Category Archives: Cryptocurrency
Cryptocurrency Mining Operation Uncovered at Polish Police Headquarters: Report – Gadgets 360
Polish police on Friday said they had uncovered a bitcoin mining operation in their own headquarters in Warsaw.
"A civilian employee, not a police officer... attempted to steal electricity to mine bitcoin," police spokesman Mariusz Ciarka told the TVN24 news channel.
"Unfortunately this happened at a police site," Ciarka said, emphasising that at no stage did the suspect have access to police databases.
Ciarka added that the alleged crime had been discovered "quite quickly" but did not give a precise timeline.
TVN24 said the employee had been fired and prosecutors were investigating.
The report said a second person was also about to be fired over the investigation.
Crypto-mining -- the process by which computers mint new virtual currency and validate transactions -- requires vast amounts of energy and processing power.
The process typically involves large numbers of sophisticated computers that form a specially designed "rig" that runs the complex calculations required to maintain a cryptocurrency network.
While energy-hungry, the process can be lucrative with each bitcoin currently worth more than 32,600 euros ($38,800).
As of July 31 (10:47am IST), Bitcoin price in Indiastood at Rs. 31.1 lakhs.
Read more:
Cryptocurrency Mining Operation Uncovered at Polish Police Headquarters: Report - Gadgets 360
Top 10 Cryptocurrency Prices on July 30, 2021 – Analytics Insight
Analytics Insight brings the top 10 current cryptocurrency prices on July 30, 2021
The cryptocurrency market varies every now and then, it is a highly volatile market. Hence it becomes difficult to figure out things for the investors before investing in the cryptocurrency.
But Analytics Insight is here listing the top 10 cryptocurrency prices on July 30, 2021. Here they are.
Bitcoin ( BTC)- US$39,922.30 (down by 0.18%)
Ethereum (ETH)- US$2,425.40 (up by 6.03%)
Tether (USDT)- US$1.00 (down by 0.05%)
Binance Coin (BNB)- US$321.50 (up by 3.04%)
Cardano (ADA)- US$1.31 (up by 3.32%)
XRP (XRP)- US$0.7547 (up by 7.24%)
USD Coin (USDC)- US$0.9999 (down by 0.04%)
Dogecoin (DOGE)- US$0.2073 (up by 1.34%)
Polkadot (DOT)- US$15.47 (up by 5.80%)
Binance USD (BUSD)- US$0.9998 (down by 0.04%)
According to CoinMarketCap, the global crypto-market cap is US$1.58T with a volume of US$76,507,815,887billion over the last 24hours with a 2.49% over the last day.
Share This ArticleDo the sharing thingy
About AuthorMore info about author
Here is the original post:
Top 10 Cryptocurrency Prices on July 30, 2021 - Analytics Insight
The history of hacking ransoms and cryptocurrency – CNET
Getty Images
Earlier this month, hundreds of companies from the US to Sweden were entangled in theransomware attack through Kaseya, a company that offers network infrastructure to businesses around the world.
The Kaseya hack comes on the heels of other headline-grabbing cyberattacks like theColonial Pipeline hijackingand theJBS meat supplier hack. In each instance, criminals had the opportunity to make off with millions -- and much of the ransoms were paid in Bitcoin.
"We have to remember the primary reason for creating Bitcoin in the first place was to provide anonymity and secure, trustless and borderless transaction capabilities," says Keatron Evans,principal security researcher at Infosec Institute.
As Bitcoin grows more prominent in markets around the world, cybercrooks have found a vital tool to help them move illegal assets quickly and pseudonymously. And by all accounts, the attacks are only becoming more common.
Ransomware is a cybercrime that involves ransoming personal and business data back to the owner of that data.
First, a criminal hacks into a private network. The hack is accomplished through various tactics, including phishing, social engineering and preying upon users' weak passwords.
Once network access is gained, the criminal locks important files within the network using encryption. The owner can't access the files unless they pay a ransom. Nowadays, cybercriminals tend to request their ransoms in cryptocurrencies.
