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You can now spend China's digital currency at an online store
JD.com has become the first online store to take China's official digital currency, although it's not quite ready for prime time.
PayPal drops domain registrar Epik over its 'alternative' digital currency
PayPal has terminated domain registrar Epik's account over the legality of its currency, although Epik is accusing it of political bias.
Investment app Robinhood scraps UK expansion
Robinhood will not attempt to crack the UK until 2021 at the very earliest.
Facebook’s global currency plans were always doomed
Essentially, Facebook’s plan to make Libra into a global currency was never going to succeed and we’ve seen that play out over the last ten months.
UK raises contactless payment limit to £45 amid coronavirus spread
The limit for contactless card payments in the UK will be increased to £45 from April 1st. According to UK Finance, the decision was already under consideration by those in the industry, but the process has been sped up to respond to the coronavirus outbreak, and to support consumers that would rather pay by contactless at this time. It's important to clarify, however, that the World Health Organization has not warned people against using paper money and coins, but it does advise thorough handwashing after handling it.
The IRS won't ask you to report 'Fortnite' V-Bucks on tax returns
Don't worry, you won't have to factor in-game currency into your taxes... at least, not yet. The IRS has removed a guideline (cached here) from October that treated Fortnite's V-Bucks, Roblox's Robux and other in-game currencies with real monetary value as "convertible" currency that could be subject to federal taxes. In a follow-up, IRS Chief Counsel Michael Desmond confirmed to CNN Business that including in-game money was an error. The updated section now focuses on cryptocurrencies like Bitcoin and Ethereum, so you can likely rest easy if you received a V-Bucks gift card last year.
Epic Games Store will keep offering free games throughout 2020
The Epic Games Store has faced something of a challenge in capturing the hearts and minds of gamers since its launch in 2018. Its continued insistence on exclusives, plus its relative immaturity compared to the likes of Steam, has seen complaints from all sides. But its hard graft is paying off, and the platform is sharing its good fortune with its fans. Today, it announced it will be continuing its weekly free game program throughout 2020 -- claim a game for free, and it's yours to keep forever.
International money transfer service Travelex held ransom by hackers
Foreign exchange company Travelex has been targeted by hackers demanding $6 million (£4.6 million), in an attack many believe could have been averted months ago. The ransomware gang known as Sodinokibi -- also as REvil -- says it has downloaded more than 5GB of sensitive customer data, including dates of birth, credit card information and national insurance numbers, which it will publish if payment is not made within a week. The hackers originally demanded $3 million, but doubled the sum after two days of non-payment.
Tech companies won’t become banks, but they’ll pretend to
Silicon Valley has already eaten plenty of industries, from camera and newspaper businesses to watches and even flashlights. Now, Big Tech appears to be turning its attention to banking. But don't expect Facebook or Google to launch their own banks. According to the experts, this sudden play for financial services is about your loyalty, not their competition.
Facebook releases Zuckerberg’s upcoming testimony in defense of Libra
Tomorrow, Facebook CEO Mark Zuckerberg will appear before the Financial Services Committee, where he's expected to be grilled about Facebook's planned cryptocurrency Libra and digital wallet Calibra. Ahead of tomorrow's inquisition, Facebook has shared Zuckerberg's prepared statement. In it, Zuckerberg admits that Facebook is "not the ideal messenger right now" and promises that Facebook will not move forward with Libra anywhere in the world until US regulators approve.
Facebook's Libra loses one more member as its council becomes official
Facebook couldn't avoid losing another Libra Association member before it formalized the cryptocurrency's council. Booking Holding, the company behind Booking.com, Kayak and Priceline, has withdrawn from the Libra Association just before the organization's members signed the council charter, elected its Board of Directors and appointed executive team members. The move leaves 21 initial members, including Facebook's own Calibra wallet as well as Lyft, Uber, Spotify and telecoms like Iliad and Vodafone.
EU grills Facebook over Libra's financial and privacy risks
It's not just central banks interrogating Facebook over its Libra cryptocurrency as of late. The Financial Times has learned that the European Commission has asked Facebook to answer a range of questions about Libra, including the risks to financial stability and data privacy as well as the company's ability to comply with counter-terrorist financing and money laundering rules. Officials also want to know how Libra would handle its reserves.
Facebook's Libra currency will get half its backing from the US dollar
Facebook was quick to promise that its Libra cryptocurrency would have the stability of real-world money behind it, but whose money will dominate? It's now particularly clear. Facebook sent a letter to German politician Fabio De Masi explaining that the US dollar will represent 50 percent of the backing for Libra. The remaining support will come from the euro (18 percent), Japanese yen (14 percent), British pound (11 percent) and Singapore dollar (7 percent). If you were hoping for currency representation from more parts of the world, you'll be disappointed.
Central banks to question Facebook over Libra cryptocurrency
Facebook is about to undergo further scrutiny of its Libra cryptocurrency, and it may have to answer some difficult questions. Officials speaking to the Financial Times said that Libra representatives are meeting with officials from 26 central banks (including the Bank of England and the US Federal Reserve) in Basel, Switzerland on September 16th. The European Central Bank's Benoît Coeuré is expected to chair the gathering, which will question Facebook over the digital money's "scope and design."
China's official digital currency is nearly ready
As much as China frowns on cryptocurrency, it's happy to introduce its own form of virtual cash. The People's Bank of China has revealed that its digital currency "can now said to be ready" after five years of work. Don't expect it to mimic crypto, however. According to payments Deputy Chief Mu Changchun, it'll use a more complex structure.
Facebook is already awash with fraudulent ads about its own cryptocurrency
Facebook revealed its cryptocurrency plans just a month ago, and already it's the subject of a wave of fraudulent ads. As The Washington Post reports, around a dozen fake accounts, pages and groups have appeared on Facebook and Instagram, presenting themselves as official hubs for Facebook's not-yet-available Libra currency.
YouTube offers tiered membership levels to boost creators’ revenue
Last year, YouTube took to the VidCon stage to share new ways creators could make money. This year, YouTube returned with updates to those programs. For starters, it's adding new Channel Membership levels. Since last year, fans have been able to pay a monthly fee of $4.99 in exchange for added membership perks like exclusive live streams, extra videos and shoutouts. Now, creators can set up to five different price points and offer varying perks at each tier. According to YouTube, when Fine Brothers Entertainment tested offering multiple levels, the company's membership revenue increased sixfold.
Facebook's cryptocurrency may debut this month
Facebook's long-rumored cryptocurrency may be on the cusp of launching, and with a few twists to boot. The Information sources say the digital money is expected to premiere later in June. The social network is reportedly planning a big push that would include bonuses for merchants that adopt it, not to mention real-world kiosks where you could exchange conventional cash. Employees in the project would even have the option of being paid in the currency.
E*Trade may offer trading for Bitcoin and Ethereum
Cryptocurrency traders might soon have an important ally. A Bloomberg source claims E*Trade is in the midst of work to enable trading cryptocurrencies, starting with Bitcoin and Ethereum. It would think about adding other currencies going forward, according to the tipster. It's not certain exactly when trading would open.
With Khashoggi, tech confronts its blood money
In 2015 we laughed at Hacking Team for getting hacked. Their profit-driven facilitation of human rights abuses around the world was somehow barely competent, but notorious. They sold illegal hackware and surveillance tech to brutal regimes and trained them in attacking citizens and journalists. We knew they were evil clowns. We just didn't expect what happened next.
