Welcome to the daily crypto news :
Crypto Will Eventually Replace Fiat, but How Soon and Where?;
Fowler May Change ‘Not Guilty’ Plea in Crypto Capital Laundering Case;
Largest South Korean Telecom Company Issues Blockchain-Based Local Currency in Busan;
Blockchain.com’s New GBP Gateway Creates a Crypto-Hedge Against Brexit Uncertainty;
Anti-Human Trafficking Agency Traces Crypto to Fight Modern-Day Slavery;
Crypto Will Eventually Replace Fiat, but How Soon and Where?
A recently unveiled Deutsche Bank “Imagine 2030” report boldly puts a date on the eventual fiat–crypto “social consensus flip,” citing the Asian continent and, in particular, China, to have already recognized the trend. If true, then what every cryptocurrency speculator and investor would like to know is, when will it happen? The current landscape is a predictor of the future.
Analysts talk of the social consensus flip
The classification of crypto by Deutsche Bank includes central bank digital currencies, or CBDCs, which is worth keeping in mind while results are discussed. Certainly, the analysts behind the research hold a more positive belief that these moves toward centralized cryptocurrency solutions will replace fiat currencies.
The report concludes that the next step to avoid falling behind in the world’s economy will be a result of the fiat–crypto flip. The concept, while interesting, still comes with its flaws, such as the fact that global adoption, government acceptance, and massive leaps and bounds in cybersecurity technology would need to occur in order to even consider replacing traditional fiat with centralized (or decentralized) crypto assets.
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Fowler May Change ‘Not Guilty’ Plea in Crypto Capital Laundering Case
Reginald Fowler, one of the individuals accused of running a "shadow banking" service for cryptocurrency startups, is expected to plead guilty to at least some charges during a court hearing next month.
According to a letter written by Assistant U.S. Attorneys Jessica Fender and Sheb Swett on behalf of U.S. Attorney Geoffrey Berman, "it is anticipated that defendant Reginald Fowler will enter a change of plea at the next court conference."
U.S. District Judge Andrew Carter, who is overseeing the case in the Southern District of New York, endorsed the letter on Thursday, canceling a hearing set for Jan. 8, 2020 and setting one for Jan. 10, 2020.
Fowler, one of the alleged co-founders of payment processor Crypto Capital, was indicted and arrested earlier this year on charges of conspiracy to commit bank fraud, bank fraud, conspiracy to operate an unlicensed money transmitting business and operation of an unlicensed money transmission business, alongside Israeli national Ravid Yosef. According to an indictment, the pair opened bank accounts at various financial institutions to store funds on behalf of cryptocurrency exchanges, but told the banks they would process real estate transactions.
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Largest South Korean Telecom Company Issues Blockchain-Based Local Currency in Busan
South Korea’s biggest telecom company, KT, just announced the launch of a local blockchain-based currency for one of the country’s largest cities, which will reportedly go live on Dec. 30.
Local news outlet dongA reported on Dec. 19:
“Dongbaekjeon is a blockchain-based card-type local currency issued by Busan City to revitalize Busan's local economy and ease the management burden of small business.”
The media outlet listed multiple ways to access the currency, including a Dongbaekjeon mobile app, a bank named Hana and Busan Bank.
The article also noted participants can use the “currency at any store in Busan with a credit card terminal,” although compatibility will reportedly be less common among larger retailers in an effort to encourage spending at smaller local businesses.
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Blockchain.com’s New GBP Gateway Creates a Crypto-Hedge Against Brexit Uncertainty
Blockchain.com is adding a British pound (GBP) gateway to its cryptocurrency exchange, The PIT, as it prepares for Britain’s coming separation from the European Union, or Brexit.
Announced Thursday in a press release, the addition will utilize Britain's Faster Payments Service (FPS) to let Blockchain.com’s U.K.-based users buy cryptocurrencies almost instantly.
The company framed its dual announcement as a bet on Britain at a tenuous time. With Prime Minister Boris Johnson’s recent landslide victory all but ensuring Brexit by Jan. 31, the nation is streaming towards an uncertain future.
That uncertainty, Blockchain.com said in the release, coincides with a surge in British interest in its site.
"As the country we've called home for almost a decade undergoes considerable changes, it's imperative for us to provide the British people – our friends and families, co-workers and countrymen – new options to insulate their financial futures from the political scuffles that have destabilized the country's economy,” Peter Smith, co-founder and CEO, said in a statement.
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Anti-Human Trafficking Agency Traces Crypto to Fight Modern-Day Slavery
Cryptocurrency could be a game-changer for combating crime, a notion illustrated by CipherTrace’s newly formed partnership with the Anti-Human Trafficking Intelligence Initiative (ATII). CipherTrace, a leader in blockchain security, has announced that it will join forces with ATII to use crypto analytics to advance the organization's goal of combatting global human trafficking.
Pamela Clegg, CipherTrace's director of financial investigations and education and a former United States intelligence service officer, will serve on ATII's advisory board, which consists of leaders with experience in anti-money laundering and cryptocurrency. Clegg will provide ATII with expertise on the subject matter, while helping with investigations as needed.
“CipherTrace’s partnership with ATII is in-depth, as we are serving on their advisory board, but also standing by for investigations when they need help. We will also be exchanging information with ATII involving human trafficking organizations and sources that can be tracked,” Clegg told Cointelegraph.
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