TikTok is facing a fresh round of regulatory complaints in Europe where consumer protection groups have filed a series of coordinated complaints alleging multiple breaches of EU law. From a report: The European Consumer Organisation (BEUC) has lodged a complaint against the video sharing site with the European Commission and the bloc’s network of consumer protection authorities, while consumer organisations in…
Tag: Virtual Currency
Ukraine Government Picks Stellar To Help Build National Digital Currency
An anonymous reader quotes a report from CoinDesk: Ukraine’s government has chosen the Stellar blockchain network as a platform to build a central bank digital currency (CBDC). Announced Monday, the Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation (SDF) signed a Memorandum of Understanding to build out a “virtual assets ecosystem and national digital currency of Ukraine.” The…
S&P Dow Jones Indices To Launch Cryptocurrency Indexes In 2021
S&P Dow Jones Indices, a division of financial data provider S&P Global Inc, said on Thursday that it will launch cryptocurrency indices in 2021, making it the latest major finance company to enter the nascent asset class. Reuters reports: The S&P DJI-branded products will use data from New York-based virtual currency company Lukka on more than 550 of the top traded…
Bitcoin at $100,000 in 2021? Outrageous To Some, a No-Brainer for Backers
Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year. From a report: It’s a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold. Since January, bitcoin has gained…
Fortnite is Daring Apple To Shutter Its Game on iPhones
The company that owns Fortnite is making an in-your-face challenge to Apple: We’re not going to obey the rules you’ve set for your powerful App Store. And we dare you to do something about it. From a report: It’s a fascinating standoff between a very profitable, highly valued gaming company and one of the most powerful companies in the world. The…
Razer is Enabling Gamers To Donate Masks To Frontline Workers by Gaming
Razer has launched a new initiative that lets gamers donate to COVID-19 initiatives just by playing games. Now when a gamer running its Razer Cortex software earns the company’s Razer Silver currency they can pledge it towards the purchase of masks for frontline healthcare workers. From a report: Razer Silver is virtual currency gamers earn when they run the Cortex game…
New York Is Proposing the Creation of a ‘Public Venmo’
pnutjam writes: New York is proposing a statewide virtual currency aimed at helping unbanked citizens get access to day-to-day financial transactions without predatory fees. Since there are an estimated 14 million U.S. adults without bank accounts, lawmakers in New York are trying to fix this with a new bill that “would create a ‘public Venmo’ system designed to include more people…
Is America’s Federal Banking System Considering Its Own Digital Cryptocurrency?
America’s lawmakers and Federal Reserve officials “are so concerned about Facebook’s plans to launch a new digital currency,” reports Politico’s financial services reporter, “that they’re contemplating a novel response — having the central bank create a competitor.”
Momentum is building for an idea that was once considered outlandish — a U.S. government-run virtual currency that would replace physical cash, a dramatic move…
IRS Sending Warning Letters To More Than 10,000 Cryptocurrency Holders
The Internal Revenue Service has begun sending letters to more than 10,000 cryptocurrency holders, warning about penalties for failing to report income and pay tax on transactions involving virtual currencies. From a report: The agency expects its mailing to be completed by the end of August [Editor’s note: the link may be paywalled; alternative source]. It is sending three variations of…
Wall Street Finds Blockchain Hard To Tame After Early Euphoria
Two years ago Nasdaq and Citigroup announced a new blockchain system they said would make payments of private securities transactions more efficient. Nasdaq Chief Executive Adena Friedman called it “a milestone in the global financial sector.” But the companies did not move forward with the project, Reuters reported Tuesday, because while it worked in testing, the cost to fully adopt it…