The FBIestimatesransomware attacks accounted for at least $144.35 million in Bitcoin ransoms from 2013 to 2019.
These attacks are scalable and can be highly targeted or broad, ensnaring anyone who happens to click a link or install a particular software program.
This allows a small team of cybercrooks to ransom data back to organizations of all sizes -- and the tools needed to hack into a small business or multinational cooperation are largely the same.
Private citizens, businesses, and state and national governments have all fallen victim -- and many decided to pay ransoms.
Today's business world depends on computer networks to keep track of administrative and financial data. When that data disappears, it can be impossible for the organization to function properly. This provides a large incentive to pay up.
Although victims of ransomware attacks are encouraged to report the crime to federal authorities, there's no US law that says you have to report attacks (unless personal data is exposed). Given this, there's little authoritative data about the number of attacks or ransom payments.
However, a recent study from Threatpostfound thatonly 20% of victims pay up. Whatever the actual number is, the FBIrecommendsagainst paying ransoms because there's no guarantee that you'll get the data back, and paying ransoms creates further incentive for ransomware attacks.
Cryptocurrency provides a helpful ransom tool for cybercrooks. Rather than being an aberration or misuse, the ability to make anonymous (or pseudonymous) transfers is acentral value propositionof cryptocurrency.
"Bitcoin can be acquired fairly easily. It's decentralized and readily
available in almost any country," says Koen Maris, a cybersecurity expert and advisory board member at IOTA Foundation.
Different cryptocurrencies feature different levels of anonymity. Some cryptocurrencies, like Monero and Zcash, specialize in confidentiality and may even provide a higher level of security than Bitcoin for cybercriminals.
That's because Bitcoin isn't truly anonymous -- it's pseudonymous. Through careful detective work and analysis, it appears possible to trace and recoup Bitcoin used for ransoms, as the FBIrecently demonstratedafter the Colonial Pipeline hack. So Bitcoin isn't necessarily used by ransomers simply because of security features. Bitcoin transfers are also fast, irreversible and easily verifiable. Once a ransomware victim has agreed to pay, the criminal can watch the transfer go through on the public blockchain.
After the ransom is sent, it's usually gone forever. Then crooks can either exchange the Bitcoin for another currency -- crypto or fiat -- or transfer the Bitcoin to another wallet for safekeeping.
While it's not clear exactly when or how Bitcoin became associated with ransomware, hackers, cybercrooks, and crypto-enthusiasts are all computer-savvy subcultures with a natural affinity for new tech, and Bitcoin was adopted for illicit activities online soon after its creation. One of Bitcoin's first popular uses was currency for transactions on the dark web. Theinfamous Silk Roadwas among the early marketplaces that accepted Bitcoin.
Ransomware is big business. Cybercriminals made off just under $350 million worth of cryptocurrency in ransomware attacks last year,according to Chainanalysis. That's an increase of over 300% in the amount of ransom payments from the year before.
The COVID-19 pandemic set the stage for a surge in ransomware attacks. With vast tracts of the global workforce moving out of well-fortified corporate IT environments into home offices, cybercriminals had more surface area to attack than ever.
According toresearch from cyberinsurer Coalition, the organizational changes needed to accommodate remote work opened up more businesses for cybercrime exploits, with Coalition's policyholders reporting a 35% increase in funds transfer fraud and social engineering claims since the beginning of the pandemic.
It's not just the number of attacks that is increasing, but the stakes, too. A2021 reportfrom Palo Alto Networks estimates that the average ransom paid in 2020 was over $300,000 -- a year-over-year increase of more than 170%.
When an organization falls prey to cybercrime, the ransom is only one component of the financial cost. There are also remediation expenses -- including lost orders, business downtime, consulting fees, and other unplanned expenses.
TheState of Ransomware 2021report from Sophos found that the total cost of remediating a ransomware attack for a business averaged $1.85 million in 2021, up from $761,000 in 2020.
