Web
Analytics
The news is by your side.

cryptocurrencies

Cryptocurrency tether used to boost bitcoin prices, study finds

NEW YORK: There is evidence that tether, a digital currency pegged to the US dollar, may have been used to manipulate the price of bitcoin and other cryptocurrencies, according to a research paper released by the University of Texas on Wednesday. “Tether seems to be used both to stabilise and manipulate bitcoin prices,” said the paper’s co-authors, professor John Griffin and doctoral student Amin Shams. Critics of tether have raised concerns over the past year about whether Tether Limited actually holds $1 in reserve…

State Bank warns banks, general public against use of cryptocurrencies

State Bank of Pakistan (SBP) on Monday warned the commercial banks and general banks against the use of cryptocurrencies like Bitcoin or Litecoin, ARY News reported. According to a notice issued by central bank, cryptocurriencies like Bitcoin, Litecoin, Pakcoin. OneCoin, DasCoin and Pay Diamond are neither recognized as a Legal Tender nor has SBP authorized or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such virtual currencies or tokens in Pakistan.…

G20 agrees to keep ‘watchful eye’ on cryptocurrencies

BUENOS AIRES: Financial policymakers from the world’s top 20 economies agreed to keep a watchful eye on cryptocurrencies on Tuesday and opened the door to regulating the booming industry at a later stage. Wild swings in the price of Bitcoin, the best known of a myriad of digital currencies issued by private companies, and fears they may be used for evading taxes, launder money, finance terrorism or just scam small investors have raised calls for concerted actions by global regulators. Finance ministers and central…

G20 watchdog focuses on rules for cryptocurrencies

LONDON: The global watchdog that drove through a welter of banking and market reforms after the financial crisis said it will pivot more toward reviewing existing rules and away from designing new ones. The Financial Stability Board (FSB), which coordinates financial regulation for the Group of 20 Economies, also resisted calls from some G20 members to regulate cryptocurrencies like bitcoin. Interest in cryptocurrencies surged last year as prices rocketed only to tumble in recent months, triggering warnings from…

Cryptocurrencies failing as money, but this technology has future – expert

LONDON: Cryptocurrencies such as Bitcoin are failing as a form of money and have shown clear signs of being a financial bubble, but their technology could improve the financial system in future, Bank of England Governor Mark Carney said on Friday. Carney joined a chorus of concern among global policymakers over the rise of digital currencies, saying authorities needed to prevent their use by criminals and new rules were needed to treat them like other assets. Despite the surge in interest in cryptocurrencies, they were…

Global cybercrime costs $600 bn annually: study

WASHINGTON: The annual cost of cybercrime has hit $600 billion worldwide, fueled by growing sophistication of hackers and proliferation of criminal marketplaces and cryptocurrencies, researchers said on Wednesday. A report produced by the security firm McAfee with the Center for Strategic and International Studies found theft of intellectual property represents about one-fourth of the cost of cybercrime in 2017. Russia, North Korea and Iran are the main sources of hackers targeting financial institutions, while China…

US policymakers ponder tougher rules for cryptocurrencies

NEW YORK: US regulators on Tuesday joined a growing chorus of officials saying they may need new powers to regulate cryptocurrencies which pose risks the investing public does not recognize. Bitcoin and other digital currencies have seen demand soar in recent weeks along with their value, accompanied by a rise in questionable investment scams that has prompted increased attention by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the main agencies overseeing US…