FBI’s Budget Request for 2018 highlights efforts to crackdown on criminal use of cryptocurrencies
The Federal Bureau of Investigation is seeking $21 million in its Budget Request for Fiscal Year 2018 to combat cybercrime conducted through virtual currencies and other anonymizing technologies. The agency is proposing a total of $8.77 billion in direct budget authority to carry out its mission relating to national security, criminal law enforcement, and criminal justice. According to the details of the proposed budget, the FBI is seeking $21.6 million and 80 positions for “Going Dark” initiative.
United States Bill S.1241 seeks to increase digital currency oversight
Senators in the United States last month introduced a bill to combat money laundering and terrorism financing activities and increase the oversight of digital currency related activities. Senator Chuck Grassley of Iowa and Senator Diane Feinstein of California filed the US SB 1241 in May 2017. The bill – the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017 – is also backed by Senator John Cornyn and Senator Sheldon Whitehouse.
National Bank of Cambodia to test blockchain platform for interbank lending – Report
The National Bank of Cambodia (NBC) intends to launch the testing phase of a blockchain platform in the final quarter of 2017, The Phnom Penh Post reported. NBC director-general Chea Serey said that the technology, if successful, would improve the central bank’s ability to facilitate and monitor interbank lending and transactions.
Ethereum price plummets as network gets clogged up
The price of ether plummeted from $350 to $303 (BTC-e) on June 21, which followed an increased investor demand at the ICO launch of Status, an open source mobile DApp browser and messenger built for Ethereum. Status raised over $94 million in its ICO drive. CNBC reported that the heightened demand clogged the Ethereum network and investors were also not able to withdraw their funds from their online wallets.
NYDFS begins inspection of digital currency companies
The New York State Department of Financial Services (NYDFS) has revealed that it has started the investigations on digital currency companies. The NYDFS stated this in its the 2016 Annual Report, in which it said that its Capital Markets/Research Trends Innovation Division has the primary regulatory responsibility for the New York State-based public retirement systems, financial guaranty insurance companies and virtual currency companies.
Indian governmental panel to submit report on bitcoin regulatory framework
A panel set up by the Indian government is preparing a report that discusses the regulatory framework for digital currencies such as bitcoin in the country, Moneycontrol reported. The panel is evaluating the existing international framework on digital currencies and will suggest anti-money laundering and consumer protection measures best suited for the country. The panel has also met with the representatives of domestic digital currency companies.
Conferences/ Events:
State of Illinois to host blockchain hackathon next month
Stockholm to host Blockchain & Bitcoin Conference in September
Uniform Law Commission to discuss digital currency rules in July
Research studies:
CBDCs could relegate private virtual currencies to secondary role in payments system: IMF
Blockchain could solve business needs for wealth and asset management firms: EY
Funding/Investments:
Blockchain secures $40M in Series B round led by Lakestar
Blockchain platform SONM raises $42M in ICO, announces exchange partners HitBTC and EtherDelta
Consortium News, Partnerships and More:
Crypto-market datafeeds platform Santiment teams up with universities on cryptocurrency price research
Companies and universities join forces for new blockchain consortium in China
XBT Provider partners with bitcoin wallet provider Xapo
Digital Currency and Blockchain Initiatives:
IBM, AOS partner to create blockchain solution to improve efficiency in logistics and transport
WISeKey launches Artificial Intelligence and Blockchain Centre of Excellence in India
Media giants partner to develop ‘Blockchain Insights Platform’ for video advertising efficiency
Accenture, Microsoft develop blockchain-powered digital identity solution
Bitfury, Risk Cooperative partner to pioneer blockchain for insurance market
Infosys explores blockchain projects for non-financial services areas
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