Regulatory Attention and Fraudsters: Bad Crypto News of the Week

There are a lot of Bitcoin good news going around for a while. The price of the dollar to Bitcoin exchange is $9500. It is soon to reach the $10,000 mark as far as Google search results are concerned. There is a substantial decline in the searches related to ‘Bitcoin’. Whenever the result interests go down, the price of Bitcoin increases to a certain degree.

COVID-19 has led to stop the production of many essential things and money is also one of them. Since the production of coins has decreased, major banks like State Bank of Milwaukee is offering 5% premium to everyone who gives coins to the bank.

Mastercard, on the other hand, has joined hands with cryptocurrency firms to provide cashless transactions. Now the federally chartered banks can have the custody of cryptocurrencies according to the banking regulators.

The U.S. should run pilot programs to introduce its digital dollar, said the former Commodity Futures Trading Commission chair, J. Christopher Giancarlo. A digital dollar can save online scams in the long run because of its secure nature.

A perfect example of government intervening with the crypto-related income has been seen when South Korea has announced a 20% tax on crypto trading. Coinbase, a cryptocurrency exchange has recently stopped more than 1000 customers from paying $280,000 worth of Bitcoin to hackers on twitter.

Meanwhile in Argentina, the largest telco of the country has just reported a $7.5million Monero ransomware attack. Two teenagers were arrested in Italy to watch a live stream on children getting tortured and they made the payment through Bitcoin.

Ethereum has found a unique way to deal with hackers. It has set up two networks where attackers will try to sneak in exchange for a bug bounty. This network is not completely open though. The foundation has provided one or two security measures.

To support the musicians, in the long run, music streaming apps will now accept Bitcoin as a payment method. It will allow musicians to earn more. This survey was conducted by a digital music store, eMusic. According to the survey, 65% of customers are happy to pay Bitcoin to listen to their favorite music.

South African Divi Project Community has raised 67,000 DIVI on the completion of 67 years of Nelson Mandela’s humanitarian work. The community will use this fund to help 67 families with 67 food packets. These 67 families are those who have lost their income due to COVID-19 pandemic. Now, this is a good week for Bitcoin!