Aug. 5th: AMLO To Amend AML Act To Include Cryptocurrencies
Hello everyone and welcome to This Week in Crypto, this is your daily roundup for Monday, August 5, 2019. Mastercard seeks to hire blockchain professionals, Bitcoin mining power is up 10%, and Coinbase continues to explore new assets.
Today in Crypto – August 5, 2019
Mastercard is seeking to hire blockchain professionals in an effort to develop cryptocurrency wallet products. According to their career website, blockchain engineers and product managers are needed for hire to work on cryptocurrency and wallets products. Mastercard is a member of the Libra Association, the nonprofit association behind Facebook’s Libra cryptocurrency.
Bitcoin Mining Power Up 10%
Bitcoin mining power has set a new record, maintaining a two-week average computing power above 70EH/s quintillion hashes per second, even after an increase in block difficulty this Monday. It’s estimated that tens of thousands of ASICs have been switched on to keep up with the block difficulty.
Bitcoin mining difficulty is a measure of how hard it is to compete for mining rewards on bitcoin. A report from CoinShares calculated that the global Bitcoin mining industry draws 4.7GW of power every second. That’s more energy than it takes to power the entire country of New Zealand.
Implementing FATF Standards In Thailand
Thai secretary-general of the Anti-Money Laundering Office wants to amend AML laws to include cryptocurrencies. Thai Police Major General Preecha believes criminals will increasingly transform their money into digital currencies. In an effort to prevent cryptocurrency money laundering, Preecha wants to add a section to the Thai Anti-Money Laundering Act that would require cryptocurrency exchanges to report activities to the office.
Thailand is a member nation of the Financial Action Task Force (FATF), an international money-laundering task force that provides recommendations for regulators. The Financial Action Task Force most recently demanded that crypto service providers scrutinise their customers’ behaviour and report irregular transactions to authorities.
Coinbase Explores New Assets
Coinbase continues to explore support for new digital assets. Today Coinbase announced that they are exploring the addition of a range of new assets, including Algorand, Cosmos, Dash, Decred, Matic, Harmony, Ontology, and Waves. In a previous post, Coinbase stated “Because listing announcements will become more frequent, we expect to publicly announce the addition of new assets only at or near the time of public launch across one or more Coinbase products.” This means that most of these products are likely to be listed on the exchange.
This has been your daily roundup from This Week in Crypto for Monday, August 5, 2019. Be sure to support the podcast by subscribing on your favorite podcast app including Google Home and Alexa devices. Also join us on Telegram to let us know your thoughts at t.me/weekincrypto. Thanks for listening, we’ll see you next time.