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MIT’s ‘Fiat Cryptography’ System Automates the Process of Securing Almost Anything

The Computer Science and Artificial Intelligence Laboratory (CSAIL) at MIT designed a system to run complex mathematical algorithms to secure online communication. “Fiat Cryptography,” as the code is called, currently secures about 90 percent of Google Chrome communications. Researchers presented their paper at the EEE Symposium on Security and Privacy in May, though the technology …

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Italy’s Banking Sector Will Boost Reconciliations With Blockchain

The Italian Banking Association (ABI) will deploy blockchain technology to run reconciliations beginning March 2020, Finextra reported. The first use of the blockchain among Italy’s banks will integrate distributed ledger technology in interbank processes to accelerate settlements. The move is part of the Spunta Project, a program managed by ABI Lab, the association’s research and …

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LINE’s Crypto Exchange Could Win Japan License This Month, Report Says

Japanese messaging giant LINE may soon be able to open a cryptocurrency exchange for users based in the country, according to a report from Bloomberg. LINE is close to winning a crypto exchange license from the Japanese Financial Services Agency (FSA), which could issue the approval as early as this month, the news outlet reported …

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Token, an Open Banking Platform, Raises $16.5M in Funding

Token, a San Francisco and London-based open banking platform, raised $16.5m in funding from prominent tech funds including Opera Tech Ventures, the venture arm of BNP Paribas, Octopus Ventures, and EQT Ventures, according to an announcement Tuesday. This strategic round of funding comes on the heels of the company’s partnership with Mastercard. Token is working …

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Blockchain Video Startup YouNow Files With SEC to Give Away (Not Sell) Tokens

YouNow, a video platform that aims to reward active users with its own cryptocurrency, is taking a belt-and-suspenders approach to compliance. The New York-based startup has filed a Reg-A+ offering circular for its Props token with the Securities and Exchange Commission (SEC) – even though it isn’t selling them to investors, accredited or otherwise. If approved …

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Will Facebook’s Libra Be an On-Ramp or Dead End for Crypto?

Facebook’s announcement that it would create a stablecoin on a blockchain means more as a competitive answer to WeChat and Alipay’s payment services than it does to the crypto industry, according to AngelList co-founder Naval Ravikant. Ravikant told CoinDesk via email: “I don’t think it means much for crypto because it’s not really (sovereign-resistant) crypto.” …

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Senate Banking Committee Schedules July Hearing on Facebook’s Libra Crypto

The U.S. Senate Banking Committee will hold a hearing on July 16 regarding Facebook’s new cryptocurrency, Libra. The hearing, “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” comes in the wake of calls from members of Congress to more closely examine Libra and its potential risks. There have even been calls to halt work …

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Facebook Talked to the Fed About Libra Coin, Chairman Powell Says

Jerome Powell, chairman of the U.S. Federal Reserve, said Wednesday that social media giant Facebook met with the central bank in the run-up to the reveal of its Libra cryptocurrency. Speaking during a press conference that followed a two-day Fed policy meeting, Powell was asked if he or the Fed had any concerns about Libra …

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RegulatorsDebate Cryptocurrency Legislation Ahead of G20 Summit

Cryptocurrency regulation will take a step forward during the upcoming V20 Summit where country representatives will assess the new course of legal action proposed by the international Financial Action Task Force (FATF). FATF will release proposals on June 21 in hopes of setting new international standards for crypto businesses. Legislators support the summit, which will also …