Acoin, Crypto Hacks, new Regulations and Aspirations
Coronavirus delays Digital Yuan testings, Hong Kong is reconsidering assets’ regulations, while the USA revealed a blockchain intelligence platform. News of February 24 – March 1 by BTCMEX.
Crypto exchanges suffer hacks
Both Bitfinex and OKex reported multiple denial of service attacks. OKex suffered a distributed denial of service on February 27. The company’s CEO Jay Hao posted about the attack on his Weibo account, blaming competitors.
Bitfinex stated the attack in a Twitter post dated February 28. The attack on the exchange lasted for an hour, resulting in crippling the exchange’s activity. Bitfinex representatives stated that the team implemented a “stricter protection level” as normal activity was resumed.
Hong Kong is to change crypto regulations
Paul Chan, the financial secretary of Hong Kong, stated that the government will implement more strict Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) policies in terms of digital assets and precious metals.
The new measures in regulations were proposed for the 2020-2021 budget. Chan admitted that new rules will directly affect cryptocurrency exchanges, remittance service providers, and dealers in precious metals, stones, and jewelry.
USA is hunting dark markets
In the 2021 budget proposal, the US Immigration and Customs Enforcement (ICE), revealed a plan for a Cryptocurrency Intelligence Program (CIP). The initiative will target unlicensed peer-to-peer online transactions, forums, and marketplaces. The CIP was developed by ICE’s Bulk Cash Smuggling Center (BCSC).
The BCSC has developed a Cryptocurrency Intelligence Program (CIP) which identifies unlicensed money services businesses in the form of independent cryptocurrency brokers’ use of peer-to-peer (P2P) sites, online forums and classified advertisements, and darknet markets (DNM) to engage in unlicensed money services businesses (MSB) activity.
Coronavirus: Digital Yuan is delayed
Chinese national cryptocurrency project initially planned to be in the test stage by spring 2020, is delayed due to the COVID-19 disease outbreak.
The coronavirus outbreak has led to postponed work resumption in government institutions, including the People’s Bank of China. Policymakers and research staff involved in the DCEP [Digital Currency Electronic Payment] project are no exception, which weighs on the development process.The Global Times
Ukraine leads crypto adoption
The National Bank of Ukraine (NBU) admitted that a digital currency controlled by central bank can fight inflation. It was stated that on February 21 at a conference where the institution presented its first research on the national crypto project.
Ukrainian regulators consider the national digital assets risk-free and stable, but still raising concerns about wide adoption, as the project launch might cause a threat to the traditional banking system.
Akon launches stablecoin
Artist, Producer, and Philanthropist – Akon – has announced Acoin – his cryptocurrency on the Stellar network. Jon Karas, the coin co-founder explained that they chose Stellar because the chain shares the same values.
Akoin selected Stellar’s distributed, hybrid blockchain due to a shared vision for creating global financial inclusion, particularly in areas such as Africa.
Acoin is one of the ambitious projects that aim to make digital money flow widely accessible in any part of the world.