blockchain” is not used once in that white paper. The purpose of the paper was to propose a solution to the core issue of double-spending a digital currency, which is the representation of a transfer of value directly between transacting parties, without the use of a central trusted third party. Currencies …

Massachusetts’ securities regulator is seeking to revoke the broker-dealer license of cryptocurrency-friendly stock trading app Robinhood in the state. William Galvin, the head of the state’s securities division, said in a new administrative complaint that Robinhood has “continued a pattern of aggressively inducing and enticing trading among its customers — including Massachusetts customers with little or no investment experience,” Bloomberg reports Thursday. The new filing is a follow-up to a complaint filed by Galvin’s office in December 2020, alleging that Robinhood’s marketing illegally targeted inexperienced investors. The state pointed to Robinhood’s recent activity, including a promotion that provides customers with …

A Miami-Dade County commissioner is backing a new resolution to allow residents to use cryptocurrencies like Bitcoin (BTC) to pay local taxes. According to a Thursday document acquired by the Miami New Times, County Commissioner Cohen Higgins has brought a resolution to Miami-Dade’s Infrastructure, Operations and Innovations Committee calling for the establishment of a 13-member crypto task force. The task force would examine the feasibility of allowing residents to pay their county taxes, as well as pay for fees and services, using digital currencies including Bitcoin, Ether (ETH) and Litecoin (LTC). According to the document, crypto payments have the “potential …

Finance officials from both sides of the globe are taking the opportunity to criticize the value and utility of cryptocurrencies as media focus intensifies on the space following Coinbase’s direct listing on the Nasdaq. Bank of Korea governor Lee Ju-yeol said cryptocurrencies had “considerable limitations” as a method of payment, following a monetary policy meeting on Thursday, reports local outlet KBS World. While asserting that it was difficult to accurately value cryptocurrencies due to their volatile price fluctuations, Lee said the BOK had not shifted on its stance that they had no intrinsic value. Lee also referenced United States Federal …

Those who oversee the traditional finance sector won’t just let Bitcoin (BTC) wander off into the sunset without a fight. That’s the sentiment expressed by the World Economic Forum’s head of blockchain and digital assets, Sheila Warren, who said a “dramatic” round of regulation was about to befall Bitcoin and the wider cryptocurrency space. Warren told Bloomberg on Thursday: “We’re going to see another round of pretty dramatic attempts at regulating this space. As there’s more and more activity in these spaces there’s more and more demand signal for regulators to get engaged and involved.” Warren’s comments arrived a matter …