A study by the Crypto ISAC platform has revealed the preference of criminals for cash for their misdeeds over cryptocurrencies.

Cash leaves no digital footprint, making it almost impossible to detect illicit transactions. Hence, it is the preferred tool of criminals.

In contrast, in the case of cryptocurrencies, blockchain technology “offers greater transparency and traceability.”

Crypto ISAC details in the report that although “it is impossible to track the exact amount of illicit activity in the traditional financial space, the estimated amount of money laundered globally in one year is 2-5 % of the world’s GDP, that is, between 800,000 and 2 trillion dollars.”

For its part, the blockchain company Chainalysis detailed that last year, only “0.34 % of the transaction volume on the chain was linked to illicit activities.”

In any case, cryptocurrencies have been linked to illegal transaction for a long time because of the collapse of exchanges that, in any case, only represent a small part of the total cryptocurrency volume.

M.Pino

Source: cripto247

(Reference image source: Pepi Stojanovski in Unsplash)

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La entrada Criminals prefer cash to cryptocurrencies for scams apareció primero en Bitfinance.

Visa, the global payments giant, is driving the adoption of cryptocurrencies by offering another method to exchange crypto for fiat currencies without the need to use a centralized exchange.

Visa has partnered with Transak, the Web3 infrastructure provider, to launch cryptocurrency withdrawals and payments through the Visa Direct solution, the companies announced on January 30.

The integration, which is now available, allows you to exchange crypto for fiat and pay at 130 million Visa-accepting merchants, directly from a wallet like MetaMask to a Visa debit card.

“By enabling real-time card withdrawals with Visa Direct, Transak provides a faster, simpler and more connected experience for its users, making it easier to convert crypto balances to fiat,” said Yanilsa Gonzalez-Ore, leader of Visa Direct in North America.

The partnership significantly increases the number of options for converting cryptocurrencies into fiat currencies and represents a major breakthrough in the connection between the world of cryptocurrencies and traditional finance, said Harshit Gangwar, Head of Marketing and Investor Relations at Transak.

The partnership enables users in 145 countries to directly convert at least 40 cryptocurrencies to fiat without relying on centralized exchanges. Some of the eligible countries are jurisdictions such as Cyprus, Malta, Singapore, Turkey, Portugal and the United Arab Emirates, according to Transak’s global coverage page.

“This is a big step towards the massive acceptance and use of cryptocurrencies,” Gangwar said, highlighting a more accessible and convenient nature of transactions enabled by integration.

K. Tovar

Source: Cointelegraph

(Reference image source: CardMapr.nl, Unsplash)

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La entrada Visa offers its crypto-to-fiat exchange service in 145 countries apareció primero en Bitfinance.

The speech by the director of the International Monetary Fund, Kristalina Georgieva, during the inauguration of the FinTech Festival in Singapore, was an exhortation to public institutions to prepare for the implementation of CBDCs as an instrument of financial inclusion.

The European official was optimistic about the creation and circulation of central bank digital currencies, although she noted that the trend is still in its initial stage.

In his opinion, few countries have made progress in creating a CBDC. Georgieva estimates that 60 % of nations are in the exploratory phase.

The IMF president maintains her commitment to CBDCs as an instrument for financial inclusion for unbanked populations, but weighs the fact that they could be the final blow for fiat money.

In her speech, he noted that “CBDCs can coexist with private money, being their safe and low-cost alternative.”

Likewise, he stressed the importance of having the necessary technologies to develop CBDCs, as well as investing in security measures to safeguard user data, in addition to the evaluation of risks related to cryptocurrencies and stablecoins.

The FinTech Festival was the setting for the presentation of the IMF’s CBDC virtual manual, by its director, who also addressed the importance of the Bank for International Settlements (BIS) in the framework of public sector digital money projects.

M.Pino

Source: cointelegraph

(Reference image source: Arthur Mazi, Unsplash)

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La entrada IMF says CBDCs can promote financial inclusion apareció primero en Bitfinance.

The Senate of South Dakota, a state located in the Midwestern United States, recently passed a law that establishes that digital currencies issued by central banks, known as CBDCs, will be considered as legal money in the state. However, this law does not apply to other cryptocurrencies, such as Bitcoin or Ethereum.

The new law defines CBDCs as “a medium of exchange, unit of account, and store of value issued by a digital central bank.” This means that CBDCs will have the same legal status as fiat money in South Dakota and can be used to pay debts, taxes, and other government purposes.

According to proponents of the law, this could help South Dakota become a hub for innovation in the cryptocurrency and fintech sector. Senator Mike Stevens, who introduced the bill, stated that “South Dakota has an opportunity to lead the way in financial technology adoption and cash protection.”

However, some critics point out that the law could be limiting for cryptocurrencies and innovation in the sector. For example, South Dakota joins other US states that have created laws to limit or prohibit the use of cryptocurrency in the past. Additionally, some experts have argued that CBDCs can be used to strengthen government control over money.

K. Tovar

Source: Diariobitcoin

(Reference image source: file)

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La entrada South Dakota will treat CBDCs as money apareció primero en Bitfinance.

