Bank of England Head Doesn't Consider Cryptos as a Thread

The statement of Bank of England head had a big impact onto the cryptocurrency market
19 March 2018   631

Head of Bank of England at G20 Summit

The Financial Stability Board (FSB), which supervises banks and financial networks, refused to create new rules for regulating bitcoin in favor of revising existing ones. According to Reuters, the statement was made in the framework of preparatory meetings before the G20 summit.

According to the chairman of the FSB, the head of the Bank of England, Mark Carney, the authorities need to focus their efforts on filling the gaps in the data exchange that can help to regulate the rapidly developing but still "insignificant" cryptual currency against the global financial market system.

The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms. 
 

Mark Carney

Head, Bank of England

The chairman of the FSB also expressed his belief that his department, even if the leadership was changed, would not develop new standards for regulating crypto-currencies, but would improve existing ones.

As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms.
 

Mark Carney

Head, Bank of England

Market Reaction

Meanwhile, the market reacted positively to this statement

Top Ten Cryptocurrencies
Top Ten Cryptocurrencies

In a short time the BTC jumped by $ 1000. Altcoins followed, most of which came out into the green zone.

Total Market Cap
Total Market Cap

Overall marketcap had also jumped from $274B to $318B in a short time.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   291

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.