US to criminalize concealment of crypto-ownership

The Judiciary Committee of the US Senate is working on the bill whose purpose is to criminalize the concealment of ownership of a financial account connected including digital currencies
04 December 2017   928

The Unites States Senate Judiciary Committee is maintaining bill S.1241 which will control ownership of a financial account and financial institution and criminalize its non-disclosure, now including ownership of cryptocurrency and maintaining cryptoexchanges.

Section 5312(a) of title 31, United States Code, is amended— in paragraph K by inserting “prepaid access devices, digital currency,” after “money orders,”; and by inserting before the semicolon at the end the following: “, or any digital exchanger or tumbler of digital currency”.

Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017

The amendments towards the definition of a 'financial institution' in the United States Code are also included.

Financial institution - an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.

United States Code

The abovementioned law may be enforced in order to make changes to existing Anti-Money Laundering laws, which are legal standards regulating the processes of preventing, detecting and reporting instances of money laundering by businesses and financial institutions.

If the bill will actually be imposed it might have a very unexpected and forceful effect on the users of cryptocurrency inside the US as well as the whole world crypto-community.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   67

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.