On The Wire: Today's Top Stories In Finance & Tech
Your daily briefing of some of the most important stories from the crypto, finance, and tech space.
Welcome to your daily briefing, where we bring you stories from the forefront of finance, technology, and market analysis, sent directly to your inbox.
In today's roundup, the Fed has put the brakes on the party wagon for now. The UK needs to get its house in order if it truly want to be a "crypto hub". A Chinese citizen is in court, accused of laundering £5 billion from a fraud using bitcoin. And the BIS appears to be trying to compete with crypto as it trials a privacy-centric CBDC.
FOMC Hold, But Jay Injects Caution
As expected, the Fed held rates at their current levels. As ever, though, it's Powell's speech that gave the most clues to the road map for the coming months.
Trial Underway For Alleged Bitcoin Laundering Linked To £5 Billion Fraud
Jian Wen faces trial in London for laundering bitcoin from a £5 billion Chinese fraud involving over 128,000 investors between 2014-2017. Charged with converting illicit funds into cash and luxury items, Wen pleads not guilty, claiming ignorance of the funds' origins.
UK's Stance On Crypto ETFs Raises Questions
The UK's restrictive approach to cryptocurrency ETPs contrasts with global trends. Despite Prime Minister Sunak's vision of a UK crypto hub, the FCA's 2021 ban on crypto-related derivatives, including ETPs, persists due to concerns over volatility and financial crime.
The Petrodollar Era: Shaping Global Finance
Established in the 1970s, the petrodollar system made the US dollar the currency for oil transactions, influencing global economics, energy policies, and US-Middle East relations. Its impact extends to military alliances, energy dependency, and debates on sustainability.
BIS CBDC Positions To Take On Crypto With Privacy Features
Project Tourbillon claims to provide cash-like anonymity, but the language used to promote the initiative suggests the BIS is seeking to co-opt the ethos of crypto and prove they can do it better.
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