UN Cyber official, Neil Walsh who is a senior UN official, claims that cryptocurrencies and mainly bitcoin make the task of fighting terror financing, cybercrime and money laundering tougher than ever due to their anonymity. Let’s find out what he thinks in the latest cryptocurrency news today.
According to the UN Cyber official, the cybercrime and anti-money laundering chief at the United Nations Office on Drugs and Crime, cryptocurrencies have also made handling the global sexual exploitation network even harder. At the same time, Walsh also warned that the ‘’scale of online child sexual abuse is much bigger than most people realize.’’ He stated:
“In the past when we looked at the really big high-threat areas like kids getting abused online it had to be paid for. And now with the use of cryptocurrencies, it’s exceptionally difficult for investigators to track that and try to manage that risk down.”
As a solution, Walsh made a proposal that the governments in the world should have to force the bitcoin and crypto exchanges to strictly observe know-your-customer (KYC) and anti-money laundering (AML) regulations in order to always be aware who is buying and who is selling crypto but also how is moving that value along. While Walsh has claimed that the cryptocurrencies made fighting child sexual exploitation online even harder than ever, there are some encouraging successes in the recent past despite his comments.
Earlier this month, the creator of the popular but also controversial Tor-based members-only website that exploited children was sentenced to more than thirty years in jail. Some of the other participants in the crypto-funded child exploitation enterprise network, were also caught and they received jail sentences but there is no information currently on the time that they will have to spend in jail. These successes show that Bitcoin should not only be made a scapegoat but that with effective law enforcement and good regulations, crimes can fall even when they are conducted with the help of cryptocurrencies. As per the reports in the coming altcoin news, the crimes involving cryptocurrencies seem to be far less interesting for the criminals as they still prefer the traditional methods.
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"I have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate’s assets are being returned to QCX to benefit the Affected QuadrigaCX victims," Robertson explained.For now, we are awaiting a response from the RCMP which will be crucial for the next events.
Lagarde Suggests ECB Has To Set Objectives For Digital Currencies
‘’Are we trying to reduce costs? Are we trying to cut out the middleman? Are we trying to have inclusive finance at no cost? There is a whole range of objectives that can be pursued.’’Lagarde admitted to the increased demand for stablecoins ignoring Bitcoin and referred to the interest shown by the Canadian and British counterparts as well:
‘’My personal conviction is that given developments we see, not so much in bitcoin but in stablecoins projects… we’d better be ahead of the curve because there is clearly demand out there that we have to respond to.’’Last month, the bank was thinking about launching a digital currency and the proposal was a part of the new draft that seeks to ban the high-risk crypto projects. At that time, a target for ECB was Libra and the global digital currency projects developed by some entities such as Facebook which have been repeatedly criticized by European leaders. With a digital currency that will be parallel to the euro, the consumers will have a cheaper means of payment option and this will also have a huge impact on the bank’s fiscal policy. The Central bank will also be able to inject funds into the economy to achieve inflation targets which the ECB left unchanged so far.
Square Crypto Gives Grant To A Talented Network Developer
“ZmnSCPxj has been a part-time contributor to Lightning and C-Lightning for two years. With this grant, he’ll be able to leave behind his day job of 14 years and go full-time on Lightning and bitcoin. This is the first financial support he’s received for his bitcoin work … ZmnSCPxj is well-known for his prolific posts on lightning-dev email lists, ability to analyze and respond to proposals in excruciating detail, and doing both while generating comprehensive proposals of his own.”This grant is another tangible step in the direction of helping the fledging Lighting Network mature. In that manner, 'ZmnSCPxj' will now be able to devote the entirety of their professional focus to contributing to the improvement of the experimental scaling tech.https://twitter.com/sqcrypto/status/1204815615678177280The grant to 'ZmnSCPxj' comes a few months after the Square Crypto team doled out $100,000 in a grant to the BTCPay Foundation, a non-profit organization backing the BTCPay Server project which has recently become something of a darling in the BTC community offering a permissionless Bitcoin payment rail.Square Crypto gives grants and remains a team that is lean, independent and fully open-source. Ran by the CEO of Twitter, Jack Dorsey, the team is determined to shine in the future. As Dorsey stated before:
"The world ultimately will have a single currency, the internet will have a single currency … I personally believe that it will be bitcoin."
BitMEX Exchange Enables Native SegWit Support
“The key advantage of Bech32 addresses is that transaction fees can be saved when spending Bitcoin, which was already sent to a Bech32 address. Therefore this upgrade will not directly result in fee savings when customers withdraw from BitMEX, however in the next transaction, when the bitcoin already withdrawn from BitMEX is spent again, our customers may benefit from lower transaction fees.”The exchange also explains that when spending from an address which is not in the Bech32 format, the user adds around 20 bytes of data to the transaction. The lack of data in the native SegWit transactions saves fees and allows the network to scale and expand more.As analysis shows, native SegWit spending saves about 37% when compared to traditional transactions as well as 17% when compared to non-native SegWit transactions. The next wallet upgrade planned by BitMEX is enabling non-native SegWit support on its P2SH addresses.
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