BITCOIN

Economists at the Bank of International Settlements (BIS) have recommended three policies regulators worldwide could adopt in order to deal with the risks posed by cryptocurrencies. “Authorities can now consider a variety of policy approaches and at the same time work to improve the existing monetary system in the public interest,” they advised. BIS Economists Discuss Crypto Policies The Bank of International Settlements (BIS) published a bulletin last week titled “Addressing the risks in crypto: laying out the options.” Authored by BIS economists Matteo Aquilina, Jon Frost, and Andreas Schrimpf, the report discusses the risks associated with cryptocurrencies and the various options available to regulators and central banks for addressing these risks. The authors outlined “three potential lines of action.” The first is to “ban specific crypto activities.” Another option is to “isolate crypto from tradfi [traditional finance] and the real economy.” The third is to “regulate the sec...

The Securities and Exchange Commission (SEC)’s former head of internet enforcement has warned the crypto industry that a “regulatory onslaught is just beginning.” His warning followed several recent enforcement actions the securities regulator took against major crypto firms. ‘SEC Regulatory Onslaught Is Just Beginning’ Former Securities and Exchange Commission (SEC) official John Reed Stark has warned the crypto industry of an escalating “regulatory onslaught.” Stark founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years where he led cyber-related projects, investigations, and enforcement actions. Stark explained in a tweet Thursday that the SEC “hit Blockfi for failing to register its crypto-lending program, stopped Coinbase from launching its crypto-lending program, and Just hit Gemini/Genesis for its Earn crypto-lending grift.” He warned: Buckle up: An SEC regulatory onslaught is just beginning...

Vueling, a low-cost Spanish airline, has announced it is exploring the functionality of blockchain and NFT (non-fungible token) technology to accept cryptocurrency as a means of payment for its services. The company enlisted the aid of Criptan, a registered Spanish cryptocurrency exchange, and aims to open this payment option for users by Q3 2023. Vueling to Collect Payment in Crypto Vueling, one of the Spanish budget airlines that has grown after the Covid-19 travel restrictions ended, is taking its first steps to accepting crypto as payment for its services. The company announced on Jan. 14 it was examining the usage of blockchain and NFT technology in order to allow customers to acquire plane tickets with crypto. For this task, Vueling has partnered with Criptan, a national exchange that has already registered with the Bank of Spain, to serve as a payments company, processing and completing customers’ orders using crypto. Vueling states this move will turn it into the first l...