For central bankers, the game changed last summer when Facebook unveiled its proposal for Libra. Many have responded by seriously exploring whether and how they should issue their own digital money. Arguably, though, the more fundamental change is more than a decade old.
If Facebook’s digital currency ever gets off the ground, it will threaten the business of China’s massively popular digital payment platforms Alipay and WeChat Pay, according to Tencent, one of the country’s largest tech companies.
Ethereum may not have a center, but it does have something that resembles a beating heart. The Switzerland-based Ethereum Foundation not only employs many of the researchers and developers crucial to its goal of creating a “world computer” but also pumps moral …Continue reading
A 1988 hit by the Argentine rock band Soda Stereo gave Buenos Aires a nickname that still sticks today: “La Ciudad de la Furia,” or the City of Fury. The “fury” of Buenos Aires is evident in the uneven quality of everyday …Continue reading
America’s cryptocurrency tax policy is confusing everyone—and it’s high time for the US Internal Revenue Service to sort it out and explain. That’s the gist of a strongly worded letter sent by a bipartisan group of 21 members of the House of …Continue reading
Was cryptocurrency a flash in the pan? Less than two years ago, Bitcoin’s skyrocketing price was making people crypto-millionaires overnight. Then coin prices crashed and never recovered. Projects have shuttered, jobs have been lost, and most of 2017’s feverish enthusiasm has worn …Continue reading
By 2020, China’s new system of social credit scoring is expected to give each citizen a trustworthiness rating based on anything from shopping habits to choice of friends. It may seem like an ideal tool for an authoritarian government that wants to …Continue reading
The whole point of using a blockchain is to let people—in particular, people who don’t trust one another—share valuable data in a secure, tamperproof way. That’s because blockchains store data using sophisticated math and innovative software rules that are extremely difficult for …Continue reading
It was only a matter of time before Bobby Lee, CEO of China’s longest-running Bitcoin exchange, found himself in the crosshairs of Chinese regulators. His exchange, BTCC, had occupied a gray area of Chinese law, neither licensed nor explicitly illegal. Bitcoin is …Continue reading
A few times a month, Bassam pushes a shopping cart through the aisles of a grocery store stocked with bags of rice, a small selection of fresh vegetables, and other staples. Today he’s wearing a black sweater tucked into denim jeans, which …Continue reading