BitPay and Verifone launched a new solution that will allow merchants in the United States to accept payments with bitcoin and other cryptocurrencies, thereby aiming to increase their customer base and promote crypto acceptance while being protected from digital assets market price volatility.

The announcement was made by both companies, through a joint statement, where they indicate that “by the end of the year 600,000 businesses will be able to start accepting payments with bitcoin (BTC).” They highlighted that the alliance will allow “that once the purchase with cryptocurrencies is made, the funds are transferred to the merchant’s bank account in fiat money, through Verifone, once BitPay has approved the transaction.”

It is important to note that merchants that use this new tool will not have the need to register with BitPay and remember that Verifone works with “recognized companies in the United States such as American Eagle Outfitters, Macy’s, Williams Sonoma, Taco Bell and Whole Foods.”

As expressed by Mike Pulli, CEO of Verifone, the corporation is examining new alternative payment methods and will now “support crypto transactions due to the growing public interest in cryptocurrencies: “We believe that having crypto available on our terminals will provide more options and opportunities for consumers. This opens up a way that has never been seen before in a terminal and we want to be at the forefront of this trend”, he expressed.

For his part, the CEO of BitPay, Stephen Pair, indicated that the platform facilitates the processing of crypto transactions, “Verifone clients request crypto payments. This has become a success, as today there are millions of cryptocurrency users who have blockchain wallets on their phones that they want to take advantage of ” and with this alliance it is possible to do so.

Jeremy Belostock, an executive at Verifone, expressed that his company is witnessing the profound changes that consumers have been experiencing as a result of Covid-19 and currently millions of people are trusting mobile wallets for being fast and secure payment methods: “There has been a shift from having a credit card to having a reliable mobile app that consumers want to take advantage of to spend. We are taking advantage of this market to bring cryptocurrencies to the general public.”

The alliance will allow consumers to use their preferred wallets to make their purchases in cryptocurrencies.

M. Rodríguez

Source: Cointelegraph.com

La entrada BitPay and Verifone alliance will allow bitcoin payments in US merchants apareció primero en Bitfinance.

One of the largest e-commerce platforms in China, JD.com, has announced a new method of payment to its employees based on digital yuan, with the aim of contributing to the strengthening of the digital currency in the country.

The commerce portal, also known as JingDong, is very similar to Aliexpress or Taobao, which has a high volume of sales of its service. The company also reported that another of the main objectives is to displace the traditional currency in order to replace it with the CBDC.

The initiative is not something new for the Chinese population, because the country for some time has been testing the digital payment method, either through Wechat or Alipay.

The Asian giant also stated that apart from paying salaries in Yuan Digital, it has also canceled other companies and businesses under the same payment method.

The Chinese government wants to accelerate the adoption and transition to the digital yuan, allowing tourists to use it for the upcoming winter Olympics. In addition to conducting multiple tests and trials throughout the country, so its total start-up is closer than ever.

K.Villarroel

Source: bitcoin.es

La entrada Chinese company JD.com will pay salaries in digital yuan apareció primero en Bitfinance.

UK financial services provider Revolut announced the addition of 11 new cryptocurrencies to its trading list.

Through an official statement, the company detailed that its clients will now be able to trade with assets such as cardano, uniswap, synthetix, yearn.finance, bancor, filecoin, among others.

“They wanted new tokens, and we have already added them. We have been monitoring highly demanded main tokens to make them available to our customers in the United Kingdom and in the European Union… 11 new cryptocurrencies,” the company detailed in the document.

This incorporation is part of Revolut’s strategy to offer a greater variety to its client portfolio. This company is recognized as one of the first to enable cryptocurrency trading.

It is important to note that the company became quite popular at the time for offering the possibility of exchanging fiat for crypto automatically, with which customers could switch from one to another taking advantage of the rates of the moment, without bureaucratic procedures and in an easy immediate way.

K. Tovar

Source: Diariobitcoin

La entrada Revolut adds more cryptocurrencies to its portfolio apareció primero en Bitfinance.

One of the independent agencies of the United States Department of the Treasury, called the Office of the Comptroller of the Currency, has ruled through a statement about the use of stablecoins as a mechanism to issue payments in cryptocurrencies.

The measure directed exclusively to regulated banks of the Federal Government clarifies that as long as the law and banking practices are complied with, any “national bank or federal savings association can validate, store and record payment transactions serving as a node in an INVN (independent node verification network), also known as the independent node verification network or blockchain network ”.

The government entity also added that a bank “can use INVN and related stablecoins to carry out other permitted payment activities.”

Banks may issue stable coins

In the letter, it is also taken for granted that banks will be able to issue stablecoins due to charging debit cards and checks by exchanging them for fiat money. “Banks have long used cashier’s checks, traveler’s checks and other bearer instruments as a means of facilitating cashless payments,” as specified in the statement.

Jeremy Allaire, co-founder and CEO of Circle, assures that the measure leads the country’s economy to very important scenarios. “It is tremendous to see such progressive support from the largest national bank regulator in the United States,” Allaire said.

K.Villarroel

Source: diariobitcoin

La entrada US banking regulators approve the use of blockchain to issue payments apareció primero en Bitfinance.