Many companies now buy cyber insurance for financial protection. But as ransomware insurance claims increase, the insurance industry is also dealing with the fallout.
Globally, the price of cyber insurance hasincreased 32%, according to a new report from Howden, an international insurance broker. The increase is likely due to the growing cost these attacks cause for insurance providers.
A cyber insurance policy generally covers a business's liability from a data breach, such as expenses (i.e., ransom payments) and legal fees. Some policies may also help with contacting the businesses customers who were affected by the breach and repairing damaged computer systems.
Cyber insurance payouts now account formore than 70%of all premiums collected, which is the break-even point for the providers.
"We noticed cyber insurers are paying ransom on behalf of their customers. That looks like a bad idea to me, as it will only lead to more ransom attacks," says Maris. "Having said that, I fully understand the argument: the company either pays or it goes out of business. Only time will tell whether investing in ransom payments rather than in appropriate cybersecurity is a viable survival strategy."
The AIDS Trojan, or PC Cyborg Trojan, is the first known ransomware attack.
The attack began in 1989 when an AIDS researcher distributed thousands of copies of a floppy disk containing malware. When people used the floppy disk, it encrypted the computer's files with a message that demanded a payment sent to a PO Box in Panama.
Bitcoin wouldn't come along until almost two decades later.
In 2009, Bitcoin's mysterious founder, Satoshi Nakamoto, created the blockchain network by mining the first block in the chain -- the genesis block.
Bitcoin was quickly adopted as the go-to currency for the dark web. While it's unclear exactly when Bitcoin became popular in ransomware attacks, the 2013 CryptoLocker attack definitely put Bitcoin in the spotlight.
CryptoLocker infected more than 250,000 computers over a few months. The criminals made off with about $3 million in Bitcoin and pre-paid vouchers. It took an internationally coordinated operation to take the ransomware offline in 2014.
Since then, Bitcoin has moved closer to the mainstream, and ransomware attacks have become much easier to carry out.
Early ransomware attackers generally had to develop malware programs themselves. Nowadays, ransomware can be bought as a service, just like other software.
Ransomware-as-a-service allows criminals with little technical know-how to "rent" ransomware from a provider, which can be quickly employed against victims. Then if the job succeeds, the ransomware provider gets a cut.
In light of the recent high-profile ransomware attacks, calls for new legislation are growing louder in Washington.
President Joe Biden issued anexecutive orderin May "on improving the nation's cybersecurity." The order is geared toward strengthening the federal government's response to cybercrime, and it looks like more legislation is on the way.
TheInternational Cybercrime Prevention Actwas recently introduced by a bipartisan group of senators. The bill aims to ramp up penalties for cyberattacks that impact critical infrastructure, so the Justice Department would have an easier time charging criminals in foreign countries under the new act.
States are also taking their own stands against cybercrime:Four stateshave proposed legislation to outlaw ransomware payments. North Carolina, Pennsylvania, and Texas are all considering new laws that would outlaw taxpayer money from being used in ransom payments. New York's law goes a step further and could outright ban private businesses from paying cybercrime ransoms.
"I think the concept of what cryptocurrency is and how it works is something that most legislative bodies worldwide struggle with understanding," says Evans. "It's difficult to legislate what we don't really understand."
A direct deposit of news and advice to help you make the smartest decisions with your money.
View original post here:
The history of hacking ransoms and cryptocurrency - CNET
To Trade or Not to Trade? The Future of Cryptocurrency in India – Analytics Insight
Despite the lack of regulations, Indians are embracing cryptocurrency. Since 2018, Indian officials are in shambles about cryptocurrency. On May 31, the Reserve Bank of India asked banks to not reject banking services for people who dealt in cryptocurrencies, citing its 2018 order. However, the central bank asked other banks to continue other due diligence procedures on crypto traders under the rules that connect to anti-money laundering and the prevention of terrorism.
