Feds Suspect US Unemployment Systems Attacked by Fraudsters, Leading to Losses in the Hundreds of Millions of Dollars
According to federal authorities in the US, a group of international cybercriminals has been reportedly attacking the US unemployment systems, funneling millions of dollars in payments that were intended to support the detrimental effects the coronavirus pandemic had on the economy. With the number of infections in the US growing at an appalling rate, so far 1.5 million American citizens have been infected, with over 90,000 related deaths. The unemployment crisis in the country has surpassed the rate since the Great Depression, as the official US unemployment rate is at its highest in recorded history, at an alarming 14.7 percent. The New York Times obtained a memo from the US Secret Service, indicating that the fraud scheme was coming from a “well-organized Nigerian fraud ring,” and could result in the loss of hundreds of millions of dollars in the American financial system.
Visa Applies for Blockchain-Based Digital Currency Patent to Potentially Remove Physical Currency
Visa has filed a patent application to create a blockchain-based digital currency on a centralized computer, according to a publication by the US Patent and Trademark Office (USPTO). The patent was originally filed in November 2019, and was described as “Digital Fiat Currency.” The US dollar was mentioned as one of the fiat currencies to be used potentially, although the patent could also apply to other central bank digital currencies including the pound, yen, and the euro.
Trump Pushes Federal Reserve For Negative Interest Rates, Bitcoin's Anti-Inflation Mechanism Shines
The potential for negative interest rates on the US dollar highlights the strength of cryptocurrencies like Bitcoin, which have anti-inflationary mechanisms built-in.
Telegram Abandons TON and Gram Tokens, Durov Critical of US Regulating Whole World
Telegram CEO Pavel Durov has announced that they are calling it quits on the Telegram Open Network (TON) and its Gram tokens after a drawn-out battle with the United States Securities and Exchange Commission.
US-China Cold War Could Benefit Bitcoin
An internal Chinese report presented to Chinese Leader Xi Jinping and his top party members on May 4, concluded that anti-China sentiment is currently at its highest since the 1989 Tiananmen Square crackdown according to Reuters.
Ohio Democrat Lawmakers Propose Blockchain Voting in Bill For Election Overhaul
In the Ohio House of Representatives, Democrats have included a new voting system pilot based on blockchain as part of their elections law overhaul bill. The system will be used to count and track the votes of military personnel stationed outside the US and registered to vote in Ohio.
Blockchain for Gun Control in the US: The Great American Dilemma
Columbine, 1999. Sandy Hook, 2012, Las Vegas, 2017. Aurora, 2019. The list of mass shootings in the United States grows larger and deadlier every year. Blockchain can address the technological challenge of gun control, but a radical shift in American society's stance on guns is paramount.
Can US Lawmakers Really Just Mint Two $1 Trillion Coins to Back a Digital Dollar COVID Stimulus with "No Additional Debt"?
As the economy continues to deteriorate in the ongoing COVID-19 pandemic climate, US Lawmakers are once again pitching the creation of a sovereign digital dollar to quickly distribute the proposed stimulus packages. The bill further proposed the new minting of two trillion dollar coins.
Wyoming State Says Cryptocurrency Represents Property, Allows Insurers to Include Digital Assets in Investment Portfolios
The US. state of Wyoming has enacted new legislation to allow insurance firms to invest in digital assets like cryptocurrencies. The new law intends to come into effect on 1st July.
FinTech Giants PayPal, Intuit and Square Capital Approved to Digitally Distribute US Govt COVID-19 Small Business Stimulus
PayPal, Square and Intuit have received the government’s approval to take part in the US Small Business Administration’s (SBA) Paycheck Protection Program which was established in response to the COVID-19 pandemic triggered global financial crisis.