S. Korea to Refuse to Issue CBDC

Bank of Korea believes that CBDC issue could reduce the effectiveness of traditional instruments of monetary policy
19 June 2018   317

Bank of Korea (BoK) opposed the idea of launching its own cryptocurrency (CBDC), which, according to the regulator, could reduce the effectiveness of traditional instruments of monetary policy. This reported by Coindesk..

According to BoK, the sudden issue of CBDC into the economy "will cost society dearly and will do moral harm", and will also have a negative impact on monetary policy and, possibly, will cause instability in the financial market.

In general, the regulator believes that "digital currencies do not function like money."

Our thoughts are that digital currencies have been exposed to various categories of risk associated with credit, liquidity and legal management. [...] It's desirable that the BoK is the only entity to entirely control the issuing of money. Technology improvements don't mean private sectors will be allowed to have the rights for money issuance. If this happens, the BoK should regulate them but properly.

Kwon Oh-ik

Economist, BoK

Also, BoK said that it wants to retain a monopoly on the implementation of monetary policy.

At the same time, the Central Bank does not reject the possibility of issuing CBDC in the future. The regulator recognizes that cryptocurrencies can revolutionize the banking system. But before giving digital assets the full right to life, they must be thoroughly tested.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   109

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.