by Samuel Mbaki | Feb 21, 2023 | Cryptocurrencies, Regulation
Christopher Emms has been allegedly arrested and detained in Moscow for aiding North Korea with its crypto pursuits. It’s not Emm’s first time to be arrested on the matter as he had been in Saudi custody too but was released for lack of enough evidence.
Moscow detains a suspect for aiding North Korea
The Moscow bureau of Interpol has allegedly detained Christopher Emms in connection with past allegations of consulting for North Korea in crypto-related services. The British Citizen was arrested upon his landing in Moscow as his name had been on Interpol’s “red notice”
The 31-year-old British Citizen is alleged to have contacted North Korea and consulted for them in April 2022 alongside Spanish national Alejandro Cao De Benos. Interpol alleges that the two offered knowledge to North Korea on how to use blockchain technology and cryptocurrency in money laundering and evasion of sanctions.
More information indicates that the two planned and moderated the 2019 Pyongyang Blockchain and Cryptocurrency Conference. It also indicated that there was a third person in the conspiracy, Virgil Griffith, a former Ethereum developer. Griffith was arrested by the Federal Bureau of Investigation in November 2019 and pleaded guilty to the charges, which ended up getting him 63 months in prison.
Now, Emms could face up to 20 years in jail for one count of conspiring with North Korea to violate the International Emergency Economic Powers Act.
Crypto crackdowns continue
Crypto crackdowns are increasingly becoming a hot trend in the crypto market. The US has been at the forefront of these crackdowns. Earlier this month, the US settled charges with Kraken crypto exchange and continued taking legal action against crypto exchange founder Sam Bankman Fried. Binance plans to settle charges with the US SEC by taking a penalty.
The UK has been adamant about a crypto advertisement, a stance South Africa is also taking. The two countries seek to free their citizens from the dangers of wrong and deceitful crypto advertisements.
These efforts foreshadow a coming regulatory clean-up in the crypto space. Keep watching fintechexpress for this and other news as soon as they happen.
by Samuel Mbaki | Feb 11, 2023 | Blockchain, Finance
Blockchain technology has been a phenomenal sensation in the fintech industry over the past decade following the launch of bitcoin. Bitcoin ushered in an era of digital money and changed how money functions for good. Here is how blockchain technology can be used to improve the finance sector.
- Increased transparency: One of the most significant benefits of blockchain technology is that it enables increased transaction transparency. This is because all transactions are recorded in a public ledger accessible to all interested parties. This increased transparency can help increase the credibility and trust of fiscal deals, thereby reducing the liability of fraudulent activities.
- Advanced effectiveness: Another crucial benefit of blockchain technology in finance is the improved effectiveness of processes. Transactions can be reused briskly and with lower bureaucracy than traditional financial systems. As such, this technology can help financial institutions save time, enabling them to offer more competitive services to their customers.
- Decentralized Operations: Blockchain technology operates on a decentralized system, meaning no central authority controls it. This makes the system more resistant to malicious attacks and reduces the threat of time-out caused by system failures.
- Better Data Management: With blockchain technology, financial institutions can store, manage, and track their data more effectively. This can help ease the delicacy and trustability of data and ensure that it’s fluently accessible when demanded.
- Increased Security: Blockchain technology uses advanced encryption to secure data, making it more difficult for hackers to steal sensitive information. This increased security can help prevent fraud and other malicious conditioning, giving financial institutions and users peace of mind.
- Further Accessible Services: Blockchain technology can make financial services more accessible to a broader range of people. For illustration, people who don’t have access to traditional banking services can use blockchain-grounded fiscal services to store and transfer their finances securely.
- Enhanced Compliance: This technology can help ensure financial institutions behave fluently with nonsupervisory conditions. This is because all transactions are recorded in a public tally, making tracking and covering them easier.
- Reduced Costs: By reducing the need for interposers, blockchain technology can help financial institutions save on its expenditure. This can help reduce the cost of services for clients, making them more affordable and accessible.
- Increased Competition: The use of blockchain technology can increase competition in the financial sector, enabling new entrants to enter the request and offer innovative services. This can help drive invention and facilitate the overall quality of financial services.
- Better Tracking of Finances: Blockchain technology can help fiscal institutions track the inflow of finances, enabling them to cover and help counter money laundering and other illegal uses. This can help reconfirm the character of banking institutions and increase public trust in the financial sector.
Conclusion
In conclusion, blockchain technology is implicit in bringing about numerous positive changes in the finance sector. This technology can help financial institutions offer better services to their clients and contend more effectively by perfecting transparency, effectiveness, security, and availability.
Still, it’s important to note that while blockchain technology has numerous benefits, it’s still a relatively new and untested technology, and its full impact on the finance sector remains to be seen.
by Samuel Mbaki | Jan 27, 2023 | Cryptocurrencies
Pro-crypto US senator Ted Cruz has filed a resolution to make lawmakers buy snacks around the Capitol using cryptocurrencies. His resolution includes the introduction of crypto-supporting snacks vending machines.
Anything for crypto adoption?
Texas senator Ted Cruz is determined to support crypto adoption as he continues to file pro-crypto proposals. In the latest filing, Cruz wants the Congress and House of Representatives to allow for the introduction of crypto-supporting snacks vending machines.
On Wednesday, he introduced a concurrent resolution that seeks to allow only vending machines and food service contractors that accept payments in cryptocurrencies. However, this requirement will only be for the suppliers around the US Capitol.
If this proposal is accepted, the Secretary of the Senate, the House of Representatives’ Chief Administrative Officer, and the Architect of the US Capitol will be required to source crypto-accepting food and vending service providers.
US lawmakers continue pushing for the adoption
Senator Ted Cruz has been vocal about cryptocurrencies for quite a long time. He has lauded Bitcoin and even invested in it, particularly for its decentralization. In early 2022 he even invested in the coin per a given disclosure.
He is not the only Bitcoin investor in Congress as well. Eight others are known according to reports by “Bitcoin Politicians,” a crowdsourced data project. Some of the eight legislators include Wyoming Senator Cynthia Lummis and Pennsylvanian Senator Pat Toomey.
Pat has been active in the crypto space and has introduced a stablecoin Bill that seeks to create a regulatory framework for their use in digital payments. On the other hand, Senator Cruz has also expressed his will to make Texas a Bitcoin Haven. He says that cryptocurrency mining can be a great way to monetize energy from oil and gas and would be a great way to store the energy.
These developments show a growing faith in innovation, and investors should learn about the crypto space before entangling with it to reduce the possible risks.