In April 2018, the RBI sent out circular instructing banks to ensure customers who deal with cryptocurrencies do not access banking services. This rule came as a result of speculation among RBI officials regarding the legitimacy of virtual currencies issued by private parties, without government interference. The central bank has warned people about the risks that are associated with private currencies and the wrong impact they can have on the financial system. The intent of the 2018 circular was to discourage citizens from trading cryptocurrencies, but that did not happen.
In March 2021, the Supreme Court of India overturned the 2018 RBI circular. The court noted that in the absence of any legislative ban on buying or selling crypto coins, the RBI cannot impose any restrictions on crypto trading. The logic behind this move was the fact that imposing such a ban would interfere with the fundamental right of citizens to carry out any legal trade.
According to the Supreme Court of India, there is no legal, substantial basis to impose strict restrictions on cryptocurrencies, at the moment. But once the law is passed in the parliament, the Supreme Court will not have a say in this matter. Due to this uncertainty, banks are advising the citizens to not trade cryptocurrencies. The Centre is considering a proposal to ban or limit the reach and accessibility of cryptocurrencies and launching their own digital tokens to support the secure, digital payment movement. Called Govcoins, this might imply that the Indian government will only encourage trading of this digital coin, and none other.
Not just India, cryptocurrency skeptics believe that there are high chances that governments around the world will slowly but surely ban all cryptocurrencies as they are decentralized. They argue that governments and the main financial authorities will lose power over monetary functions and dilute the monopolistic power over money.
India still has no definitive stance on cryptocurrencies. Finance Minister Nirmala Sitharaman in March said that there wont be a total ban of cryptocurrencies in the country. But the Centre plans on introducing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will have the provisions that will define the state of crypto tokens in India.
Share This ArticleDo the sharing thingy
Continue reading here:
To Trade or Not to Trade? The Future of Cryptocurrency in India - Analytics Insight
Facing a retirement shortfall? What to know before adding cryptocurrency to your portfolio – CNBC
As older Americans worry about the size of their nest eggs, some may eye riskier assets, such as cryptocurrency, to cover their shortfall with the possibility of higher returns.
"It's a tough predicament, and I think a lot of people will find themselves in that space," said certified financial planner Ivory Johnson, founder of Delancey Wealth Management in Washington.
About 75% of non-retired U.S. adults have some retirement savings, according to the Federal Reserve's 2020 Report on the Economic Well-Being of U.S. Households. However, only 36% of non-retired adults said their nest egg is "on track," the report said.
With low interest rates and climbing inflation, some older Americans are feeling pressure to boost returns by increasing portfolio risk, Johnson said.
However, some advisors say assets like cryptocurrency may not match a retiree's risk tolerance and investing timeline.
"I'm never a fan of cranking up the risk on a portfolio to try and make back lost time," said financial planner Zechariah Schaefer, founder of Ascent Personal Finance in Lynchburg, Virginia.
I'm never a fan of cranking up the risk on a portfolio to try and make back lost time.
Zechariah Schaefer
Founder of Ascent Personal Finance
Cryptocurrency has been particularly volatile, performing in exaggerated boom and bust cycles, in relatively small periods of time, compared to the traditional stock market, he added.
Instead, older Americans may explore other ways to bring in more income and boost savings.
A couple of options may be working longer or semi-retirement. If someone is healthy enough to work part-time through their 60s and 70s, the extra income may make a difference, Johnson said.
If a client lacks sufficient retirement savings, advisors aren't likely to suggest cryptocurrency as the solution. However, guidance may change if retirees have a sizable nest egg and more than enough income, said Johnson.
For example, let's say a retired couple easily covers their living expenses with a pension and Social Security income. If they don't need the funds from their individual retirement account, and they plan to give it to their children, there may be more wiggle room, he said.
"We're going to manage it as if it's your children's money," Johnson said.
Here's a look at other stories impacting portfolio planning and retirement saving:
With a longer investing timeline, those retirees may consider small amounts of cryptocurrency, assuming it aligns with their risk tolerance.
"If you have money lying around, and it's not going to detract from the lifestyle you want to live in retirement, I say go for it if they want to," said Schaefer.
