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What’s happening in the world of cryptocurrency?

Here are the top cryptocurrencies stories of the past week in just two minutes. A collective lawsuit of $1.4 trillion for Tether and Bitfinex. Adoption of the bill “On digital financial assets”. Olaf Scholz called digital money a “good solution” for the financial centre of Europe. Telegram messenger reserves the right to disable the user account and block access to all services.



This week on cryptocurrencies. Tether and Bitfinex filed a collective lawsuit of $1.4 trillion. Russia proposed a way to determine the official course of Bitcoin. Adoption of the bill “On digital financial assets” has again delayed.

Germany will release the national cryptocurrency

A similar payment system will be a successful solution for the financial center of Europe. Also, its integration into the global financial system. We should not leave this space to China, Russia, the United States or any private supplier.

Earlier, the German government approved a strategy for blockchain. This places the existence of cryptocurrencies. Such as Libra stablecoin from Facebook on the territory of the country. Of course, the ability to issue currency is a key element of state sovereignty. This task cannot simply rest assured to private companies.

Tether and Bitfinex have a $1.4 trillion class-action lawsuit

A class-action lawsuit is pending in the U.S. District Court for the Southern District of New York. This all is against Bitfinex, Tether and the parent company iFinex Inc. The amount of investor damage from the companies’ actions reached $1.4 trillion.

Furthermore, according to the lawyers, Bitfinex and Tether violate the antitrust and commodity exchange laws. Tether controls more than 80% of the U.S. and global steyblock market. The plaintiffs claim that the companies organized a certain scheme. This scheme used to deceive investors, manipulate the cryptorchain and hide illegal income.

This picture show a bitcoin coin placed on top of a motherboard.
Tether controls more than 80% of the U.S. and global steyblock market. (Source)

Telegram presented the rules for using its cryptocoulet

The Company reserves the right to disable or freeze the user’s account. It can deny access to all services at any time and for any reason. Also, Telegram is not responsible for the use of third-party services. Same as loss of personal data and direct, special, incidental or consequential damages of any kind. The use of the wallet is possible only after the age of 18 and only for legitimate purposes.

The development of TON is now in its final stages. They plan to release it by October 31, 2019. In case of failure to meet the deadlines, the company will have to return all their funds to investors in full.

This picture show a black smartphone.
Telegram presented the rules for using its cryptocoulet. (Source)

New rules for cryptocurrency regulation

European Commission prepared new unified rules for the regulation of cryptocurrencies. European Commissioner Valdis Dombrovskis announced the problems in the field of digital money. These are associated with “unfair competition”, cybersecurity and threats to financial stability. Europe needs a common approach to regulating cryptocurrencies such as Libra.

I plan to present new legislation in this area,” said the Vice President of the European Commission. Earlier, the organization announced the launch of an investigation into Libra by Facebook. The European Commission will check possible restrictions on the entry of alternative products. Due to the launch of the payment solution from the Facebook project.

New way to determine official Bitcoin course in Russia

The new system will make it possible to introduce the taxation of cryptocurrencies and simplify the process of legal proceedings with their participation. Several exchanges request Bitcoin within 30 seconds. After that, this is how experts calculate the cross-rate to the dollar and ruble. Similarly, the cost of digital money.

Currently, Russia can not regulate cryptocurrencies in any way in Russia. Also, it cannot decide on the status of digital money in the country. The Central Bank advocates a complete ban on new types of assets. Earlier, the first deputy chairman of the financial regulator called cryptocurrencies “a high-tech financial pyramid”.

(Featured image by Icons8 team via Unsplash)

First published in rbc, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Michael Jermaine Cards is a business executive and a financial journalist, with a focus on IT, innovation and transportation, as well as crypto and AI. He writes about robotics, automation, deep learning, multimodal transit, among others. He updates his readers on the latest market developments, tech and CBD stocks, and even the commodities industry. He does management consulting parallel to his writing, and has been based in Singapore for the past 15 years.