Welcome to Barmy’s Daily Crypto News – July 2oth, 2022
1. Colombia Enhances Crypto Framework To Prepare For Further Integration
Several months after the South American country’s regulatory “Sandbox” idea was introduced, the government of Colombia has produced draft regulations for cryptocurrency businesses who wish to operate there. (Not to be confused with The Sandbox, one of the top metaverse environments powered by blockchain.)
The Financial Superintendence of Colombia, the nation’s financial regulator, has now opened the public comment period on the new legislation.
The regulations also include cybersecurity best practices and tools to track cryptocurrency transactions, as well as a risk management framework for money laundering and terrorism financing. The strategy demonstrates Colombia’s commitment to a time when people will be able to purchase cryptocurrency using standard banking accounts.
2. Three Arrows Capital’s Su Zhu Had A $1.4B Stake In The Firm
According to an affidavit from co-founder Kyle Davies, Three Arrows Capital co-founder Su Zhu owned a $1.4 billion investment in the offshore firm that gathered the assets of the crypto fund.
In the affidavit, which Davies filed on June 27 under the alias “Robert Gardner,” he added that because of the current slump in the crypto market, “much of the value of these investments have been wiped out. Investors, like Mr. Zhu, have suffered immense losses in [Three Arrows Capital].”
Davies added that his wife, Chen Kaili Kelly, is owed $65 million by Three Arrows Capital, also known as 3AC. He added that Zhu is owed $5 million by the corporation.
3. FBI Seizes $500K From North Korean Hackers In Crypto
Last year, attempts by North Korean state-sponsored hackers to take down an American hospital were stopped by the FBI and U.S. Justice Department, who also took $500,000 in cryptocurrencies and extortion money in the process.
A Kansas hospital’s computer system was hacked by a North Korean gang in 2021, according to a statement from the DOJ’s Deputy Attorney General Lisa O. Monaco. The group demanded a ransom and threatened to damage the center’s servers if their demands were not satisfied.
After the cybercriminals threatened to treble the sum within 48 hours, the medical staff paid the ransom, according to the statement. No information about whether the ransom was paid in cryptocurrencies was included in the DOJ statement.
4. “Ethereum Killers” Solana And Others Are Riding On The Merge Pump
Some of Ethereum’s main rivals are also gaining ground in the bear market for cryptocurrencies as it does.
The popularity of “Ethereum killers” Solana, Avalanche, Algorand, Polkadot, and Cardano is increasing as a result of the fact that they provide capabilities that are comparable to those of the dominant smart-contract network at a price that is substantially cheaper.
According to data from CoinMarketCap, Solana’s native cryptocurrency SOL has increased by 11% over the past day and by a whopping 36% over the past week. Massive gains have also been made by Avalanche, with AVAX rising 10% in the most recent day and about 43% over the previous week.
5. Harvard Professor Claimed Governments Are ‘Way Behind The Curve’
In an interview with Bloomberg on Monday, American economist Kenneth Rogoff covered cryptocurrency regulation and central bank digital currencies (CBDCs). Rogoff teaches economics and is the Thomas D. Cabot Professor of Public Policy at Harvard University. From 2001 to 2003, he also held the position of chief economist at the International Monetary Fund (IMF).
According to the Harvard professor: “I think central banks are way behind the curve, and governments in general, in regulating cryptocurrencies. They throw out the idea of having CBDCs to distract the conversation.”
He expressed his opinion on the US issuing a digital dollar as follows: “At the moment, if you think about the United States issuing a CBDC, you have to ask why they’re doing it. Because we can accomplish a lot of things the same way in the current system by making tweaks.”
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