Someone eager to invest in cryptocurrency also needs to consider the possibility of security issues.
For example, digital currency exchanges may be susceptible to hackers, or investors may lose their hard wallets, which store private keys to access their funds, said Schaefer.
Those who want to keep currency on an exchange may opt for U.S.-based companies with a longer history, such as Coinbase or Gemini.
However, investors still need to guard their accounts with strong passwords and two-factor authentication, preferably with an app vs. text message, Schaefer said.
"If you use an authenticator app, it adds another layer of protection," he said.
See the rest here:
Facing a retirement shortfall? What to know before adding cryptocurrency to your portfolio - CNBC
Okcoin Announces Cryptocurrency (DABA) Licensing in Malta and the Netherlands – PRNewswire
SAN FRANCISCO, July 28, 2021 /PRNewswire/ -- Okcoin, one of the world's fastest-growing cryptocurrency platforms, today announced it has secured "In Principle" approval from the Malta Financial Services Authority and formal registration from the Netherlands Central Bank. The two cryptocurrency (DABA) licenses will enable Okcoin to further honor their commitment to build a more inclusive future of finance by providing easy access to cryptocurrency for European customers.
"Europe is a big focus for our global growth plans, and we have added almost 25 team members in 2021 to better serve our customers in this region," said Hong Fang, CEO at Okcoin. "We're seeing an increasing trend of European Neobanks looking to provide yield on their deposits, and a PwC report highlighted that 42% of global crypto hedge funds are involved in staking; our APIs and Earn product will provide them with this capability. With these licenses, we will continue growing our presence aggressively in Europe and adding payment rails and banking partnerships to further establish ourselves as a trusted partner for retail and institutional clients."
Upon formal approval from the Malta Financial Services Authority, Okcoin will be the only US-headquartered exchange to receive a Class 4 license, enabling cryptocurrency trading in addition to more commonly available wallet cryptocurrency services. This registration with the Dutch Central Bank will enable greater banking partnerships and payment rail integrations across Europe. Okcoin will be maintaining best practice compliance and ethical standards to create greater connections between the financial and banking system and the proliferating crypto ecosystem.
The licenses enable Okcoin to service customers across Europe as a regulated exchange, opening the door to partnerships with local banks and payments providers to further facilitate easy transactions in these markets, simplify the Euro-to-cryptocurrency transmission, and minimize regulation risks. Okcoin has served Netherlands customers with crypto-to-crypto trading since 2018. In May 2020, Okcoin registered with the Dutch Central Bank (DNB) as a crypto service provider offering crypto-to-fiat trading and exchange services.
With the addition of these licenses and global customers in more than 185 countries, Okcoin now serves more countries than any other US-headquartered cryptocurrency exchange in the world. To learn more about Okcoin, please visit Okcoin.com or follow Okcoin on Twitter and LinkedIn.
About OkcoinEstablished in 2013, Okcoin is one of the world's fastest-growing cryptocurrency platforms. Seeking to build a more inclusive finance future that builds wealth for everyone, Okcoin is building the next generation of tools to help anyone invest in and trade crypto easily and with industry-low fees. Okcoin supports millions of customers across more than 185 countries, assisting them in taking advantage of staking and DeFi offers and trading Bitcoin, Ethereum, and more than 25 other crypto assets. Headquartered in San Francisco, Okcoin has a remote, globally-distributed team and offices in Hong Kong, Singapore, Malta, Japan and Korea.
SOURCE Okcoin
See the original post here:
Okcoin Announces Cryptocurrency (DABA) Licensing in Malta and the Netherlands - PRNewswire
Cryptocurrency Prices Today on July 26: Bitcoin, Ethereum surge more than 20% in a week – Moneycontrol.com
Bitcoin's price is currently $30,665.66 and its dominance is currently 47.31 percent, an increase of 1.24 percent over the day.
July 26, 2021 / 08:07 AM IST
Cryptocurrency prices continue to be mostly in green on July 26. The global cryptocurrency market cap is $1.52 trillion, a 9.81 percent increase over the last day while the total crypto market volume over the last 24 hours is $83.97 billion, which makes a 19.32 percent increase.
