San Francisco Fed CEO: Crime Is Easier With Digital Currency
John C. Williams, president and CEO of the Federal Reserve Bank of San Francisco, Calif., sees fintech as holding great promise for the financial system, but he also believes regulation plays an important role in allowing fintech to fulfill its potential. Speaking to the LendIt USA 2016 conference in San Francisco, Williams said there are potential risks involved with new advances that regulators have to consider. LendIt USA is an online lending platform. During his presentation [PDF], he cited the possibility that digital currency can be used to support criminal and....
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The president and CEO of the Federal Reserve Bank of San Francisco gave a speech on financial technology earlier this week, pointing to digital currencies as an area of potential risk. In remarks, John Williams of the San Francisco Fed noted the proximity of his institution to Silicon Valley, and indicated a desire to engage with developers of FinTech – but suggested that some areas of development are perceived as risky by central bank officials. He pointed to advanced computing applications as having the potential to "help overcome" money laundering and terrorist....
In a Tweet, Kraken CEO Jesse Powell has made the decision to close the Kraken global headquarters in San Francisco. The Golden City is losing its shine as one of the largest United States-based cryptocurrency exchanges closes its San Francisco-based headquarters. Kraken CEO, Jesse Powell retweeted that Kraken will close its global headquarters on 548 Market Street, in the center of San Francisco. In the retweet shared by a San Francisco-based political commentator, Richie Greenberg, the decision cites that: “We shut down Kraken’s global headquarters on Market Street in San Francisco after....
Bitcoin is a freedom currency in a manner that isn’t obvious and which is virtually undiscussed. Bitcoin is commonly linked to victimless crime, but the dynamic reaches far deeper than merely freeing individuals to buy goods and services, unsavory or not. Victimless crime is the lifeblood of the surveillance state without which big government could not....
Prominent bitcoin and Ethereum wallet and exchange Coinbase has unveiled a new feature to users in Europe who will now be able to purchase the digital currencies on their phones, using a payment card. Coinbase has announced that its European customers can now purchase bitcoin and Ethereum on their mobile phones using a credit or debit card. The prominent bitcoin wallet and services provider revealed that forty percent of digital currency purchases via payment cards in the U.S. were done on mobile. The new feature is a means to making bitcoin- and ether-buying simpler and easier while on....
King Charles announced the bill in May to both houses of the U.K. Parliament, saying it was aimed at tackling illicit finance, reducing economic crime and helping businesses grow. The government of the United Kingdom has introduced a bill aimed at cracking down on money laundering and fraud, specifically by expanding the authorities’ ability to target cryptocurrencies used for illicit purposes.In a Thursday announcement, the U.K. government said lawmakers had introduced the Economic Crime and Corporate Transparency Bill in Parliament as part of efforts to drive “dirty money” out of the....