TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. US Congress recommends regulating cryptocurrencies under the Bank Secrecy Act. European Central Bank (ECB) calls for the European Union to ignore Libra’s promises. North Korea denies $2 billion in crypto heist rumors. Forgotten cryptocurrency recycles news to pump price. Google “BTC” searches skyrocket, and Binance launches extended lending products.
US Congress Could Regulate Crypto Institutions Under the Bank Secrecy Act
The US Congress should regulate the whole cryptocurrency industry and its service providers under the Bank Secrecy Act. This was the recommendation that the Financial Integrity Network, an advisory firm, made to lawmakers in a written testimony submitted ahead of a recent hearing. They argued to the US Congress how a new class of financial institutions should be created, called Virtual Asset Service Provider (VASP), as “even for those VASPs currently regulated as money transmitters, the regulations are insufficient to protect virtual assets from exploitation.”
ECB Officer Says EU Should Ignore Libra’s Promises
Yves Mersch, a member of the European Central Bank board, charged against Facebook Coin Libra, stating the introduction of such a currency could impact central bankers’ ability to apply economic measures effectively. Mersch further declared Libra “could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role,” and called for Europe not to be deceived by “treacherous promises” made by Facebook.
N. Korea Denies Having Stolen $2 Billion via Cyberhacks
North Korea denied allegations of recent reports from the United Nations saying they managed to loot more than $2 billion dollars through electronic attacks on banks and cryptocurrency-related hacks. According to a national spokesperson, these were just “ill-hearted rumors” spread by the US and other hostile forces for tarnishing “the image of our Republic and finding justification for sanctions and pressure campaign.” The UN report stated most of the alleged hacked money went to finance WMD related programs.
Forgotten Cryptocurrency Recycles Old News to Seem Relevant Again
A 2017 payment startups cryptocurrency called Metal is taking old news and pumping it as fresh again to make the price of its own token rise. Metal had a token sale back in 2017 when he ICO craze was still safe and sound, and managed to raise more than three million dollars. Now, the project is back, announcing some of its landmark achievements like the launch of its Metal Pay system. The problem? Metal Pay’s launch was actually announced last year in September.
Google Searches for “BTC” Skyrocket
The number of Google searches for BTC skyrocketed internationally and also in the US, with the statistical graphs showing its rise as a vertical line. While this is a great thing for investors and newbies alike, the explanation for the event is still a little fuzzy: it’s just the letters BTC experiencing this climb in popularity, while “bitcoin” is still being searched at normal levels.
Binance Launches Extended Lending Products
Cryptocurrency exchange Binance announced the start of a new, extended phase for their lending products. They are adding new cryptocurrency choices: BTC, ethereum and cardano, in addition to ethereum classic, binance token and tether. The system will let users lend their cryptocurrency of choice to win a custom interest rate depending on the time the coins will be lent and also the specific cryptocurrency elected.
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