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Using blockchain for biometric tracking would be the technology’s killer app in the travel security sector, a representative from the U.S. Customs and Border Protection has said. Using blockchain for biometric tracking would be the technology’s killer app in the travel security sector, according to a representative from the United States Customs and Border Protection (CBP) agency. The news was reported by travel industry media outlet Skift on March 21. Sikina Hasham, program manager at the CBP, made her remarks during a panel at the JetBlue Technology Ventures Blockchain in Travel Summit in New York City on Wednesday. In response to a question from panel moderator David Post — managing director of IBM Blockchain Ventures — Hasham said that an area of significant promise for the government’s use of blockchain lies in its conjunction with biometrics: “One area we’ve seen a significant amount of success in is facial comparison and biometric data. There is a service we’ve created to verif..
The Basel Committee on Banking Supervision believes that cryptos are unsafe to rely on as a medium of exchange or store of value. International banking authority the Basel Committee on Banking Supervision (BCBS) has issued a warning statement on crypto assets on March 13. The BCBS is a committee of banking supervisory authorities hosted and supported by the Switzerland-based Bank for International Settlements (BIS) — an organization made up of 60 of the world’s central banks In today’s statement, the committee warned that the robust growth of the crypto industry could potentially “raise financial stability concerns and increase risks faced by banks.” The committee noted the risks were present despite the crypto market’s currently small scale in relation to the scope of the global financial system. The BCBS also argued that crypto assets are “unsafe to rely on” as a medium of exchange or store of value, two of the main functions of money, implying that “cryptocurrency” is a misnomer. T..
A recent report from Bloomberg analysts states that Bitcoin could be nearing another significant sell-off. Key price movement indicators show that Bitcoin (BTC) could be heading for another move downward, according to a recent report from Bloomberg on March 12. The report states, “Technical gauges signaling long-term buying demand for Bitcoin are deteriorating” and as such, buying pressure could increase. Bloomberg notes that the seminal crypto’s Moving Average Convergence Divergence (MACD) indicator has been moving downward since mid-February. The MACD is a trend-following indicator of momentum that shows the relationship between two moving averages of the price of a security. Bitcoin has tested the $4,000 mark several times in previous weeks, but has as of yet been unable to break above it for a meaningful period of time. Bloomberg states that, until Bitcoin can break through that level, it is likely to face selling pressure. Bloomberg analyst Mike McGlone said: “The entire industry..
The chairman of the CFTC says that blockchain would have transformed regulators’ real-time responses to the 2008 global financial crash. Christopher Giancarlo, chairman of the United States Commodity Futures Trading Commission (СFTC), has said that blockchain would have transformed regulators’ real-time responses to the the 2008 global financial crash, if it had been in use at the time. Giancarlo made his remarks during the 4th Annual DC Blockchain Summit in Washington D.C. on March 6. In his speech, Giancarlo drew on his personal experience as executive vice president at brokerage giant GFI Group — which, in 2008, as he noted, operated one of the world’s largest trading platforms for credit default swaps (CDS), “then the epicenter of systemic risk.” He recalled the panic and disorder on the GFI broker floor, as the global credit crisis cascaded out of control: “I remember a call from a U.S. bank regulator asking about CDS trading exposure of several major banks, including Lehman Brot..
The exchange has been closed for almost two months following a major hack that could have involved around 10 percent of its funds. Hacked New Zealand cryptocurrency exchange Cryptopia will reopen for business on Monday next week, officials confirmed on social media on Feb. 26. In a series of updates, Cryptopia revealed its two founders would be returning to the company to help spearhead operations following an overhaul of its structure. Police formally granted permission for trading to resume in mid-February, but a subsequent notice from staff implied it was not yet possible to begin processing users. This now appears to have changed. “We are aiming to have the Cryptopia site re-opened as read only by Monday,” one tweet reads. Hackers stole millions of dollars’ worth of cryptocurrency from Cryptopia in January. An international police investigation has since launched, with the exchange now revealing that, at most, the attack had claimed just under a tenth of its assets. “We are contin..
