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PYMNTS
SEPTEMBER 16, 2020
Money laundering carries a maximum penalty of 14 years in prison as well as a fine. In June, the Nikkei Asian Review reported that Chinese officials are considering an East Asia digital currency in a bid to combat money laundering. .
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PYMNTS
MAY 21, 2020
Patent and Trademark Office that would create a digital currency underpinned by blockchain technology. The company wrote in the document that under the system, users could “hold digital currency with the same denomination as the local physical currency (e.g., $100
PYMNTS
JUNE 17, 2020
For instance, Nikkei Asian Review recently reported that Chinese officials are mulling developing an “East Asia digital currency” in what might be a new front in the race among nations to issue fiat rendered in bits and bytes. The idea of creating a digital coin backed by a basket of multiple currencies isn’t actually new.
Payments Source
SEPTEMBER 11, 2019
The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday. Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account.
PYMNTS
NOVEMBER 12, 2020
Christine Lagarde , European Central Bank (ECB) president, said the ECB could make its own digital currency within a few years, which could change up the eurozone financial sector drastically, Bloomberg reported. China, meanwhile, is also advancing plans for a central bank digital currency (CBDC), Bloomberg reported.
121 
Payments Source
JULY 14, 2017
India is considering tracking digital currencies like bitcoin through the central bank and capital markets regulator along with intelligence agencies to monitor money laundering and terrorist financing, people with the knowledge of the matter said.
Payments Source
MAY 6, 2021
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PYMNTS
JULY 10, 2020
Stablecoins, the virtual currencies which seek price stability, could be the next target for money laundering and terrorist financing, a report found. The FATF said it will review the implementation and impact of its standards by next summer and provide further guidance on stablecoins and virtual assets.
PYMNTS
JUNE 24, 2019
Amid the announcement of a new cryptocurrency – that would be Libra – the Financial Action Task Force (FATF), which operates as global regulatory firm based in Paris with a membership roster of countries such as China and the United States, has said it will boost its examination of digital currencies with an eye on money laundering.
PYMNTS
AUGUST 16, 2020
China’s Ministry of Commerce is moving forward with its plan for a digital currency, according to a report by The Wall Street Journal (WSJ).
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PYMNTS
OCTOBER 3, 2019
While Philadelphia Federal Reserve Bank President Patrick Harker believes it’s “inevitable” that central banks will eventually issue digital currencies, he warned that the United States shouldn’t be first in line. He admitted that when it comes to the future of the Fed, digital currency will most likely play a part. “I
PYMNTS
OCTOBER 11, 2018
CipherTrace noted in a report that digital currency theft has nearly topped $1 billion over the first three quarters of the year at $927 million, Reuters reported. The organization noted that digital currencies are not an effective store of value, unit of account or payment means.
Fintech News
APRIL 10, 2024
These efforts cover a comprehensive range of regulatory concerns, including but not limited to licensing requirements, reserve asset management, redemption rights, capital adequacy, consumer protection, and compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) guidelines.
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PYMNTS
JANUARY 29, 2019
Tom Lee, head of research at Fundstrat Global Advisors , noted that bitcoin has had a tough time because it couldn’t separate itself from smaller digital currencies during last year’s massive sell-off. In other news, bitcoin prices fell again on Monday (Jan. 28) to $3,443, its lowest level since mid-December.
PYMNTS
MARCH 16, 2020
Intercontinental Exchange, the parent firm of Bakkt, had first made it known in the summer of 2018 that Starbucks was eyeing the retail use of digital currency payments. The Bank of Russia, however, reportedly supports the idea of digital financial assets and had gone so far as having an experimental tokenization project.
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PYMNTS
DECEMBER 12, 2019
The head of the European Central Bank (ECB), Christine Lagarde, said she wants a task force to identify clear objectives regarding the ECB’s proposed digital currency initiative by the middle of next year, according to a report by Reuters. Lagarde also said the ECB should be “ahead of the curve” on the issue.
PYMNTS
SEPTEMBER 10, 2019
will be required to comply with regulatory standards to prevent money laundering and terrorism financing. Whether it’s bitcoin, Ethereum, Libra, our message is the same to all of these companies: Anti-money laundering and combating the financing of terrorism has to be built into your design from the get-go,” she said.
PYMNTS
JUNE 10, 2020
The Bank of Ghana continues to consider the creation of a digital currency, GhanaWeb reported. Dr. Maxwell Opoku-Afari, the bank’s first deputy governor, reportedly said during a digital workshop that the bank remains steadfast in facilitating innovation and piloting ideas like a central bank cryptocurrency.
Fintech News
FEBRUARY 20, 2024
The platform also enables fast customer onboarding, tokenization, diverse payment and transfer options, and comprehensive financial management tools including dispute and risk management, omnichannel management, anti-money laundering (AML), fraud prevention, and integration with both fiat and digital currencies, among others.
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PYMNTS
DECEMBER 4, 2019
For China: Digital currency, yes. Whether you believe in bitcoin’s potential (or lack thereof) to become a viable conduit of commerce , the crypto’s pricing acts as shorthand for the near-term outlook for digital coins in general, and especially for those traded over exchanges. But not bitcoin. Blockchain? But not bitcoin.
Fintech Finance
MAY 28, 2024
Gnosis Pay , the company building the rails for the next generation of banking, today announces a new partnership with Visa , a world leader in digital payments, that will help broaden the use of digital currencies in everyday payment settings.
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Fintech News
JANUARY 30, 2024
Other payment trends in Asia preceding 2024 including the rise of B2B buy now pay later (BNPL), growing prominence of central bank digital currency (CBDC), and prevalence of composable, cloud-based ‘as-a-Service’ IT architecture models have helped shape much of what we anticipate for 2024.
