Bitfinex, Tether Seek Subpoenas Across US in Hunt for Missing $800M
Bitfinex is making a new push to find and potentially recover more than $800 million in user funds seized by legal authorities in four different countries after its payment processor’s bank accounts were frozen. The funds were seized by authorities pursuing anti-money laundering criminal charges against Crypto Capital.

Cayman Islands Proposes New Legislation to Regulate Crypto Firms
The legislative assembly of the Cayman Islands has introduced five new pieces of legislation that may be used to regulate local firms dealing in cryptocurrencies. The proposed rules have mainly been created to monitor the operations of digital asset exchanges. https://www.mfs.ky/news/government-proposes-framework-for-virtual-asset-service-providers

Facebook’s Calibra Team Introduces A Novel Distributed Audit Protocol
Calibra published a paper on a novel distributed auditing proofs of liabilities (DAPOL) protocol designed to introduce additional optimization and enhanced privacy to existing distributed audit procedures. It allows entities to undergo a distributed audit of their liabilities and it works in any situation where an entity does not have a motivation to overstate its liabilities. https://eprint.iacr.org/2020/468.pdf

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The U.S. needs these 4 upgrades to its digital infrastructure to effectively fight the coronavirus
As Washington shifts focus to the next phases of the coronavirus crisis response, there is more vocal discussion of infrastructure investment. Any investment in infrastructure needs to include digital financial infrastructure. It is imperative that the U.S. upgrade its financial infrastructure on four digital fronts: payments; currency; identity, and data.

How Biometric Wallets and eMoney Ensure Nations Can Respond to Pandemics
The U.S. government needs a stimulus payment system that ensures the policy objectives are met. It could be based on programmable eMoney (“digital dollars”) or eVouchers that are time-stamped, purpose-limited, and even location-limited to prevent users from hoarding them. Loans to small businesses could be tied to payroll or capital expenditure. Such eMoney or eVouchers could be sent or received directly to users’ eWallet accounts and settled over an automated clearing house.

Visa gives Kenya’s Safaricom ‘missing link’ for global payments
Under the deal, M-Pesa’s 24 million users and 173,000 local merchants will be linked to Visa’s 61 million merchants and its more than 3 billion cards. The mobile phone-based M-Pesa will serve as a virtual card, allowing users to make payments abroad when they travel and also letting them transfer cash from their Visa-linked debit cards to their M-Pesa wallet even when they are abroad.

Posted from Diigo: https://www.diigo.com/user/kiffmeister/Fintech