BITCOIN

Banks in Pakistan plan to launch an electronic platform for know-your-customer procedures that will be operating on a national level. The blockchain-based system will allow them to exchange the personal information of customers through what they describe as a decentralized and self-regulated network. Banks of Pakistan Looking to Employ Blockchain for KYC Checks Pakistan Banks’ Association ( PBA ) has signed a contract for the implementation of a blockchain-based know-your-customer (KYC) platform which will be developed by Avanza Group. The latter unites companies specializing in advanced banking applications, customer experience management solutions, blockchain, and artificial intelligence. The signing ceremony was held at the industry organization’s office in Karachi on Thursday and was attended by a number of officials, including its Chairman, Muhammad Aurangzeb and the CEO of Avanza Innovations, Waqas Mirza, the PBA announced. The project to create the electronic KYC system is ...

A U.S. district judge has sentenced a man to three years in prison in a fraudulent cryptocurrency mining scheme. The defendant “misappropriated his victims’ money and failed to provide them with the miners and miner-hosting services they had purchased from him,” according to the U.S. Department of Justice (DOJ). Man Sentenced to Prison for Defrauding Investors in Crypto Mining Scheme The U.S. Department of Justice (DOJ) announced Thursday that Chester (Chet) Stojanovich has been sentenced to three years in prison “for defrauding purchasers of cryptocurrency miners and miner-hosting services.” He pled guilty in November last year to one count of wire fraud. The DOJ explained that from at least 2019 until his arrest in April 2022, Stojanovich “allegedly defrauded more than a dozen victims of more than $2 million through fraudulent misrepresentations that he would provide his customers with specialized cryptocurrency-mining computers (‘miners’) and miner-hosting services that would pr...

The CEO of Ripple Labs has warned of the harm to the crypto industry if the U.S. Securities and Exchange Commission (SEC) is able to prevail in its lawsuit against Ripple over xrp. He cautioned that the SEC’s enforcement-centric approach to regulating crypto “is not a healthy way to regulate an industry.” Ripple’s CEO on SEC Lawsuit, U.S. Crypto Regulation Ripple CEO Brad Garlinghouse warned about harmful consequences to the crypto industry if the U.S. Securities and Exchange Commission (SEC) wins its lawsuit against him and his company over the sale of XRP in an interview with Bloomberg on Thursday. “The SEC bringing the case against Ripple was not really just a case about Ripple or about XRP — It’s really about the industry,” Garlinghouse began. Asserting that the SEC is “playing offense and attacking” the entire crypto industry, the Ripple CEO stressed: This is going to be pivotal for the whole industry. He further warned that “if the SEC is able to prevail” in its lawsuit...

Economist and gold enthusiast Peter Schiff has said that the U.S. Fed may have to fight a “complete economic collapse” and be faced with more to worry about than the current battle against inflation. In other news, artificial intelligence (AI) crypto assets have seen a recent surge, and SEC Chairman Gary Gensler has tossed in his two cents about why he views all crypto tokens other than bitcoin as securities. This and more, are just below in the latest Bitcoin.com News Week in Review. Economist Peter Schiff Warns the Fed Could Be Fighting ‘Complete Economic Collapse’ Economist Peter Schiff has predicted that the U.S. Federal Reserve will ultimately throw in the towel on its inflation fight to confront “something it fears even more, which is a complete economic collapse, another financial crisis, or a sovereign debt crisis.” He stressed, “The months of declining inflation are in the review mirror,” emphasizing that now “we’re going to see accelerating inflation.” Read More SEC Ch...