Roundup – 13/03/2019 – ‘Crypto’ Movie Receives Negative Echo From Crypto Space & more

‘Crypto’ Movie Receives Bad Criticism From Crypto Space

Crypto has finally reached Hollywood. Though, not in a good sense as the movie with the inexpressive name “Crypto” features money laundering, crime and, of course, the Russian mafia. The first movie in which the new monetary medium plays a major role will hit the cinemas in April. The trailer obviously evoked a negative echo by the crypto space. The negative associations that the movie creates about Bitcoin & Co. is seen as a strong misrepresentation of what crypto is about. However, some of the reactions on Twitter, for example, were quite funny.

US Treasury Sanctions Russian Bank that Financed Petro

The US Department of the Treasury has announced that it is going to sanction the Russian bank Evrofinance. According to the press release, Evrofinance played a major role in enabling the funding for the Petro. Investors reportedly wired their money to an Evrofinance bank account. The Department of the Treasury calls the Maduro government ‘illegitimate’ and points out the reason for the sanctioning as followed:

“Evrofinance’s involvement in the Petro demonstrated Maduro’s hope that the Petro would allow Venezuela to circumvent U.S. financial sanctions.”

The sanction consists of blocking “all property and interests in property of this entity, and of any entities that are owned, directly or indirectly […] by this entity [i.e. Evrofinance]”.

Both Russian and Venezuelan state-owned companies co-own the bank.

Ikea Delves Into Blockchain For Renewable Energy Generation

Ikea’s innovation lab Space 10 is developing a Blockchain-powered solar microgrid. The furniture giant is aiming to democratize the management of renewable energy to entice many people to produce electricity for the microgrid using green -energy solutions. Dubbed as SolarVille, Ikea’s Blockchain platform is at its modeling phase. The model is a wooden village prototype that showcases how a microgrid solution will work. The illustration of the microgrid shows a village where homes are hardwired together in order to share energy. The lab is reassuring all stakeholders that the model is scalable and can be applied to a larger grid area.

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Malta Appoints A Renowned Cybersecurity Company To Look After The Crypto Operations

Ciphertrace, a US cybersecurity firm has been appointed by the Malta Financial Services Authority in a new role. The main work of Ciphertrace would be to assist with compliance monitoring of the cryptocurrency assets. The main work of Ciphertrace would be to assist with compliance monitoring of the cryptocurrency assets. It would also be charged with the role of monitoring the digital wallets, with the Initial Coin Offerings included. Other roles would also include monitoring the terrorism financial violations and money laundering instances.

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Mexico Wants to Strengthen Its Regulation On Cryptocurrency

The Mexican Central Bank, short Banxico, has published several suggestions to reglulate cryptocurrencies and the fintech sector. The regulation has two goals: Firstly, to monitor legal and illegal conduct of transactions. Secondly, to help the crypto sector grow in the country.
The central bank follows an approach that seeks to establish a strict separation of ordinary financial transactions and crypto transactions. Banxico further aims to establish directives for enterprises that administrate crypto assets in high numbers. As any institution can easily send these abroad – and thus out of the control of the Mexican authorities.

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