US consumer watchdog mulls applying e-banking laws to crypto

The head of the U.S. financial consumer watchdog says it’s looking to issue guidance on how crypto could fall into electronic fund transfer laws.

The top United States agency for consumer financial protection is considering applying the Electronic Fund Transfer Act (EFTA) to crypto, in an attempt to protect consumers from fraudulent crypto transfers.

Speaking at an Oct. 6 payments conference by the Brookings Institution think tank, Consumer Financial Protection Bureau (CFPB) director Rohit Chopra said his agency is looking at applying the EFTA to “private digital dollars and other virtual currencies.”

“To reduce the harms of errors, hacks, and unauthorized transfers, the CFPB is exploring providing additional guidance to market participants to answer their questions regarding the applicability of the Electronic Fund Transfer Act with respect to private digital dollars and other virtual currencies,” Chopra said.

Passed in 1978, EFTA is a federal law that protects consumers when they transfer funds electronically, whether by debit cards, ATMs or bank accounts and aims to limit consumer losses from unauthorized transfers.

#news #crypto #us #regulation

Nearly half of crypto users invest to boost living standards: Report

A survey from crypto exchange Bitget featured more than 1,500 respondents across 20 countries.

According to a new survey by crypto exchange Bitget published on Oct. 5, 46%, 44% and 41% of respondents in South Korea, Canada and Turkey, respectively, said improving their living standards is their most significant financial goal when investing in digital assets. Meanwhile, around 36% of respondents in Malaysia and Taiwan said enhancing their family's quality of life was more important than other aspirations.

Around 27% of female crypto investors in the United States and Turkey said they invested in digital assets to fund their children’s education, compared with just 5% in South Korea and Japan. In terms of the amount invested, users from China showed the highest level of engagement, with 18% allocating between $50,000 and $100,000, and an additional 19% investing between $100,000 and $500,000. While China has banned crypto trading, Chinese nationals can still own cryptocurrencies and circumvent the ban via VPNs. The ban also does not apply to Chinese nationals residing overseas.

The survey was conducted between May and August, featuring over 1,500 participants from 20 countries in the European Union, China, Japan, South Korea, Turkey the U.S. and Canada.


#news #invest #crypto

Galionex removes fees for converting BUSD to other cryptocurrencies

Due to the fact that Paxos has stopped issuing new BUSD, Galionex is discontinuing support for deposits and withdrawals in BUSD.
Funding and withdrawals of BUSD tokens (BEP20) via the BSC network will be discontinued on 2023-10-05 00:00:00 (UTC).

Accrual of profits in BUSD for all service plans will be made as usual.

Users are encouraged to convert their BUSD assets to other available assets on Galionex. Users can exchange their BUSD balances to other cryptocurrencies with zero fees.

12 people will decide the fate of former FTX CEO Sam Bankman-Fried

A pregnant physician’s assistant, a train conductor, and a retired investment banker are reportedly among 12 individuals who will eventually decide on the fate of former FTX CEO Sam Bankman-Fried.

As per a report from Cointelegraph's on-the-ground reporter Ana Paula Pereira, the 12 jurors were narrowed down from a list of 45 on Oct. 4, the second day of trial in Manhattan.

The potential jurors were each given a minute to introduce themselves by sharing their background, age, employment, education, relationship history, and children.

Cointelegraph reporter Pereira noted that one prospective juror said his wife worked for a law firm that provided services to FTX in the past — though it isn’t clear whether he was selected.

One prospective juror was reportedly excused after revealing she worked for a firm that invested in FTX and Alameda Research, according to Matthew Russell Lee from Inner City Press.

District Court Judge Lewis A. Kaplan then discussed jury selection with the prosecutors and Bankman-Fried’s defense lawyers before revealing the final 12 jury members about 15 minutes later.

#news #ftx #us

Bitfarms increases mining pace, generates 411 BTC in September

Bitfarms, one of the largest Bitcoin miners in the world, believes that many of its best growth opportunities will arise from the upcoming BTC halving

Bitfarms mined a total of 411 BTC in September 2023, up 7.3% from the amount mined in the previous month, the company announced in its latest mining update on Oct. 2.

Out of 411 BTC mined, Bitfarms sold 362 BTC, generating total proceeds of $9.5 million. The firm continues to hold 703 BTC — worth nearly $20 million at the time of writing.

The mining production increase is a result of Bitfarms continuing to install new miners and fully energizing its Argentina facility at Rio Cuarto to 51 megawatts (MW). With new installations, Bitfarms has reached a total operating capacity of 233 MW, having increased it by 24% in 2023.

Also, Bitfarms increased its hash rate by 9% in September from 6.1 exahashes per second (EH/s). Despite significant growth, the hash rate is still slightly below the firm’s third-quarter target of 6.3 EH/s, reflecting some electrical infrastructure delays in Bitfarm’s Québec facility at Baie-Comeau.

#news #btc #world #bitfarm

Introducing, dear partners, our new step into the world of Galionex - our Brand Book!

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Brochures: Get to know our products and services through our informative brochures.

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We invite you to immerse yourself in the world of Galionex, where every detail matters, and where our passion for quality and creativity always takes the lead. Stay tuned with us, and you'll learn more about how we get inspired and inspire you every day!

#Galionex #BrandBook #Creativity #Quality #Innovation