IMF Vows to Continue ‘Devoting Attention’ to Blockchain, Cryptocurrency in Fintech Drive

The International Monetary Fund (IMF) said it plans to use its ongoing research and experimentation with blockchain as an “anchor” for its future policy on the technology in comments Nov. 12. Speaking on a panel with Ripple CEO Brad Garlinghouse during the Singapore Fintech Festival 2018, IMF Deputy General Counsel Ross Leckow highlighted three areas the organization has been “active” in regarding blockchain, cryptocurrency and more. “The IMF is devoting a lot of attention to fintech and in particular to blockchain,” he told the audience, continuing: “But we think that…

Canadian Bank Opens Deposit Box for Cryptocurrency Firms

A Canadian bank says its digital safety deposit box is ready for prime time. VersaBank announced Thursday that its new VersaVault project had successfully completed beta testing. The digital-only bank plans to offer the virtual lockbox to cryptocurrency exchanges and crypto investment funds to store digital assets. VersaBank Director of Investor Relations Wade MacBain told CoinDesk that the bank has already received over 200 inquiries about VersaVault. In a statement, VersaBank CEO David Taylor added: “While many are considering ideas and plans for a digital safety deposit box, we have designed…

Canadian Bank Set to Launch Uncheckable ‘Deposit Box’ for Cryptocurrency

A subsidiary of Canadian financial institution VersaBank confirmed it had finished beta testing of a “digital vault” for storing cryptocurrency in a press release Nov. 8. VersaVault, which announced its so-called “digital safety deposit box” in February, is aiming to attract crypto exchanges and funds as clients for the new tool. The product provides cryptocurrency storage on servers dotted throughout the world, the deposit box element lying in the fact the bank itself can neither brute force the digital ‘boxes’ nor know their contents. “While many are considering ideas and…

Will Recent Economic Sanctions Drive Iran to Cryptocurrency?

A recent FinCEN advisory has stated that the re-imposition of economic sanctions on November 5 could drive Iran to get more serious about the cryptocurrency experiments it began in 2013. Could Iran Follow North Korea’s Lead Evading Sanctions Using Crypto? Iran has made little secret of its interest in cryptocurrency. The nation is believed to have been exploring the financial technology’s use since 2013. In an advisory issued on October 11, the U.S. Financial Crimes Enforcement Network (FinCEN) stated that the Gulf State may be forced to increase its forays…

California Cybercrime Police Focus on Cryptocurrency SIM Swapping as ‘Highest Priority’

U.S. law enforcement consider so-called “SIM swapping” one of its “highest priorities” in a bid to fight cryptocurrency fraud, security news and investigation blog KrebsonSecurity reported Nov. 7. Speaking to the publication, Samy Tarazi, a police sergeant in Santa Barbara and a supervisor of the REACT Task Force — a group dedicated to fighting cybercrime — said the number of instances of the crime had increased dramatically. “For the amounts being stolen and the number of people being successful at taking it, the numbers are probably historic,” he said. SIM…

eToro Launches Bespoke Cryptocurrency Wallet for Bitcoin and Three Altcoins

Global cryptocurrency and fiat trading platform eToro announced the release of its own cryptocurrency wallet today, Nov. 6, with initial support for four cryptoassets. EToro, which last month became the first platform to offer fiat trading of cryptocurrency exchange Binance’s in-house token Binance Coin (BNB), promises to add additional functionality to the product following the initial release. “The eToro wallet today is just the beginning and we will adding a whole host of additional functionality which will include supporting additional crypto and fiat tokens, crypto to crypto conversion, the ability…

Ripple (XRP) Briefly ‘Flippens’ Ethereum to Become 2nd-Largest Cryptocurrency

Twitter Facebook LinkedIn Ripple (XRP), long the world’s third-largest cryptocurrency, capped off an impressive single-day rally with a foray onto the market’s silver podium, briefly evicting ethereum (ETH) from the market cap ranking it has long called home. Ripple (XRP) Challenges Ethereum for Silver Podium The rally, as CCN reported, saw the ripple price rise an astounding 14 percent on a day when bitcoin (BTC) traded sideways, and no other large-cap cryptocurrency rose more than 4 percent. In fact, XRP’s single-day return was triple that of Metaverse ETP, whose 4…

Turkish Police Arrest 11 Suspects in Alleged Hack of Cryptocurrency Wallet Accounts

The Cybercrime Department of the Turkish National Police has arrested 11 suspects in an alleged hack of crypto accounts, with victims reporting more than $80,000 in losses, major Turkish newspaper Hürriyet reported Friday, Nov. 2. According to the article, 14 individuals have reported to local prosecution authorities that their crypto wallets were hacked with their Bitcoin (BTC) transferred to other wallets. Following the complaints, the Istanbul police launched an investigation against a group of hackers that had allegedly compromised users’ emails, crypto wallets’ accounts data, and passwords. On Oct. 26,…

Brazilian Tax Regulator Publishes Draft on Cryptocurrency Taxation

The Department of Federal Revenue of Brazil (RFB), which administers tax collection in the country, is seeking to receive monthly reports on crypto assets operations, according to a document released by the RFB Tuesday, Oct. 30. In the paper, the RFB has announced that Brazil-based crypto exchanges are now obliged to send them detailed reports on all crypto-related operations on monthly basis. For instance, the companies have to reveal the amounts of transactions and the identity of the customers. Moreover, both legal entities and individuals residing in Brazil are now…

Updated Morgan Stanley Report Hails Cryptocurrency as ‘New Institutional Investment Class’

Bitcoin and altcoins has been a “new institutional investment class” since 2017, U.S. multinational investment bank and financial services company Morgan Stanley claims in a new report released Oct. 31. The document, titled “Bitcoin Decrypted: A Brief Teach-In and Implications,” sees the newly-bullish Morgan Stanley weigh in on the “surprising” developments in cryptocurrency that continue to the present day. According to its latest findings, the “surprises” to come from crypto in 2018 are a “strong” formation of new funds targeting the sector, as well as the “growth” of cryptocurrency-tied futures.…