JPMorgan Chase CEO Jamie Dimon has stated that the company’s new crypto JPM Coin could find its use for retail payments. JPMorgan Chase CEO Jamie Dimon has said that the company’s new cryptocurrency JPM Coin could have a consumer use one day, CNBC reported on Feb. 26. During a question-and-answer session, Dimon reportedly stated that “JP Morgan Coin could be internal, could be commercial, it could one day be consumer.” The coin would purportedly find its use for retail payments. United States banking giant JPMorgan Chase announced plans to launch its own cryptocurrency in a U.S. banking first on Feb. 14, in a bid to increase settlement efficiency, initially within three of its operations. JPM Coin will at first focus on international settlements by major corporations, helping speed up transactions that currently take a day or longer using extant options such as SWIFT. Following the announcement, JPM Coin has found both advocates and opponents in the cryptocurrency community. This week..
A founder of Chinese mining pool Poolin predicted that the price of Bitcoin could reach nearly $740,000. Zhu Fa, co-founder of Poolin, a Chinese-based crypto mining pool, predicted that the Bitcoin (BTC) price could hit 5 million Chinese yuan ($738,000 (USD), crypto news outlet 8BTC reported on Feb.11. While Zhu noted that “it now feels more like a bear market,” he reportedly predicted that in the next bull run, prices will be 10–20 times higher than previous ones. Zhu also noted that massive prices spikes like the one that resulted in the $20,000 per BTC high in 2017, will not always exist, adding that the next bull run could be the last. Predictions from experts in various aspects of the crypto space have ranged from bullish to extremely bearish. During a blockchain event in April 2018, investment tycoon Tim Draper forecasted that by 2022 the price of Bitcoin could reach $250,000. Earlier this week, Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments,..
“The emergence of crypto-assets may challenge any framework,” according to the Financial Stability Board. The growth of cryptocurrencies as an asset class “may challenge any framework” for financial stability, according to remarks from the chair of the Financial Stability Board (FSB) on Feb. 10. Speaking at a Bank of International Settlements’ (BIS) special governors meeting in Hong Kong, FSB chair, Randal K. Quarles, stated that the FSB “decided to undertake a review of its framework for assessing vulnerabilities to ensure that we are at the cutting edge of financial stability vulnerability assessment.” According to the institution, this task of developing a framework to deal with evolving financial systems will not be easy, given that: “developments like the emergence of crypto-assets may challenge any framework[.]” The agency concluded that this challenge “makes the goal of a robust framework all the more important.” The FSB is an international body comprised of financial instituti..
The crypto market is experiencing an involatile day. Current market trends show that nearly all the major tokens are trading marginally up or down. The top digital currency Bitcoin (BTC), has maintained the $3,400 support position for long. Other cryptos, like Ethereum (ETH), have been resting at, or just above, their support positions, which has led many traders to act cautiously when it comes to entering long positions. Ethereum (ETH) Price Today – ETH / USD Name Price24H (%)$107.96 2.27% Despite the fact that traders are expressing caution regarding long positions, a prominent analyst observed that Ethereum (ETH) is potentially preparing for a price increase that could send the top asset class skyrocketing to over 90% from its current price. Ethereum (ETH) Looks Stable Above the $100 Position, But May Drop to $90 Before Surging by 90% As of press time, Ethereum (ETH) is trading marginally at $104.9. Earlier in the week, the crypto token fell to $103 before moving to its current p..
JPMorgan strategist Nikolaos Panigirtzoglou said that Wall Street institutions could become more interested in Bitcoin soon. JPMorgan’s Global Market Strategist Nikolaos Panigirtzoglou says that Bitcoin (BTC) could make a resurgence on Wall Street, according to an article published by CNBC on Feb 6. “The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future,” said Panigirtzoglou, “The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.” Panigirtzoglou predicts that firms will show a renewed interest in cryptocurrencies as stability in the market grows and as Bitcoin’s underlying blockchain technology grows more important. He added that a Bitcoin’s resurgence could be years away, as regulators are a “bit slow to realize” the potential of the cryptocurrency. Many have predicted that increased involvement from institutional investors on Wall Street would ..