“A group of the largest U.S. cryptocurrency exchanges and custodians have been tackling the challenges of bringing digital assets in line with anti-money laundering (AML) rules as they exist in traditional finance. Now they say they have an answer.
The first version of a proposed solution to this problem has been built by a team of engineers from BitGo, Coinbase, Gemini, Kraken and Fidelity, all members of the U.S Travel Rule Working Group (USTRWG). The U.S. Travel Rule Group expects to begin sending transactions accompanied by real customer PII by the end of Q4.
The USTRWG is a great example of the crypto industry coming together to problem-solve and develop an innovative solution to comply with regulatory requirements that were not built for crypto.
Our solution is tailored to the industry’s needs and places a very strong emphasis on data privacy and security, while enabling participants to send the required Travel Rule data to the correct counterparty.
For now, the U.S. Travel Rule Group is solving bite-sized chunks of crypto’s global AML problem, and as such, the version 1.5 to emerge towards the end of this year will only support transactions in Bitcoin and Ethereum.
Initially, we’ve decided to narrow the scope to just solve for just those two protocols. Then we will expand to include ERC-20 tokens, and later other protocols.”
“Every Salvadoran adult who downloads the government’s Bitcoin wallet app will be eligible for an airdrop of $30 worth of BTC.
The wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.
President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on Sept. 7.“
“In an unusual success story from the past few weeks, Canada’s Purpose did not see a significant reduction in holdings or demand after BTC/USD hit $30,000 and under.
Beginning May 15, an average of 86.15 BTC per day entered the ETF for a total of 3,446 BTC between then and Thursday. In total, Purpose now holds 21,114 BTC worth around $720 million.
Ever since the May 19th capitulation event, the Purpose Bitcoin Exchange Traded Fund (ETF) just keeps stacking sats.”
“Bitcoin and the U.S. dollar fell in tandem while the S&P 500 refreshed its record high at open on Friday as the Federal Reserve’s preferred inflation indicator surged to its highest levels in almost three decades. The expenditure rose 3.4% year-over-year, the highest level since 1991.
The flagship cryptocurrency dipped after the latest PCI readings, hinting that investors chose to ignore its safe-haven narrative over risks concerning China’s latest crypto ban and amid speculations that the U.S. would impose strict regulations on the cryptocurrency sector. Bitcoin dipped also as investors’ focus shifted towards the Wall Street equity markets following President Joe Biden’s latest stimulus deal worth $1T.
Vasiliev noted that strong anti-inflation narrative would keep investors’ interest in Bitcoin in the coming months.”
“Two payments firms have partnered to roll out crypto payments across 50,000 electric vehicle (EV) charging stations in Europe.
The firms haven’t revealed which cryptocurrencies will be supported yet, but Vourity has dropped a pretty strong hint that Ethereum is likely to be among the first after it released an image of a payment terminal with an ETH logo on it. Ethereum is moving to the much more energy efficient Proof-of Stake consensus mechanism in the next year, which could mitigate any backlash among environmentally conscious EV drivers.
We are currently evaluating what cryptos/coins we will support. It will be converted to fiat.”
“In a Twitter discussion with Jack Dorsey overnight, Musk agreed to speak at The ₿ Word, a July 21 virtual event hosted by the Crypto Council for Innovation and featuring major players in the crypto space. The organizers have said the event is intended to “destigmatize mainstream narratives about Bitcoin.”
As more companies and institutions get into the mix, we all want to help protect and spread what makes #bitcoin open development so perfect. This day is focused on education and actions to do just that.”