Crypto news: US imposed sanctions on Chinese quantum computer developer & other updates...

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Indian cricket teams are prohibited from cooperating with cryptocurrency exchanges

The Cricket Control Council of India (BCCI) has banned cricket franchises from partnering with cryptocurrency exchanges to place advertisements as the cryptocurrency sector is not sufficiently regulated. India Cricket Council issued a document in which it is said that all franchises, including the Indian Premier League cricket (IPL), it is necessary to refuse any advertising partnerships with kriptovalyutnymi exchanges. According to The Economic Times of India, the Cricket Control Board's position is that cryptocurrencies, as an asset class, are not regulated in India. Therefore, the ban will continue until the government creates a legislative framework to regulate the cryptocurrency sector. Some cricket teams have received offers from exchanges that want to sponsor them ahead of the next cricket season. At least two teams have already had to cancel these deals. “This is a great loss of opportunity. The amount offered as sponsorship was 1.5 times more than our current sponsor pays. They wanted to associate their brand with us and were willing to pay for it, ”said a team leader. In mid-November, it became known that the Indian government may prohibit the use of cryptocurrencies to pay for goods and services, while trading in digital assets will be allowed. To finalize the project, the Ministry of Finance held a series of closed meetings with the Reserve Bank of India (RBI) and with representatives of the cryptocurrency industry.

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NBK intends to use AI to track cryptocurrency transactions

The director of the Center for Monitoring and Analysis of Combating Money Laundering of the People's Bank of China called for the development of a system to combat the illegal use of cryptocurrencies and NFTs. Head of Center for monitoring and analysis of anti-money laundering NBK Go Wenjun (Guo Wenjun) November 26 at the 11th China Summit on Anti-Money Laundering stated that cryptocurrency become a handy tool illegal collection of money, financial pyramids and fraud. "Since virtual assets, especially cryptocurrencies, pose serious challenges to the sovereignty of the national currency, the fight against fraud, money laundering and terrorist financing, all countries, and China in the first place, should strengthen the supervision of digital assets." Wenjun announced his intention to strengthen the use of new technologies and create a system for tracking cryptocurrency transactions and scenarios for its use. To track transactions, he suggests using large-scale deployments of targeted probes, the use of artificial intelligence and machine learning. According to him, banks and financial organizations, intermediaries between fiat and digital currencies, need to authenticate participants in cryptocurrency transactions with their real names. According to Wenjun, this will increase the chances of detecting suspicious transactions, channels for transferring cryptocurrencies, clandestine banks and virtual OTC platforms. He believes that, due to the rapid development of the cryptoindustry, it is necessary to clarify the non-financial attributes of cryptocurrencies in a short time and improve regulatory policies for NFT and the metaverse. Wenjong points out that these elements are naturally isolated from the real world and have a certain degree of compatibility that can become a tool for money laundering. Banning mining and cryptocurrency activities for companies in China has failed to shield the country from digital asset crime. Instead of cryptocurrencies, cybercriminals began to use the digital yuan. The first case of money laundering involving the digital yuan was recorded this month . After a while, the second and third cases of using eCNY for criminal purposes occurred . Chinese law enforcement officials have acknowledged that while the digital renminbi was designed to combat money laundering, terrorist financing and other criminal activities, it has not yet been able to solve these problems.

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US imposed sanctions on Chinese quantum computer developer

