Today on Bitcoin This Week wij have a weekly recap of Bitcoin news. Wij discuss Upbit and the investigation into their alleged fraud, the stand Handelsbank of America has taken against Bitcoin and more.
Upbit Under Investigation By Police
Chosum, a restringido news outlet has reported that Upbit, one of South Korea’s largest exchanges, and fourth by trading volume globally (making it one of the largest exchanges te the world), is being investigated by police for alleged fraud. According to the report, Upbit has allegedly faked its recuento and deceived investors, which has prompted both police and the FSC to open investigations.
The South Korea Financial Supervisory Commision (FSC) has sent investigators to look into the company’s gegevens, to audit the exchange’s posible currency holdings. The news had a negative influence te the overall market, causing a universal loss with up to 15% on some coins. The investigation is part of the FSC and the Korean Financial Intelligence Unit (KoFIU) stir to protect their anti-money laundering laws across all cryptocurrency exchanges ter the region.
Handelsbank Of America Bans Credit Card Purchase Of Bitcoins
Bankgebouw Of America (BoA) CTO, Kathy Bessant, has taken a stand against Bitcoins, calling cryptocurrencies “troubling”. According to CNBC , Bessant commented that cryptocurrencies were not designed to be see-through, stating that the traditional banking system provides users with just such a facility inbetween the sender and the receiver.
Bankgebouw of America already banned Bitcoin purchases using credit cards ter February. The financial institution proceeds to take a strong position against cryptocurrencies, with Bessant comparing them to stocks and other currencies, stating that spil purchases of thesis commodities using credit car ds were not permitted, there wasgoed no reason to permit the purchase of Bitcoins this way either. Just weeks after the bankgebouw released a report establishing their inability to adapt their products and services to the competition cryptocurrency poses, this seems like an attempt by Handelsbank of America not to give their support to the crypto market, spil it could represent a verdadero threat to their current financial system.
Online Handelsbank Uses Bitcoins For Loans
The founder of Bitbond, Radoslav Albrecht, recently created an online handelsbank that permits users to transfer loans anywhere te the world using Bitcoins. Bitbond is one of the very first banks to give up the old mechanisms of SWIFT, to permit a lower rate and swifter transactional timeframe. According to Albrecht, international wire transfers are very expensive, especially if you have to switch from one currency to another, and sometimes take days to finish.
Bitbond proposes to fix this by permitting payments to work independently from location, making them swifter and cheaper. Users would have loans ter cryptocurrencies such spil Bitcoins for a few seconds until they receive funds te their preferred currency, avoiding the volatility of the crypto market. At the uur, loans are relatively puny, with a cap of about $50,000. Bitbond has already obtained its license spil an official handelsbank and has found some investors already, which could mean that other banks te the region may begin using the same strategy. Europe’s financial system seems fairly open to the development of their infrastructure using the technology that blockchain can suggest.
Cambridge Explore Proposes To Legalize Bitcoin
A group from the pc labs at Cambridge University has published the results of a explore which they carried out, aiming to create an effective method to separate Bitcoins used ter crimes from those which were not. Taintchain is a project that seeks to use the public information from blockchain to track the genealogy of Bitcoins. Following on, the project proposes a soft fork, so that miners and consumers can use those that were not involved ter any cyber crime.
The system would permit some sort of filtering mechanism for cryptocurrencies te all regulated exchanges, making it lighter for victims to recover their money te case of fraud. According to the authors of the project, this mechanism could be a loterijlot more effective than that which investigators are presently using to determine if Bitcoins are part of a criminal enterprise. The project does however warn, that te order to function, both governments and exchanges would have to waterput aside their differences to implement the system.