Ted Cruz introduces bill to block U.S. CBDC
The Senator fears digital currencies may be susceptible to cyber attacks
U.S. Senator Ted Cruz has introduced a bill which would prohibit the U.S. Federal Reserve from moving ahead with a Central Bank Digital Currency (CBDC).
The government has been researching the possibility of a U.S. CBDC after President Joe Biden an executive order last year.
“The federal government has no authority to unilaterally establish a central bank currency,” Cruz said in announcing the bill’s introduction.
“The bill goes a long way in making sure big government doesn’t attempt to centralise or control cryptocurrency and instead, allows it to thrive in the United States.
“We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom – not stifling it.”
Cruz added that unlike decentralised cryptocurrency like Bitcoin, digital currencies created by the government are centralised and could be more vulnerable to cyber attacks.
North Korean hacker groups steal billions in crypto assets
G7 finance ministers are supporting measures to counter growing threats in the crypto space
Hacker groups associated with North Korea have stolen over $700 million worth of crypto assets since 2017 from Japanese firms and businesses.
The amount equates to 30 per cent of the total of such losses globally.
This comes on the back of G7 finance ministers supporting measures to counter growing threats.
In total, hackers has stolen a total of $2.3 billion in cryptocurrency from businesses between 2017 and 2022.
U.S. Department of Justice investigating Binance over Russian customers
The crypto exchange is being scrutinised over whether is has allowed Russian customers to use the platform, as it violates U.S. sanctions
The U.S. Department of Justice is conducting an inquiry into whether Binance allowed Russian customers to access the exchange.
This is in violation of U.S. sanctions related to Russia’s invasion of Ukraine.
The exchange has repeatedly pushed back against allegations by saying it has built the world’s largest compliance team in the space.
The Securities and Exchange Commission has also been investigating Binance for its relationship with two firms owned by its founder Changpeng Zhao since at least early 2022.
This all comes on the back of the crypto exchange having to pause Bitcoin withdrawals for over an hour, due to a congestion issue.
It’s the second time this event has occurred since March, where deposits and withdrawals were stopped for technical issues.
Environmentally friendly Bitcoin mining
Steps have been taken by miners to utilise renewable energy sources for crypto purposes
Bitcoin mining has been a controversial topic in recent years, with concerns about its environmental impact due to the energy-intensive nature of the process.
However, some miners have been taking steps to address these concerns, by utilising renewable energy sources such as solar, wind, and water power.
By doing so, they not only reduce their carbon footprint but also lower their operating costs, which can make mining more sustainable in the long run.
So, how does it all work, and is it worth all the effort?
Nihar Neelakanti from Ecosapiens joined to discuss.
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