Cryptocurrency News Today TheBitTimes.com

With the cryptocurrency industry evolving and seeping into the mainstream, it has increasingly become one of the innovative ways for terrorist groups to move resources and, as such, the target of growing regulatory scrutiny and calls for more strict control over the sector. In this context, Adewale O. Adeyemo, the Deputy Secretary of the United States Treasury Department, has urged the US Congress to provide the government with “necessary tools” to counter illicit finance, terrorism, and sanctions evasion tied to crypto assets, according to the testimony on April 9. Crypto-linked terrorist financing Specifically, the US Treasury Deputy Secretary has told the Senate Banking, Housing, and Urban Affairs Committee that terrorist groups around the world, including al-Qaeda, have been trying to make use of crypto assets in the past several years, drawing attention to some of the prominent examples. Picks for you You’d never guess which precious metal this bank is most bullis...

Cryptocurrencies are challenging the status quo of remittance services. Will they also shape the future of cross-border payments? In this era of global economies, where cross-cultural exchanges and international transactions are increasingly common, the demand for efficient and accessible cross-border money transfers has reached new heights of importance. Whilst traditional remittance providers have long dominated the market, the rise of cryptocurrencies has introduced a disruptive force that is challenging the status quo. As cryptocurrencies gain momentum, the question arises: Will crypto remittances shape the future of global money transfers? The dominance of traditional remittance services This evolving payments landscape has opened up new opportunities and prompted us to rethink the traditional models of remittance services in the face of technological advances and changing consumer preferences. Source: Unsplash For several decades, traditional remittance services, such as Western...

The world of Finance is ever-evolving. Innovation led to the advent of crypto and DeFi. As a result, the sector is now divided into traditional Finance and modern Finance . Bloomberg’s latest rich list identified the top “titans” from the financial space. People from, both, the TradFi and DeFi space were featured on the list. However, none of the billionaires have surpassed Warren Buffett in terms of net worth as of yet. Nevertheless, they represent “a new era” of financial wealth accumulation.  Citadel exec tops the list First up on the list is Ken Griffin, the Chief Executive Officer of Citadel. He’s also the founder of Citadel Securities, a global market-making business. The former is a hedge fund management company. It boasts $59 billion in equities, fixed income, macro, commodities, etc. The latter takes care of around 40% of all U.S. retail trading volume. Griffin earned about $4.1 billion from his hedge fund last year. This feat was achievable, for Citadel’s fl...

The researchers compared the average cost of remittances according to World Bank data with estimated costs of trading USDC and EUROC stablecoins at Uniswap. If the foreign exchange market starts using DeFi protocols instead of the current centralized systems, the cost of remittances could be reduced by “as much as 80%,” according to a Jan. 19 paper jointly published by researchers at Circle and Uniswap. On-chain foreign exchange (FX) is a new model of global value exchange that offers a faster, cheaper, and more efficient alternative for cross-border payments. Our recent research paper with @circle has it all https://t.co/NGniRo8yrp — Uniswap Labs (@Uniswap) January 19, 2023 The paper, titled “On-chain Foreign Exchange and Cross-border Payments,” was written by Uniswap Data Scientist Austin Adams, Circle Chief Economist Gordon Liao, Mary Catherine Lader, David Puth, and Xin Wan. The authors studied trading activity of Circle’s US Dollar Coin (USDC) and Euro Coin (EUROC) on Uniswap...