TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Justin Sun promises to one-up Andrew Yang’s UBI. Marshall Islands to issue own national cryptocurrency. Germany to block Libra. Cuba using crypto to sidestep economic sanctions. Hacker stole music from famous musicians to sell it in exchange for crypto, and US Treasury recognizes cash is used more than crypto for terrorism funding.
Justin Sun Promises to One-Up Andrew Yang
Yang’s initiative to UBI $1k to 10 ppl per mth for 1 yr, I'll pledge UBI $1k to 100 ppl per mth in 2020! I'll pick 1 to attend lunch w/ me & @WarrenBuffett 2020! I'll let Yang assist me in picking the lucky 100! Join us! #YANG2020 @AndrewYang https://t.co/YQFnXwXtuf
— Justin Sun (@justinsuntron) September 13, 2019
Justin Sun, the founder of TRON, announced he will support Andrew Yang’s push for UBI (Universal Basic Income) by one-upping Yang. Sun stated he would support the UBI of $1K for 100 people monthly during 2020, and that one of these people would also be chosen to attend the charity lunch event Sun is to have with Warren Buffett.
Marshall Islands Proceeds with National Cryptocurrency
The nation of the Marshall Islands will create a cryptocurrency version of its fiat, taking advantage of its own circumstances as a country. The currency would be sent to every eligible citizen automatically, and it would be separated from its physical brother, having different amounts and values. David Paul, assistant minister to the President, declared that as a small nation “it’s going to be easier and faster for us to make decisions and respond to the market.”
Germany to Also Block Libra
Germany has taken Facebook’s Libra into account while establishing their national blockchain strategy, which, according to reports, won’t approve “market relevant private stablecoins.” The head of Germany’s national blockchain strategy, Thomas Heilmann, stated central bank measures have worked to avoid inflation and crises, but “once a digital currency provider dominates the market, it will be quite difficult for competitors.” Germany’s anti-Libra statements come only days after France also condemned Facebook Coin.
Cuba Using Cryptocurrency to Sidestep Sanctions
Cubans are leveraging the power of cryptocurrencies to acquire goods, send and receive money from and to abroad, according to an article by US News. Cubans are using their newly launched mobile internet to buy things online with crypto, and receive money from their peers. Relative anonymity is key, and they use Telegram groups like CubaCrypto to onboard themselves. There is also a Cuban-oriented cryptocurrency exchange called Fusyona used mostly for remittance purposes.
“International Superstar” Hacker Stole Music From Famous Musicians to Sell Online for Crypto
A 19 year old hacker was arrested in England because he stole music from international Grammy-winning artists’ sites, only to then sell it online in exchange for cryptocurrency. The authorities did not reveal the musicians impacted, but did declare there were at least 2 of American nationality. “This sort of crime causes significant financial loss to those who work so incredibly hard to produce, write and make music for their fans to love and enjoy,” Detective Inspector Nick Court declared.
US Treasury Official Recognizes Terrorists Use Cash More Than Crypto
U.S. Treasury Under Secretary Sigal Mandelker expressed her worries about cryptocurrencies being used as a source of financing for terrorist groups during a speech for the Annual International Conference on Counterterrorism. Despite this, she recognizes cash is still the first source of terrorist funding. Mandelker declared that “while most terrorist groups still primarily rely on the traditional financial system and cash to transfer funds, without the appropriate strong safeguards cryptocurrencies could become the next frontier.”
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