The volume of all stable coins is now $67.44 billion 80.31 percent of the total crypto market 24-hour volume. Bitcoin's price is currently $30,665.66 and its dominance is currently 47.31 percent, an increase of 1.24 percent over the day.
This comes after Britain's Financial Conduct Authority (FCA) said onJuly 25 in the latest crack down on crypto trading that Crypto broker CoinBurp has no authorisation for a planned launch of its $BURP token and initial exchange offering on July 26.
CoinBurp said last week it had raised $6 million to build a platform for buying and selling non-fungible tokens (NFTs), digital assets that are attracting interest from some investors but also scrutiny from regulators worried about the risks.
Are the walls closing in on cryptocurrency ads? – The Drum
As celeb-fronted campaigns bring cryptocurrency into the mainstream, is it time for clearer regulation of ads?
A harsh spotlight was shone on cryptocurrency ads this month. The UKs ad regulator the ASA has said that it now will better police cryptocurrency content while TikTok has issued a warning to creators that it will not tolerate promotion of the divisive digital currency. At the same time, Google and Facebook appear to be opening the gate to more advertising from crypto companies having previously banned all ads. And even ads that do make it to air on the big screen have been quick to face criticism from the general public, wiser to the pitfalls of the crypto boom.
When Spike Lee the famed director behind films like Malcolm X appeared on screens last week extolling the benefits of why old money is out, new money is in in a campaign for crypto ATM operator Coin Cloud, he faced a swathe of criticism for failing to spot the hypocrisies.
Lauding Bitcoin et al as the digital rebellion against a financial system that systematically oppresses people of color and women, he marched through Wall Street denouncing archaic financial systems and encouraging the nation to cash in their dollars for cryptocurrency.
Do your research, Lee says between hyperbole. Is it a warning? If not, it should be.
According to the Federal Deposit Insurance Corporation, 5.4% of US households do not have a bank account, with the primary reason being a lack of sufficient funds to open one.
Yet these 20 million Americans appear to be the exact target audience that Lee was encouraging to rush to a Coin Cloud ATM to exchange their old money for a new currency thats inclusive and fluid.
Critics were quick to highlight that this group, arguably more than any other, is susceptible to the promise of making a quick buck without proper consideration for the risks involved with investing in something as volatile as cryptocurrency.
According to Glassnode, between May 17 and May 24, Bitcoin holders realized net losses of $2.56bn. Glassnode says most of these sellers were new bitcoiners who had acquired and subsequently sold the currency within the past three to six months.
In a survey of UK consumers conducted by behavioral finance experts Oxford Risk, 36% cryptocurrency investors admit their understanding of the sector was poor or non-existent.
But emotional factors such as the fear of missing out are driving growth, with around 35% of adults saying they have read a lot about huge price rises while 15% say they have been encouraged to buy by friends or family.
Spike Lee isnt the only celebrity to lend his star-power to cryptocurrency ads.
In the past, crypto companies had been used to marketing their products on pockets of the internet Telegram groups, online chatrooms and invitation-only forums. But as Bitcoin hit headlines, large investors like Tesla and Square backed various Coins, and financial giants like BNY Mellon, Visa and Mastercard revised their policies to support crypto projects, the crypto sector began to experiment with mainstream advertising. And their marketing pockets are deep if the calibre of celebs they've signed on to front major ad campaigns is anything to go by.
Actor Neil Patrick Harris has bragged of the benefits of being an early Bitcoin investo for a CoinFlip campaign, Alec Baldwin has mocked those who think trading crypto on Etoro should be anything other that quick and easy, while Tom Brady and Gisele Bndchen have become brand ambassadors for FTX to encourage adoption of the digital currency.
These companies are also spending big on digital advertising, specifically with social media influencers.
Internet sensation Kim Kardashian West promoted Ethereummax a so-called alternative-coin, or alt-coin, to the more established Bitcoin to her 228 million Instagram followers last month.
