TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. France central bank tests digital euro. US is not fully compliant with FATF rules. CoinMarketCap won’t charge for listing currencies. GitHub will bury bitcoin code to preserve for future generations. Russian illegal mining operations stealing $200,000 a month was dismantled, and scammed “Massive Adoption” conference attendees to get free legal assistance.
France Tests Digital Euro
France announced they are running the first tests of a central bank digital currency (CDBC) in the form of a digital euro, even in the midst of the coronavirus pandemic. The Bank of France stated this is a trial to study of the usefulness of these tools as payment methods. The Bank of France official statement says they “aim is to explore the potentialities offered by this technology, and to identify concrete cases integrating Central Bank Digital Currencies in innovative procedures” with this test.
US Not Fully Compliant With FATF Rules
The Financial Action Task Force (FATF), the anti-money laundering watchdog of the world, declared the US is still not fully compliant with its crypto recommendations. The report sites various deficiencies in several key areas, especially the requirements for Money Services Businesses that have to hold detailed information for transactions over $3,000, instead of over the $1,000 limit the FATF advises. Despite this, the US still ranks as “largely compliant” with the FATF rules, having improved since 2016.
CoinMarketCap Won’t Charge for Listing Currencies
To clarify, CoinMarketCap is not going to start charging for listings. Please do not believe hearsay or unconfirmed media reporting.
— CoinMarketCap (@CoinMarketCap) April 2, 2020
CoinMarketCap, the leading crypto price index site recently acquired by Binance, dispelled rumors about a supposed change of policy regarding the listing of new crypto assets on its platform. The company clarified they were not going to start charging cryptocurrency projects for listings, urging projects to “not believe hearsay or unconfirmed media reporting.” Binance acquired the site for $400 million, according to reports confirmed by CoinMarketCap CEO Brandon Chez, who stated he was going to stay in an advisory role.
Github to Store Bitcoin Code in Arctic Mountain of Sweden
GitHub, the code hosting service, will store a snapshot of the BTC code in an icy mountain to protect it for coming generations. The code will be snapshotted and printed on film reels protected in steel containers to be stored in a coal mine, buried 250 meters underground in a Swede archipelago called Svalbard. Other crypto code will also be stored. “I think it’s likely that at some point in the future the electronic record will be lost. It’s all pretty fragile,” declared BTC maintainer Wladimir van der Laan on the project’s goal.
Russian Illegal Mining Operation Stole $200,000+ in Electricity
A series of mining farms operating illegally stole more than 15 million rubles (or $200,000) per month in electricity, according to a statement from the Russian Ministry of Internal Affairs. The farms, located in different sites of St Petersburg and Leningrad, were stealing electricity using modified power meters that did not record energy consumption. The enforcement operation, that involved more than 20 searches with police crews in the area, allowed authorities to arrest a man suspected of the crime and nine of their alleged accomplices.
Scammed Crypto Conference Attendees to Get Free Legal Assistance
According to reports, @jacobkostecki promoted and canceled a conference called #MassiveAdoption. He promised refunds and has failed to pay. #SilverMiller will represent anyone who is owed $1,000 or less free of charge. https://t.co/LAJSfXptQW
— David Silver (SILVER MILLER) (@dcsilver) April 1, 2020
Silver Miller, a securities fraud and investment loss firm, offered to assist people who lost more than $1,000 in the “Massive Adoption” cryptocurrency conference scam. The announcement was made by David Silver, an attorney from the firm. The conference organized by Jacob Kostecki was scheduled to happen on Feb. 27-28 in the University of Memphis’ FedEx Institute of Technology, but was canceled due to cash flow problems. Kostecki promised he would pay ticket holders back but it has not happened.
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