Thursday, July 29

Tether

Bitcoin, Blockchain, Central Bank Digital Currency, cryptocurrency, digital yuan, Ethereum, Markets, Mining, Stablecoins, Tether, Weekend BI UK

Cryptocurrencies, stablecoins and central-bank digital currencies are all the rage. We break down what they are and what you need to know about them

A bitcoin artwork by Stacey Coon, Anastasia Sultzer, and Nanu Berk at the Bitcoin 2021 convention. Marco Bello/Getty Images Cryptocurrencies and stablecoins have boomed in 2021, sucking in investors. The world's central banks are increasingly looking to create their own digital currencies. Insider cuts out the jargon and explains the key differences and what they're used for. See more stories on Insider's business page. Cryptocurrencies and stablecoins have boomed in 2021. And central banks around the world are increasingly keen on their own digital currencies. But how do they all work and what are they used for?CryptocurrenciesCryptocurrencies are basically digital currencies that aren't controlled or issued by a centralized authority, such as commercial or central banks.These...
crypto, Cryptocurrencies, digital assets, Federal Reserve, Markets, MI Exclusive, Regulation, Stablecoins, Tether, yale

Stablecoins should be regulated like banks and central bank digital currencies could tame these’wildcat’ crypto tokens, according to research from the Fed and Yale

US dollar Sopa images/ Getty images Cryptocurrencies that are pegged to a stable asset-known as "stablecoins"-should be regulated as strictly as commercial banks and those that are not should be wiped out to prevent instability in the global payments system, according to a report from researchers at the Federal Reserve and Yale University.The report, titled "Taming the wildcat stablecoins", was released over the weekend ahead of a meeting of a Treasury Department working group on digital assets on Monday. In it, researchers suggested stablecoins should be issued by insured banks and backed by government bonds. But anyone can issue a stablecoin and it is these privately produced tokens that have regulators worried. Tether, for example, is the world's third-biggest cryptocurrency b...
Bitfinex, crypto, Markets, MI Exclusive, Microsoft, Stablecoins, Tether

The man at the center of the world’s largest stablecoin began his career as a plastic surgeon, went by’Merlin,’ and once had to pay Microsoft to settle a counterfeiting case

Photo illustration of Bitfinex cryptocurrency exchange website Thomson Reuters A report from the Financial Times reveals new details about Giancarlo Devasini, the CFO of tether. Tether is the main source of liquidity in the crypto market, letting traders move in between tokens and dollars with relative ease. Some of Devasini's businesses were plagued by scandal. In 1996, he paid $65,000 to Microsoft to settle claims of counterfeiting. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. A report from the Financial Times is revealing new details about Giancarlo Devasini, the CFO of tether, who has risen from obscurity to become one of the most pivotal people in crypto.While Devasini is not CEO, the 57-year-old is seen as the central figure at both tether and B...
crypto, Crypto Regulation, cryptocurrency crime, Hong Kong, hong kong crypto, Markets, MI Exclusive, Money Laundering, Tether

Hong Kong police arrest four over alleged $155 million Tether money laundering scheme

Regulators are paying close attention to the crypto world. Cesc Maymo/Getty Images Hong Kong authorities arrested four men over an alleged $155 million money laundering scheme, according to reports. The men, aged between 24 and 33, had made transactions in Tether on a trading platform, officials said. Cryptocurrencies have long been used in crime, as they can provide anonymity and be hard to trace. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Hong Kong customs authorities have arrested four people in connection with a suspected $155 million money laundering scheme using the cryptocurrency Tether.According to reports in Bloomberg and local media, four men aged between 24 and 33 were arrested in an operation called "Coin Breaker."Hong Kong customs offic...