China’s Yuan Weakens but Signs of Stability Calm Markets
China’s currency weakened again Wednesday after hopes among financial traders that its decline was stabilizing helped to calm jittery global markets.
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currency
World Stocks Sink as Trade War Worsens
Asian stocks followed Wall Street lower on Tuesday after China let its currency sink and halted purchases of U.S. farm goods, fueling fears Beijing’s trade war with President Donald Trump will harm the global economy.
Read moreChase Bank
A federal judge refused to dismiss class claims that Chase Bank improperly classified the acquisition of cryptocurrency as “cash advances” to charge higher fees.
Read moreCryptocurrency Investor Gets Second Chance to Show AT&T Liability in $24M Hack
A federal judge in California has given a cryptocurrency entrepreneur another shot to make his case that AT&T’s negligence allowed hackers to steal $24 million in digital currency.
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US Objects to French Tax on Tech Firms at G-7 Meeting
The Trump administration is objecting to France’s plan to tax Facebook, Google and other U.S. tech giants, a rift that’s overshadowing talks between seven longtime allies near Paris this week on issues ranging from digital currencies to trade.
Read moreFacebook’s Cryptocurrency Faces Resistance in Congress
Facebook’s plan to create a financial system based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from President Trump, his treasury secretary and the head of the Federal Reserve.
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Codebreaker Alan Turing to Be Face of New British Banknote
Codebreaker and computing pioneer Alan Turing has been chosen as the face of Britain’s new 50 pound note, the Bank of England announced Monday.
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Japan Crypto Exchange Loses $32 Million of Virtual Money
A Japanese cryptocurrency exchange has reported a hack causing the loss of $32 million worth of virtual money.
Read moreBank of England Backs Facebook’s Cryptocurrency, the Libra
The governor of the Bank of England is backing Facebook’s new cryptocurrency, the Libra, saying it could unlock billions of dollars in new financing and spur development in Great Britain and beyond.
Read moreFacebook Says It Will Issue Its Own Currency
Facebook already rules daily communication for more than 2 billion people around the world. Now it wants its own currency, too.
Read moreResearchers: Bitcoin’s Carbon Footprint Equal to Las Vegas
Researchers calculate that the electricity required for the virtual currency bitcoin generates as much carbon dioxide as a city like Las Vegas.
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SEC Claims Canadian App Maker Kik Sold $100 Million in Unregistered ‘Tokens’
The Securities and Exchange Commission is suing Canadian mobile app developer Kik Interactive Inc. after the company sold 1 trillion digital tokens that the SEC claims were not registered under securities laws.
Read moreChina Ducks Currency-Manipulator Brand in Report to Congress
Missing their fifth opportunity to make good on one of President Donald Trump’s campaign promises, administration officials told Congress on Tuesday that they would not to designate China as a currency manipulator.
Read morePyramid Scheme
The SEC brought a federal complaint against EProfit Systems, saying investors in the IPro pyramid scheme involving a so-called cryptocurrency were defrauded of $27 million, which the founder used to buy a Rolls-Royce, a multimillion-dollar mansion and other goodies.
Read moreDiamond Investment Scheme Ensnared Hundreds, SEC Says
A radio host and rare gem salesman has been slapped with a Securities and Exchange Commission complaint over claims that he and his associate siphoned away cash from investors whom they falsely promised big returns on diamond-cutting ventures and a fledgling cryptocurrency.
Read moreEU Fines Banks $1.1 Billion Over Foreign-Exchange Cartel
European Union regulators have fined five banks a total of more than $1.1 billion for colluding in the trade of large sums of foreign currency.
Read moreBitcoins
A federal judge advanced some claims from senior citizens who say Rosegold Investments and Master Investment Group “coerced” them into investing hundreds of thousands of dollars in bitcoins, which suffered steep losses.
Read moreSan Francisco Requires Businesses to Take Cash Payments
The San Francisco County Board of Supervisors voted unanimously Tuesday to require most businesses to accept cash rather than debit or credit cards only.
Read moreSan Francisco Will Require Stores to Accept Cash
San Francisco is about to require brick-and-mortar retailers to take cash as payment, joining Philadelphia and the state of New Jersey in banning a growing paperless practice that critics say discriminates against low-income people who may not have access to credit cards.
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