Over on TikTok, young stars Charli and Dixie DAmelio turned their combined 169 million followers attentions to cryptocurrency exchange Gemini as part of a sponsored campaign. In fact, the use of influencers by crypto companies on TikTok was so widespread they were given the moniker Fintok advisors.
But concern has been mounting within the walls of advertising regulators over the lack of scrutiny given to cryptocurrency ads, especially those targeting a young and financially naive audience.
The Advertising Standards Authority (ASA) in the UK recently said that it would be taking a more serious look at any crypto advertising. It came following the ban of an OOH campaign from UK-based exchange Luno, which ran a series of ads reading: If youre seeing Bitcoin on the Underground, its time to buy.
The watchdog said it plans to offer guidance for companies in the coming weeks, and is considering whether further action is needed around social media influencers promoting investments in the space without disclosing enough about the risks.
Further afield, the Advertising Standards Council of India (ASCI) said this week that it was looking into the rise of crypto ads after identifying it as an emerging area of concern.
But its slow progress. Arguably too slow for the fast paced nature of this sector, where scams and fraud are all too common.
It is inevitable that digital asset investments and crypto currency ads in particular will face greater scrutiny and tighter regulation. Its really a case of slow regulators catching up with fast-developing technology and greater public awareness, says Rafe Blandford, chief product officer at Digitas UK .
Focus is sharper on this sector because of the associated consumer risk with any investment instrument, especially in what currently feels like a Wild West atmosphere. Because country by country legislation can be slow, we can expect to see ad networks enacting their own policies and self-regulation.
Atomic London is an advertising agency that counts Etoro a trading platform that lists numerous cryptocurrencies among its clients.
The agencys chief executive Jon Goulding said he is in no doubt that a clamp down in crypto advertising is coming. However, he raised concerns over how effective it would be when there remains no official regulation by the Financial Conduct Authority (FCA), agreeing with Blandford that ultimately well see a network-level stance taken, rather than anything government mandated.
"With most crypto currencies not regulated by the FCA, how are consumers really going to be protected?, says Goulding. It comes down once again to whether digital and social media platforms will self-regulate and block crypto-advertisers from accessing their inventory and not simply whether there is an arbitrary warning, you could lose all of your money as a small print alongside advertising messages.
But rather than a move to stricter regulation of crypto advertising, it appears some digital and social platforms are slowly opening up to it.
Facebook which owns Instagram introduced a harsh crackdown back in 2018 with a blanket ban on crypto companies using its ad product. It has since lifted those restrictions to allow some adverts from pre-approved brands, and has no policy on its site in regards to influencers promoting crypto.
Like Facebook, Google had also previously taken a firm stance on crypto ads in an effort to clamp down on scams. But it appears to be loosening those restrictions for crypto exchanges and wallets, with reports emerging that it has invited potential advertisers to apply for commercial opportunities this month ahead of a change in policy in August.
Given the track record of those platforms I dont hold out much hope that theyll suddenly start clamping down on it, says Goulding. Ironically, when going on to digital publishers sites to look at articles relating to the ASA banning cryptocurrency advertising, the first pop up ad was for a cryptocurrency.
TikTok, however, is getting tougher. Earlier this month it updated its content policy to ban among other things influencers from promoting cryptocurrency.
Aside from the platform, the ability for crypto brands to market to the masses may also come down to the ethical values of the advertising agencies they want to employ.
Many agencies have committed to AdNetZero to help the industry tackle the climate change emergency. Spearheaded by the Advertising Association, its aiming to reduce the carbon impact of developing, producing and running UK advertising to real net zero by end 2030 and asking agencies to commit to make practical changes in the way they run their advertising operations.
The environmental impact of crypto currencies is significant. Between start of 2016 and mid-2018 its estimated that crypto mining was responsible for up to 15 tons of carbon dioxide emissions. The most prominent crypto currencies Bitcoin, Ethereum, Litecoin and Monero used more electricity in 2017 than Ireland or Hong Kong, says David Edwards, chief customer officer at AMV BBDO, suggesting that agencies may need to take a stand on bringing cryptocurrency brands on as clients.
