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China Central Bank Crypto is Ready, FAFT Global Crypto AML, New Jersey Blockchain Task Force

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. China central bank crypto ready. FATF to tailor global crypto anti-money laundering system. New Jersey establishes blockchain task force. Cryptojacking cases still abundant but decreasing. Etihad Airlines to leverage blockchain for distribution purposes, and Tornado.cash brings private transactions to the Ethereum network.

China Central Bank Digital Currency is Ready

China central bank

Mu Changchun, an officer on  the payments and settlements division of the People’s Bank of China, announced the PBoC-backed digital currency “can now be said to be ready.” It won’t adopt a traditional blockchain-based architecture due to the lack of throughput it would have for the intended use. A kind of two-tiered system apparently will be adopted, with China central bank on top and commercial banks on the bottom tier.

New Global Crypto Watch System to be Designed by FATF

China central bank

More than 15 countries agreed to share user information on cryptocurrency traders across a global system to fight money laundering and the illicit use of these assets. The system would be designed by the Financial Action Task Force, the international organization that dictates anti-money laundering policies for more than 30 countries. The measures and the strategy this platform will employ will be drafted by next year and implemented in the following years as adopted by each country.

New Jersey to Establish Blockchain Task Force

China central bank

The governor of New Jersey, Phil Murphy, signed a bill to create a Blockchain Task Force to examine the different properties and opportunities this new tech could bring to the state. The Task Force will be comprised of 14 still members and helmed by a CTO, Chris Rein. A report about the activities of this group and the benefits of adopting blockchain technologies to solve specific problems in the state will be presented after 180 days of its creation.

Cryptojacking Cases Still Abundant, But Decreasing

A new report from Check Point, a cybersecurity firm, found that while cryptojacking cases are still large in number, the quantity and importance of them have declined since last year. 42% of the businesses worldwide were infected in 2018 with crypto-related malware, compared with 24% this year. According to the report, the reason behind the drop in activity could be reduced revenue and how popular mining tools, like Coinhive, have closed their doors.

Etihad Airlines to Use Blockchain Platform to Solve Distribution Problems

Etihad Airlines, an Emirates-based company, will reportedly use blockchain to solve the distribution problem with their flights and services, bypassing third parties. Winding Tree, an open-source software company, will design the system. Etihad wants to get around big distribution systems like Amadeus and Sabre by directing the offers to a blockchain, and then letting users access these orders themselves. The platform is intended to be used by travel agencies and hotels.

Tornado.cash Features Cash-Like Privacy on Ethereum

There is a new privacy tool letting Ethereum users enjoy cash-like anonymous withdrawals on top of the Ethereum network. Its name is Tornado.cash, and it uses the same principle of ZCash to achieve its purpose: zero-knowledge proofs, a way of signing transactions without revealing sender data. In practice, Tornado.cash behaves just like a bitcoin mixer with some quirks because to withdraw ether another wallet with ether is needed to mix it.

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