The US Bureau of Industry and Security (BIS) has sanctioned 27 companies "threatening US national security." Among them are 8 Chinese companies developing quantum technologies. According to the US Department of Commerce, 27 new organizations have been added to the list for various reasons. Eight Chinese companies have come under sanctions over the risks associated with quantum computing technology. However, these measures are unlikely to affect the operations of these companies and will not significantly delay the emergence of quantum computers. “Eight technology enterprises based in China have been added to the list as part of the Commerce Department's efforts to prevent the use of new US technologies for PRC quantum computing, which support military applications such as stealth technology and anti-submarine programs, and have the ability to break ciphers or develop strong encryption ". Quantum computers have been cited as a potential threat to cryptocurrencies due to their theoretical ability to break many of the cryptographic algorithms that secure blockchains. Quantum computing expert Andrew Fursman said in May that he strongly believes in the threat to Bitcoin from quantum computers. “Whether quantum computers appear tomorrow, five or ten years from now, they can be dangerous to cryptography. These devices will be able to do what you might not want if you keep a secret. " In his opinion, it is worth reconsidering the cryptographic protection of blockchains, given what quantum computers of the future can do. Back in 2019, it was reported that the US National Security Agency (NSA) was planning to create a quantum-resistant crypto technology. The goals of the project are currently unknown. In 2020, Data61, a CSIRO member company, together with the Monash Blockchain Technology Center, announced the development of a blockchain protocol that is resistant to hacking using quantum computers. In the same year, North Carolina-based electronics maker Honeywell built a 64-qubit quantum computer that surpasses its counterparts from Google.

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Nigel Green: "panic is the right time to buy BTC"

DeVere Group CEO Nigel Green believes that investors should buy bitcoin right now, during the correction, as its rate will double in a year. Bitcoin corrected below $ 54,000 last week in response to declines in financial markets, including stock indices and commodity futures. The situation is caused by the emergence of a new strain of the Omicron coronavirus in South Africa, which is rapidly spreading in different parts of the world. The CEO of the consulting company deVere Group Nigel Green believes that these events have created a new wave of uncertainty and panic on the exchanges, this should be regarded as an excellent opportunity to buy bitcoin. “Bitcoin is unstoppable and I am sure that within 12 months its rate will double. Strong investor interest in cryptocurrencies is the inevitable future of the monetary system. Savvy investors will take every opportunity to buy bitcoin at a low entry point, ”Green said. According to Green, Bitcoin has shown a strong reaction to the decline in the stock market. However, this drop in the bitcoin rate has no serious reasons, and in the near future, bitcoin will continue to grow again. Green explained that many retail and institutional investors see bitcoin as an effective vehicle for preserving value. For example, Tudor BVI hedge fund manager Paul Tudor Jones believes that Bitcoin has many advantages over gold. Greene also suggested that concerns about the spread of Omicron would be short-lived as investors focus on rising inflation. “Inflation will cause a sharp demand for bitcoin, so the cryptocurrency market will receive capital investment from institutional investors. In turn, the confidence in bitcoin will grow, as will its rate, ”suggested Green. On the other hand, do not forget that in recent years, bitconi has begun to strongly correlate with the movements of stock indices (primarily S & P500) and commodity futures. This is due to the entry into the market of institutional investors who buy and sell cryptocurrencies along with traditional assets. This means that movements in the financial markets affect bitcoin more than before. In August, Green said that if the Ethereum 2.0 update was successfully implemented, Bitcoin could lose the first place in the cryptocurrency market to Ether .

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Bank of England is concerned about bitcoin acceptance as a means of payment in El Salvador

Bank of England Governor Andrew Bailey believes the El Salvadorian government does not realize how damaging Bitcoin can be to the financial system. During a speech at the student union of the University of Cambridge, Andrew Bailey expressed concerns about the use of bitcoin as legal tender in El Salvador. “It worries me that the country has chosen bitcoin as its national currency. What worries me most is whether the citizens of El Salvador understand the nature and instability of the currency they hold, ”he said. In response to Bailey's statement, Salvadorian President Nayib Bukele wrote on Twitter that he doubted the Bank of England's genuine interest in the welfare of El Salvador's citizens: “Is the Bank of England concerned about Bitcoin adoption in El Salvador? Really? I believe that the Bank of England has a genuine interest in the welfare of our people. Right? I mean, they always took care of our people. " Bukele added that what he is really concerned about is that the Bank of England is printing money out of control. The Central Bank of England takes a very tough stance on Bitcoin. Earlier this month, Bank of England Deputy Governor Jon Cunliff called bitcoin a greater threat to financial stability than stablecoins and expressed support for central bank digital currencies. The International Monetary Fund (IMF) is also unhappy that El Salvador has recognized Bitcoin as legal tender due to its high volatility. The IMF said this entails significant risks "to consumer protection and financial stability."

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