Its estimated that for every $1 of Bitcoin value created it was responsible for creating $0.49 in health and climate change otherwise known, I think, as cryptodamages. It seems sensible that there should be tighter advertising regulation until cryptocurrencies are subject to proper global regulations with all the checks and balances in place regarding personal and environmental protections.
Follow this link:
Are the walls closing in on cryptocurrency ads? - The Drum
iSchool to Host 1st Syracuse Blockchain and Cryptocurrency Research Workshop – iSchool | Syracuse University – Syracuse University News
To continue its role as an educational leader in blockchain and cryptocurrency, the iSchool will host the First Syracuse Blockchain and Cryptocurrency Research Workshop from August 16-18. The workshop, hosted by Syracuse University professor Lee W. McKnight, will bring together and recognize ongoing diverse research on blockchain and cryptocurrency.
Theres daily media noise around the whole space of blockchain, cryptocurrency, and NFTs, explains McKnight. We want to ignore the noise and ensure theres real research substance to the event. Some may dismiss cryptocurrencies as fraud. And while there are cryptocurrency frauds around, there are also legitimate research questions and student employment opportunities.
The iSchool has positioned itself at the forefront of blockchain and cryptocurrency research and education in recent years by offering the first blockchain management course, which is now standardized as IST 408 for undergraduates, and offered online and in-person for masters students. Through this course, students participate in hands-on blockchain and cryptocurrency research projects of their own creation. Many students and faculty associated with WiTec, the Worldwide innovation Technology entrepreneurship club, and the newly formed Cryptocuse club have engaged in related research, which the workshop will highlight.
One workshop objective is getting an ongoing dialogue going between the academic community, the business community, and government about cryptocurrencies and blockchain innovation and policy, says McKnight. The various round tables will provide a way for dialogue, while research paper presentations and student blockchain project demos will be, for all of us, leading-edge learning opportunities and may help set the direction for further research.
Attendees will have the opportunity to learn from some of the biggest names in blockchain and cryptocurrency, includingCoinmint, which operates the largest digital currency data center in North America -operating sustainably on environmentally-friendly hydro-power provided by NYPA. They can also enjoy sessions on blockchaining cyber-physical communities, the cryptocurrency mining industry, and blockchain law, policy, and regulation research.
Confirmed keynote speakers include Professor Steve Lupien from the University of Wyoming Center of Blockchain Excellence, Professor Ian Taylor from the University of Notre Dame and SIMBA Chain, Dr. Naseem Naqvi, Founder of British Blockchain Association and University Professor Carl Schramm.
Workshop sponsors includeSimba,Coinmint,VMware, and theSyracuse University Renee Crown University Honors Program.
Registration for this event is free. Attendees can attend sessions in-person at 111 Hinds Hall or via Zoom. In-person capacity is limited. Visit theevent websitefor a complete schedule and a list of speakers.
The rest is here:
iSchool to Host 1st Syracuse Blockchain and Cryptocurrency Research Workshop - iSchool | Syracuse University - Syracuse University News
Mastercard Launches Global Program to Help Cryptocurrency Startups Scale Their Innovations Featured Bitcoin News – Bitcoin News
Payments giant Mastercard has launched a new, global program for cryptocurrency startups. Seven crypto companies have already joined the program. Together with Mastercard, they will work to expand and accelerate innovation around digital asset technology and make it safer and easier for people and institutions to buy, spend and hold cryptocurrencies and digital assets.
As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry, and provide consumer protections and security. Part of our role is to forge the future of cryptocurrency, and were doing that by bridging mainstream financial principles with digital assets innovations.
What do you think about Mastercards new program for crypto startups? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Original post:
Mastercard Launches Global Program to Help Cryptocurrency Startups Scale Their Innovations Featured Bitcoin News - Bitcoin News