BitcoinInsider

For governments, fighting the coronavirus pandemic is like fighting a war. The leaders of Italy, Spain and Germany have used the analogy – along with the CEOs of Bank of America and the U.S. telecommunications giant AT&T – to describe the mass-scale efforts needed to combat the disease: mobilizations of the health care industry, a retooling by factories to produce masks and makeshift morgues to accommodate a fast-rising death count. During a televised press conference this week, U.S. President Donald Trump characterized himself as a "wartime president." Now, it's becoming clearer that the economic toll of the virus, as in a war, is likely to be dire. In the U.S. alone, a record 3.3 million jobless claims were filed last week. Deutsche Bank predicts the country's job losses might exceed 15 million, with Europe approaching a similar level. Countries are prepping aid and stimulus packages into the trillions of dollars, stretching already heavily indebted government b...

A number of investors in the token issued by messaging app Telegram are reported to be ready to accept their money back, which would see the firm settle at a fraction of the funds paid into the token. According to a TASS report, as many as 10 separate investors in Telegram's blockchain project are now poised to accept the offer, which would see 72% of money invested in the token returned. Head of Russian digital currency investment firm Hash CIB, Yakov Barinsky, said the refund offer was looking more attractive to investors in light of the global coronavirus crisis: "What I see now among various investors is that many, at least 10 investors with whom I spoke, are inclined to take away 72% of the invested funds. Considering what is happening in the financial markets, this offer now looks much better than in October." Back in October, investors were offered 77% of invested funds back as refunds for the project, which has been beset with difficulties—not least ongoing invest...

Japanese automotive manufacturing giant Toyota has launched a blockchain lab that will focus on integrating the technology into most of its operations. Known as the Toyota Blockchain Lab, the project has been in the works since April last year. It will integrate blockchain into its verification processes, global supply chain, financial systems and more. The global automotive industry has evolved rapidly, forcing carmakers to focus on providing more value to their customers. Toyota intends on keeping ahead of its rivals, and with the integration of blockchain, it will allow its customers to "connect more openly under safety and security," the company said in a press release. @ToyotaMotorCorp #Toyota's latest #blockchaintechnology improves information reliability and accelerates the sharing of data among multiple parties in a more open environment that is safe and secure. The Blockchain Lab is a collaboration between the Toyota Motor Corporation and Toyota Financial Service...

An investigation into dubious digital currency businesses in India is underway, amid concerns about rampant fraud in connection with digital currencies in the country. The investigation was revealed in a filing submitted before India's lower house, the Lok Sabha, following a formal question to the Minister of State for Finance and Corporate Affairs Anurag Thakur. Center-left politician Mohammed Faizal asked the Minister whether he was aware of the "cheating and fraudulent practices by bitcoin companies", and whether these firms "are repeatedly violating rules laid out by the Corporate Affairs Ministry by not filing annual balance sheets". In his answer, Minister Thakur said the companies concerned "are not defined under the Companies Act". The Minister said only two firms dealing with BTC were registered with the Companies Registrar, and one of the companies, Zeb IT, had previously been subject to prosecutions under the Companies Act. The firm is curre...

The outgoing governor of the Bank of England has warned of the risks of central bank digital currencies (CBDCs), highlighting the potential impact of CBDCs on fiat currency and the wider financial system. Mark Carney, who is due to leave his post on Friday, addressed the risks posed by central bank digital currencies, highlighting the "significant challenges" that could be posed to financial stability. First reported by Reuters, the comments come at a time when the bank is reported to be considering the feasibility of issuing its own digital currency on the blockchain: While CBDC poses a number of opportunities, it could raise significant challenges for maintaining monetary and financial stability…and would need to be very carefully designed if it were to be introduced. Carney said there were likely implications for commercial banks, should significant balances move towards CBDCs: "If significant deposit balances are moved from commercial banks into CBDC, it could have i...

Just like there always have been, scams are found in the digital currency space. There will always be those who are too inept to make a decent living and want to take advantage of situations in order to line their own pockets. As the coronavirus has gripped the world, there's no doubt that it is being used as a tool for initiating fraudulent activity, and the U.K.'s Financial Conduct Authority (FCA) has issued a warning to remind individuals to use caution when approached about making investments related to COVID-19. In a message posted by the FCA on its website this past Wednesday, the financial watchdog explains, "Watch out for scams related to coronavirus (COVID-19). These scams take many forms and could be about insurance policies, pensions transfers or high-return investment opportunities, including investments in cryptoassets." As is often the case, the potential scams will offer investment opportunities that are too good to be true, which should be the first si...

Two co-founders of an alleged crypto Ponzi scheme have pleaded not guilty to a range of charges, following a criminal indictment on money laundering and conspiracy to commit wire fraud. John Caruso and Zachary Salter of Zima Digital Assets have been accused of running a crypto scam responsible for defrauding some $9 million from its customers, in a structure defined as a "classic Ponzi scheme." The first $1.9 million of deposits into the scheme were returned to early investors, validating the scheme and its claims for significant investment returns. These payments were allegedly used to encourage more investment in the scheme. The following $7 million invested was purported to have been spent frivolously by the founders, including on luxury vacations, private jets and casino trips. The founders themselves claimed no taxable income during the period, despite showcasing their monied lifestyle on their social media profiles. Some 90 investors were conned by the scheme, including...

The world of Bitcoin involves a lot of speculation of what the future will be like. Through the power of unlimited on chain scaling, Bitcoin SV (BSV) offers a world where much of the data and transactions of the world can be immutably recorded on chain, and micro transactions create entirely new business plans for intrepid individuals to pursue. But in fictional future of Netflix's Altered Carbon, cryptocurrencies appear to have found their place as nothing but black market currencies. If you're unfamiliar with Altered Carbon, the show depicts our galaxy several centuries in the future, where a breathrough in science has allowed the rich and powerful to avoid permanent death by passing their consciousness into new bodies indefinitely. The central conflict of the show is between those with power and infinite life, nicknamed the Meths, and the various groups principally opposed to this technology due to the imbalance it creates between rich and poor. The main character of the sho...