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• IMF tips eNaira for improvement in its assessment

  TL;DR Breakdown The IMF has tipped the Nigerian CBDC for improvement following its first development anniversary. The agency talks about the CBDC’s flaws. Nigeria’s eNaira, the country’s central bank digital currency (CBDC), recently celebrated its first year in operation, and the International Monetary Fund (IMF) has released a working paper analyzing its performance during this period. While the IMF researchers commended the eNaira’s debut year, they also provided suggestions for improvement. IMF suggests improvements to the eNaira As the second CBDC in the world after the Bahamian Sand Dollar, the eNaira made its debut in October 2021. The IMF paper revealed that the retail side of the eNaira showed no latency issues. However, its adoption remained limited to initial users, failing to achieve its primary goals of extending financial inclusion to the unbanked population and facilitating remittances, as envisioned by the Central Bank of Nigeria. The paper highlighted that only around 1.5% of eNaira wallets were active weekly, with a total of 802,000 transactions recorded during the observed period. These figures indicate minimal usage, with less than one transaction per…

  Article 2023年5月20日

• French authorities launch preliminary investigation into Binance for illegal activities and money laundering

  TL;DR Breakdown French authorities launch a preliminary investigation into Binance, the world’s largest cryptocurrency exchange, for alleged illegal client canvassing and aggravated money laundering. The investigation focuses on Binance’s failure to fulfill obligations regarding “know your customer” (KYC) procedures aimed at preventing money laundering. The investigation aligns with recent allegations by the U.S. Securities and Exchange Commission (SEC) against Binance for evading securities laws and offering services to American customers illegally. According to reports by French Daily Le Monde, the French branch of Binance, the world’s largest cryptocurrency exchange, is currently under a preliminary investigation by French authorities for alleged illegal canvassing of clients. The investigation, initiated in February 2022 and led by the finance judicial investigation service under the direction of the specialized interregional jurisdiction of Paris, focuses on whether Binance failed to comply with regulatory obligations, particularly in relation to the “know your customer” (KYC) procedures. These procedures are designed to prevent money laundering and require financial services to conduct thorough checks on their clients. The investigation aims to determine whether Binance violated its obligations regarding client onboarding…

  Article 2023年6月19日

• Friend.tech’s Data Breach: The Controversy Surrounding the Decentralized Network

  TL;DR Breakdown Friend Tech, a decentralized social network, faced significant backlash after a data breach exposed over 101,000 users’ Base wallet addresses and Twitter identities. Despite its growing popularity, concerns arise about the platform’s security measures and the broader implications of granting third-party platforms access to personal data. Description In the rapidly evolving world of cryptocurrency and decentralized networks, Friend. tech emerged as a promising player, only to face significant backlash due to a recent data breach. This incident has raised concerns about the platform’s security measures and the broader implications for users who trust third-party platforms with their data. Contents hide 1 A … Read more In the rapidly evolving world of cryptocurrency and decentralized networks, Friend. tech emerged as a promising player, only to face significant backlash due to a recent data breach. This incident has raised concerns about the platform’s security measures and the broader implications for users who trust third-party platforms with their data. Contents hide 1 A Promising Start Marred by Security Concerns 2 The Power and Peril of Third-Party Access 3 Friend Tech’s Defense…

  Article 2023年8月22日

• North Korean hackers still coming for crypto platforms

  TL;DR Breakdown North Korean hackers aggressively target global crypto platforms. Last year, they allegedly stole $1.7 billion from crypto and financial sectors. The hackers are believed to be from North Korea’s Reconnaissance General Bureau (RGB). Description Despite international efforts to thwart their exploits, North Korean hackers persistently and aggressively target global cryptocurrency platforms. Their audacity leaves one wondering: What fuels their unyielding interest in the crypto sector, and why hasn’t the global community found an effective solution? A Persistent Threat to the Digital Frontier Undeterred by international sanctions, North Korea’s drive … Read more Despite international efforts to thwart their exploits, North Korean hackers persistently and aggressively target global cryptocurrency platforms. Their audacity leaves one wondering: What fuels their unyielding interest in the crypto sector, and why hasn’t the global community found an effective solution? A Persistent Threat to the Digital Frontier Undeterred by international sanctions, North Korea’s drive for funding its nuclear ambitions remains robust and ever-evolving. Independent monitors tasked with evaluating these sanctions recently discovered the nation’s continuous and unabated efforts in the crypto space. As North Korea…

  Article 2023年8月14日

• Russia to collab with Islamic World for financial independence

  TL;DR Breakdown Russia is discussing a shift away from the dollar and towards an independent financial system with Islamic countries. The conversation comes amidst criticism of the G7 by Russia and China, with tensions escalating over global power dynamics. The country’s engagement with the Islamic world could be a strategy for maintaining economic stability amidst global upheaval. Amidst the fluid dynamics of international politics and economics, Russia is charting new territories. Alexey Overchuk, the Deputy Prime Minister of Russia, revealed at the 14th international economic forum Russia – Islamic World: KazanForum that they are in conversation with Islamic countries about the shift away from dollar dominance and towards a more independent financial system. The influence of the global power shuffle and emerging trends on the country’s relationships with Islamic nations are noticeable. Processes such as de-dollarization and independent financial system formation are at the forefront of these discussions, highlighting Russia’s proactive approach to embracing change. Shifting sands of global power dynamics Overchuk underscored other salient points as well. They include the processes of de-globalization, the transfer of industrial production, the…

  Article 2023年5月22日