This week marks the first anniversary of the Bitcoin Independence Day, and it’s been another productive week for the cryptocurrency space with activity and progress being shown across the globe. All of it is designed, in one way or another, to help stabilize the Bitcoin ecosystem and create an industry that is robust and mature. Looking back over the past couple of years, things have moved quickly toward achieving those goals.
Bitcoin was never meant to be used for illicit purposes, much the same way that currency wasn’t, either. Silk Road changed the view of crypto virtually from the onset, but it has been called out for what it truly is—a black market haven of criminal activity. A former trader on the platform agrees, acknowledging his role in using the platform to launder money. Hugh Brian Haney is now looking at as many as 30 years behind bars for his criminal activity.
China is considering a digital yuan and other countries are mulling over the idea of launching their own digital currencies. The wheels have been set in motion and there’s no turning back now, so one of Canada’s largest banks, the Royal Bank of Canada, is considering getting involved, as well. It is reportedly going to allow its customers to set up accounts for trading cryptocurrencies.
Facebook thought it had some real support from financial heavyweights as it was preparing to launch its Libra stablecoin. However, most, including Visa, Mastercard, Stripe and others, backed out at the last minute. Mastercard has now explained why, asserting that the proposed financial solution has zero financial solution integration in its platform.
The U.K.-based Revolut digital bank wants to go global.