Private digital currencies to serve as ‘alternative’ rather than ‘replacement’, claims recent SSRN research

Considering the ongoing participation of government organizations in building private crypto assets, a recently published research paper details on the use of “private digital currencies” and its implications on the current society. Although Facebook’s Libra initiative witnessed a red flag from the…

U.S. Treasury blacklists cryptocurrency addresses associated with Chinese “drug kingpins”

The Treasury Department’s Office of Foreign Assets Control (OFAC) took actions against three Chinese nationals, who it alleges manufactured and distributed “synthetic opioids or their precursor chemicals.” According to OFAC, the individuals laundered part of their drug proceeds in bitcoin, transmitting these…

After SEC, Chinese police now investigating crypto token trading platform EtherDelta

Local police in China are reportedly investigating cryptocurrency token trading platform EtherDelta, months after the U.S. Securities and Exchange Commission (SEC) charged the platform’s founder Zachary Coburn. “EtherDelta is involved in a major scam in China, police officially take legal…

China’s central bank seeks to accelerate the development of its ‘legal digital currency’

China’s central bank said that it will accelerate the research and development of its “legal digital currency”, according to a statement issued by the People’s Bank of China today. The central bank hosted a video conference on Aug. 2 to discuss its…