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On this week:
Bank of Russia Implementing new Laws to Ban Cryptocurrency Issuance and Trading
Although the original law on “Digital Financial Assets,” passed in 2018, stated that the trading of cryptos was legal in Russia, on 16th March 2020, the head of legal department Bank of Russia, Alexey Guznov has implemented an coming bill on “Digital Financial Assets” that will ban the circulation and issuance of cryptocurrencies. He stated that Russia’s central bank does not believe that crypto trading and issuance, except holding, should be legal in an interview with the Russian News agency Intrerfax. This action was taken to prevent the big risks of legalizing operations involving cryptocurrencies, affecting financial stability, money laundering prevention, and consumer protection.
Source: Blockchain News
Singer/Rapper Akon Shares Whitepaper for Upcoming Akoin Crypto Currency!
In order to stabilize trades and economy, Akon has taken its measures through the creation of Akon city the new passing of the whitepaper describes Akoins as a utility token that is tradable among cryptocurrencies, fiat currencies, and mobile phone credits on the Akoin network. Akon labelled the current mobile credits as unstable as they are being used as a currency in Africa as a way of trading. As the currency can come from untrusted sources and is hard to keep track of, it has gotten to the point where Africans have stopped using the currencies, they’re using their cell phone minutes and credits as a way of trading instead for basic goods like produce, fish, fruits and things on the market.
Scam Alert: 2 Canadians Faces Jail Time Over Theft of 23 Bitcoin
In Canada, two scammers have been sentenced to prison for two years by the U.S. Department of Justice. They had used a fake twitter account to pose as customer service from HitBTC and Kraken. Then tricked the victims into revealing their email address and login information. In which, they successfully managed to trick 23.2 Bitcoin from a victim over his HitBTC account. After the arrest of Karanjit Khatkar in Las Vegas, his accomplice approached voluntarily and came clean. The pair pleaded guilty for committing money laundering and wire fraud.
Breaking News: 13 Years Imprisonment for U.S Women for Providing Support for ISIS using Cryptocurrency
In New York, a woman named Zoobia Shahnaz faces a 13 years jail time for providing material support to a terrorist organization (ISIS). With an attempt to travel to Syria to join the ISIS, she offered more than $150,000. During the sentence hearing, it was revealed that Shahnaz defrauded various financial institutions to obtain money, including a loan for approximately $22,500, and illegally obtained more than a dozen credit cards then using them to purchase approximately $62,000 in Bitcoin and other cryptocurrencies. She then made multiple wire transactions to individuals from ISIS.