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PYMNTS
DECEMBER 11, 2020
Money laundering and terrorist financing also go on the list these days, perhaps like never before. PYMNTS December 2020 AML/KYC Tracker® done in collaboration with Trulioo probes the heightened fraud climate accompanying the mobile-digital shift, zeroing in on key aspects of prevailing in the digital fraud wars.
PYMNTS
DECEMBER 18, 2020
18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks. Treasury Department proposed sweeping new rules late Friday (Dec. The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S.
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PYMNTS
OCTOBER 27, 2019
A research team was established in 2014 by China’s central bank to explore launching a digital currency and increase China’s control of the money supply, Reuters reported on Saturday (Oct. David Marcus , the executive in charge of Facebook’s proposed digital currency, said if Libra fails, the U.S.
PYMNTS
JUNE 5, 2017
Russia is getting more into digital currency with the central bank in the country launching tests of several digital currency schemes. “Regulators of all countries agree that it’s essential to develop a national digital currency, that it is the future,” Skorobogatova said.
PYMNTS
NOVEMBER 12, 2019
China is planning to launch a digital currency in early 2020 that will make allowances for privacy, a senior central bank official said on Tuesday (Nov. The country is laying the groundwork to be the first nation to launch a digital currency and will balance privacy concerns with government oversight, Reuters reported.
Payments Source
DECEMBER 18, 2017
Germany joined European governments pushing for global bitcoin regulation amid mounting alarm that the world’s most popular digital currency is being used by money-launderers, drug traffickers and terrorists.
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PYMNTS
DECEMBER 13, 2019
With the belief that it could cause instability within the country’s financial system, the government of Switzerland spoke against making a central bank digital currency available to the public. They also claim it could decrease money laundering and tax offenses.
PYMNTS
NOVEMBER 12, 2019
12) that central banks have no reason to issue digital currency. He added that no organization can offer sovereign credit backing that way national currencies do. Greenspan’s remarks come on the heels of China’s announcement that it would launch a digital currency in early 2020. Former U.S. What comes next?
PYMNTS
JUNE 22, 2020
Vinnik, who’s currently held in France but wanted in the United States and his native Russia, allegedly laundered billions of dollars through BTC-e, one of the world’s largest digital-currency trading exchange, the Associated Press reported Monday (June 22). for violations of the Bank Secrecy Act. million penalty.
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PYMNTS
FEBRUARY 21, 2020
Mosier returns to FinCEN from Chainalysis, the digital currency analytics, investigations and compliance company, where he served as chief technical counsel. Before that, he was deputy chief in the Department of Justice’s Money Laundering and Asset Recovery Section.
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PYMNTS
DECEMBER 22, 2020
At the same time, however, SMBs remain especially vulnerable to supply chain disruptions and risks like fraud and money laundering. Hale pointed to central bank digital currencies as a particularly promising technology.
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Fintech News
JULY 3, 2024
In the heart of Southeast Asia, a small island nation is making giant strides in digital currencies. percent of its population owning digital assets, the city-state isn’t just participating in the crypto revolution—it’s leading it.
PYMNTS
JUNE 20, 2019
government will respond to the introduction of new digital currencies. Powell also said that regulators have jurisdiction to enforce anti-money laundering regulations on business that operate within the digital sphere. “We News of the launch of Facebook cryptocurrency Libra has highlighted how the U.S.
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PYMNTS
NOVEMBER 29, 2020
Facebook 's digital currency, Libra , could launch by January, but in a "limited format," according to officials, as reported by Financial Times (FT). Libra, which has been in the works for over a year, initially planned to roll out one synthetic coin backed by a multitude of currencies.
PYMNTS
NOVEMBER 30, 2020
When PayPal announced recently that its 350 million users can deposit bitcoin and other cryptocurrencies in their accounts and spend it at 26 million merchants next year, it was characterized as the inevitable advance of digital currency.
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PYMNTS
SEPTEMBER 15, 2020
India intends to propose legislation prohibiting digital currency trading, while other economies in Asia have opted to regulate the market, Bloomberg Qint reported. Blockchain will be encouraged by the federal government, which is not enthusiastic about digital currency trading, according to two unnamed sources in the report.
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PYMNTS
JUNE 29, 2020
In January, the United Kingdom’s Financial Conduct Authority (FCA), the country’s banking regulator, took the reins to oversee cryptocurrency, anti-money laundering and counter terrorist financing activities.
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PYMNTS
DECEMBER 24, 2020
If one measures success for digital currencies in buzz — and in price appreciation for many of the marquee names — then 2020 stands out as a banner year. Dollars Done Digitally. For now, simply exploring the feasibility of digital fiat is top of mind. It all depends on how you look at it — and where you look, of course.
103 PYMNTS
OCTOBER 13, 2016
This past summer, the European Commission said it would like to create a central database of digital currency users to prevent terrorist financing and money laundering — for the obvious reasons. While bitcoin makes paying an anonymous thing, Europe might like to make it less so.
84 PYMNTS
JUNE 21, 2019
While Facebook is aiming to have its Libra crypto power transactions and provide access to financial services to those without bank accounts, European central bankers are claiming oversight over the digital currency. At the same time, other regulators around the world have been watching the growth of digital currency.
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PYMNTS
JUNE 8, 2020
Authorities in China have reportedly frozen bank accounts due to digital currency and fiat assets allegedly contaminated by illicit actions, CoinDesk reported. The report noted that the impacted digital currency users aren’t necessarily accused of doing anything wrong.
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PYMNTS
OCTOBER 14, 2020
While the pandemic has accelerated the use of digital payments in general, the broader market’s understanding and embrace of the scale of digital currencies (Voyager currently facilitates 50 on its platform) remains quite slim. Establishing Trust And Confidence.
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