###French Central Bank Will Use Tezos to Power Digital Euro Trials

 

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According to a report published September 15, the French Central Bank will see Tezos (XTZ) power its Digital Euro trial, after selected candidates Societe Generale and Forge chose Tezos as the blockchain for the experiment. 

Multinational investment bank Societe Generale and startup Forge were selected to run the Central Bank Digital Currency trial by the Banque De France in July 2020

The CBDC will be used for interbank settlements

Tezos research unit Nomadic Labs is also contributing to the effort

France has shown a deep interest in blockchain technology and CBDCs, urging other EU nations to consider innovative fintech solutions

Tezos describes itself as a self-amending ledger that can seamlessly make upgrades to its protocol without necessitating hard forks

##Kraken is the First Crypto Exchange to be Approved as a Bank in the US

 

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San Francisco based exchange Kraken has received approval from the Wyoming Banking Board to serve as a special purpose depository institution (SPDI), according to an announcement made on  September 16.

The approval makes Kraken the first crypto exchange in the US to become a bank, which has been named Kraken Financial

By receiving the license, Kraken Financial will be able to operate in other states without requiring individual approval from states

David Kinitsky, Managing Director at Kraken and CEO of Kraken Financial, said that this would give Kraken direct access to federal payments infrastructure, besides allowing for seamless banking and funding options for users

Kinitsky also hinted at several new offerings, including qualified custody for institutions, digital-asset debit cards and savings accounts all the way to new types of asset classes

##United States Will Pay You $625K if You Can Crack Monero's Privacy

 

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The United States Internal Revenue Service is offering a bounty of up to $625,000 to individuals who are successfully able to breach the privacy protocol of Monero (XMR), according to a proposal published in early September.

The proposal asks for submissions from anyone who can demonstrate working prototypes that can trace transactions on Monero as well as the Lightning Network

Specifically, the tax department desires innovative solutions for “tracing and attribution of privacy coins, such as expert tools, data, source code, algorithms, and software development services”

The IRS will offer a grant to successful applicants with their concepts, granted $500K for the first 8 months

Those who positively demonstrate the solution - a further $125,000 will be granted

Monero is the most popular privacy coin on the market and obfuscates both sender and receiver identities, and transaction amounts

The US government has been working with crypto companies to establish tracing solutions, with CipherTrace and Department of Homeland 

Security recently signing a contract to that end

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##J.K. Rowling Is Interested In Bitcoin, How Will This Influence The Digital Asset?

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Bitcoin is currently down to $9,200 as bulls are struggling to find any support levels. The digital asset took a massive turn today after breaking below $9,800. BTC seems to be in freefall now but remains bullish on the daily chart. Bears are hoping to break below the daily 12-EMA and possibly test the 26-EMA today. 



A close below $9,000 would be significant but will not confirm a daily downtrend until the bears can close below $8,117. 



Not all hope is lost as legendary novelist writer, J.K. Rowling, author of Harry Potter, has recently shown interest in Bitcoin. 



I don’t understand bitcoin. Please explain it to me. – J.K Rowling
Rowling asked this question over Twitter just a few hours ago. The tweet already has 5k likes and has received a lot of interest from the crypto community.



Rowling did get an interesting response from Vitalik Buterin, creator of Ethereum. In a small series of tweets, Buterin explained Bitcoin in simple terms for Rowling and stated that people find it interesting because there is ‘no central authority that controls the network’.



It’s unclear whether Rowling is planning to actually buy Bitcoin or she is simply interested in understanding how it works. Either way, we know this isn’t necessarily a bullish sign as it could mean there is a lot of FOMO building up.



This generally happens when Bitcoin is moving up quickly ($3,700 to $10,000) and regular people see it as a good investment because it’s thriving so fast. Unfortunately, this means that buyers are not very experienced and they are only investing because they are hoping to get a lot of profit quickly. Eventually, Bitcoin starts falling and most people will start to panic sell as they have no experience in trading.

