“IMF says governments could set up their own cryptocurrencies”
Governments should consider offering their own cryptocurrencies to prevent the systems becoming havens for fraudsters and money launderers, Christine Lagarde, head of the International Monetary Fund said referring to the fast-growing fintech industry. Lagarde said central banks had to work quickly to establish digital cash for burgeoning networks of private financial transactions or risk their mushrooming into trading networks that were inherently unstable.
“Marshall Islands’ plan for a national cryptocurrency survives crucial vote”
Plans to launch a national cryptocurrency for the Republic of the Marshall Islands are still in motion after President Hilda Heine survived a vote of no confidence. The Pacific Island nation intends to issue a local cryptocurrency called the sovereign (SOV) as a second legal tender, alongside the US dollar, despite concerns being raised about the economic risks involved with such an endeavour. President Heine faced a vote of no confidence after eight senators accused her of damaging the reputation of the country by backing of the proposed currency.
“CFTC Fines Bitcoin Trader $1.1 Million for Crypto Fraud ”
The U.S. Commodity Futures Trading Commission (CFTC) has jailed a bitcoin trader and fined him over $1 million for running a fraudulent bitcoin and litecoin scheme. According to a press release issued Friday by the CFTC, the trader, Arizona resident Joseph Kim, admitted to defrauding investors of hundreds of thousands of dollars after misappropriating more than $600,000 of his previous employer’s funds.
“Questions raised over Bitmain profits after IPO filing”
Bitmain Technologies, the world’s largest maker of cryptocurrency mining hardware, has stated significantly smaller profits in its initial public offering prospectus than in documents related to earlier funding round. In its IPO prospectus, Bitmain stated 2017 net profits as $701.4m. In documents published ahead of a $422m pre-IPO funding round, just one month earlier, Bitmain said that year’s net profits were $1.1bn.The Beijing-based group, whose machines are responsible for mining at least half of the world’s stock of bitcoin, filed to list its shares in Hong Kong at the end of September, and is aiming to raise at least $500m at an implied valuation of not less than $18bn, according to documents seen by the Financial Times.