Top Crypto News- CBDC Prototype Test Planned by Taiwan
Top Crypto News- In a strategic move aimed at modernizing its financial infrastructure, Taiwan’s central bank, led by Governor Chin-Long Yang, is gearing up to test a prototype for a central bank digital currency (CBDC) by late 2024 or early 2025. Unlike traditional CBDCs based on blockchain and smart contracts, Taiwan’s version will leverage the government’s upcoming digital voucher system.
Governor Yang recently announced plans to collaborate closely with the Ministry of Digital Affairs to seamlessly integrate this CBDC prototype into the digital voucher platform, which could potentially go live as early as October 2024. This platform is seen as a precursor to a full-fledged CBDC rollout.
Under the proposed system, the Ministry of Digital Affairs will handle the distribution of digital vouchers, while the central bank will oversee payment and settlement processes once users spend these vouchers from their digital wallets. This framework also paves the way for government agencies to issue digital vouchers through a unified platform in the future.
While there’s no fixed timeline for the complete implementation of the CBDC, initial testing of the digital voucher system is slated to begin as soon as August 2024. Industry experts believe this phase will serve as a testing ground, laying the groundwork for future CBDC pilot programs.
CoinStats Hacker Moves Close to $1M to Tornado Cash
In the aftermath of the June CoinStats hack, an individual believed to be behind the exploit has made a significant move, transferring approximately $959,000 worth of Ethereum to Tornado Cash, a well-known cryptocurrency mixing service. This development came to light through a detailed analysis by blockchain security firm CertiK, which identified two specific wallets associated with the breach. These wallets collectively funneled 311 ETH into Tornado Cash, a platform designed to obfuscate the origins of cryptocurrency transactions.
Cryptocurrency mixers like Tornado Cash play a crucial role in the digital underworld by blending funds from multiple sources, thereby creating a layer of anonymity that complicates efforts to trace the flow of funds. Such services are often utilized by cybercriminals to launder illicitly obtained cryptocurrencies, making it challenging for authorities and blockchain analysts to follow the money trail accurately.
The incident underscores ongoing concerns about the security vulnerabilities within the cryptocurrency ecosystem and the persistent challenges faced by regulators and security experts in combating illicit activities in this rapidly evolving landscape.
Elliptic Discovers $11 Billion Scam Network
According to blockchain analytics firm Elliptic, Huione Guarantee, an online marketplace operated by Cambodian conglomerate Huione Group, has been implicated in facilitating over $11 billion in transactions associated with money laundering and cyber scams across Southeast Asia.
The platform, predominantly operating in Chinese, serves as a pivotal hub for various illicit activities, including the sale of personal data, money laundering operations, and the development of fraudulent websites. Additionally, it provides tools used within scam operations, such as facilities for the confinement and mistreatment of workers.
Despite utilizing multiple payment methods, Huione Guarantee heavily relies on Tether, a popular stablecoin, for conducting transactions. Tom Robinson, co-founder of Elliptic, highlighted the role of blockchain transparency in quantifying these cryptocurrency transactions, emphasizing that such transparency provides a level of traceability not typically found in traditional financial systems.
The revelations underscore ongoing challenges in combating financial crimes within the digital landscape, particularly in regions where regulatory oversight may be limited or ineffective.
Bitcoin Fees at Their Lowest in Four Years
On July 7, 2024, Bitcoin transaction fees experienced a significant decline, reaching their lowest levels since 2020, averaging approximately $38.69 per transaction. This notable reduction can be attributed to decreased demand for block space and a corresponding decrease in data volume.
Throughout the day, miners successfully processed a total of 673,752 transactions, marking Bitcoin transactions as the dominant force with 89.7% of the network’s activity. The remaining bandwidth was allocated to various protocols such as Ordinals, BRC-20, and Runes.
Despite the decrease in average transaction costs, miners benefited from an environment of reduced network difficulty, which facilitated more streamlined and efficient transaction processing.
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