#Bitcoin Advocates Warn Donald Trump That Negative Rates Are Not a “Gift”

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Bitcoin Supporters Warn Donald Trump That Negative Rates Are Not a “Gift”



Bitcoin (BTC) enthusiasts were scolding United States President Donald Trump this week as he called on the Federal Reserve to tax people’s savings by introducing negative rates.



In a tweet on May 11, Trump pressured the Fed again, stating that the central bank should “keep pace” with Europe in lowering rates.



Trump: The U.S. needs negative interest rate “gift”



The European Union first brought about negative interest rates in 2014.




Trump wrote:



“As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the ‘GIFT’. Big numbers!”



Negative rates mean charging banks — and therefore savers — to store money. Fed chair Jerome Powell has said he is against their introduction, but last month, an ex-official joined calls to send U.S. rates negative for the first time in history.




“The U.S. Federal Reserve should fight a rapidly deepening recession by taking interest rates below zero for the first time ever,” former Minneapolis Fed president Narayana Kocherlakot said.




Taxing savers, Bitcoin supporters argue, has only worsened since the coronavirus, as enforced economic shutdowns made governments bail out big businesses while taking equity and wealth form smaller participants.



Fiat squeezes the savers



Trump’s words were particularly piercing, coming on the day that Bitcoin “hardened” its money supply and cut inflation to 1.8% via its third block reward halving.



Unsurprisingly, those in favor of the cryptocurrency had little time for the president’s demands.

“As the Fed adopts a controlled Weimar strategy, Bitcoin just completed its third halving,” Gemini exchange co-founder Tyler Winklevoss commented.


Even gold bug Peter Schiff, well-known for his dismissals of Bitcoin, was unimpressed.



“Negative rates are not a gift. They are a transfer of wealth from savers to debtors,” he told Trump on Twitter.



“But the inflation created to make negative rates possible will hurt wage earners too, plus the overall economy will be less productive and living standards will be lower as a result.”



Earlier this week, critics decried the Fed pressing with plans to enter the exchange-traded fund market, while Virgin Galactic chairman Chamath Palihapitiya told CNBC that the dollar is about to enter a “massive deflationary spiral.”

#Australian woman charged for running her own Bitcoin Exchange

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An Australian woman has been arrested and charged for allegedly being part of a money laundering syndicate that exchanged crypto for cash.




In brief



An Australian woman has been arrested for allegedly exchanging cash for cryptocurrency.




She had exchanged 3.8 Bitcoin for $38,625, according to police.


She was allegedly part of a money-laundering syndicate.




The 52-year old woman was arrested in a shopping centre in Sydney for exchanging 3.8 Bitcoin for $38,625. 


She was allegedly part of a money-laundering syndicate that effectively ran as its own unlicensed exchange. Since 2017, the syndicate has traded over 326 Bitcoin since 2017 ($3.1 million in today’s money), claimed Detective Superintendent Matthew Craft, the squad commander of the State Crime Command's Cybercrime Squad.





This is a significant quantity of Bitcoin for somebody who is not a registered digital currency exchange," he reportedly said. Following a search warrant at a local home, an additional $11,600 worth of cryptocurrency was seized, along with phones and computers. 


Detective Superintendent Craft said the situation was the first of its kind in Australia—that the police know about. “This will be the first of many arrests I believe we will make over the coming years and you're being put on notice,” he reportedly said. 




The charges against the Australian woman appear incongruent with the principles championed by cryptocurrencies; that people can trade cryptocurrencies for cash without having to first register with the government. 


Though the benefits might be to “bank the unbanked,” the drawback is that unregulated exchanges “bank the unbankables”—people who illegally trade money online to evade authorities. 





It is for this reason that cryptocurrency exchanges must comply with money laundering directives and “know your customer” checks, whereby exchanges must keep information about their customers. 



In upcoming regulation, due to be enforced within the next year or so, crypto exchanges must send information about customers whenever they are transferring money between exchanges. Called the “travel rule,” the regulation has crypto exchanges stumped: do they stick to regulation to stay in business or do they stick to crypto principles?