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Affiliates of Institute of Public Affairs are working at university’s blockchain hub, which has received $6m in RMIT funding despite university’s job cuts Staff at RMIT University have expressed concern about the level of funding flowing to its blockchain research body and the links it shares with the Institute of Public Affairs.The Blockchain Innovation Hub has received about $6m from RMIT and benefitted from hundreds of thousands of dollars in grant funding from the federal government since it was launched in September 2017. Related: Tim Wilson helped IPA and solicited Liberal party endorsement while in human rights position Join our team on the Australian Research Council Discovery Project 'Public Finance and Cryptocurrencies'https://t.co/sH4TgXdboD@RMITBusRes @ResearchRMIT @cryptoeconomico @profjasonpotts @Chrisberg @SincDavidson @AMLane_au Related: Coalition government's grants for renovations and building criticised by economists and backbench MPs Continue reading... […]

Coronavirus has accelerated the shift away from banknotes – central banks must act fast to catch upAs the Covid-19 crisis accelerates the long-term shift away from cash (at least in tax-compliant, legal transactions), official discussions about digital currencies are heating up. Between the impending launch of Facebook’s Libra and China’s proposed central-bank digital currency, events now could reshape global finance for a generation. A recent report from the G30 argues that if central banks want to shape the outcome, they need to start moving fast.Much is at stake, including global financial stability and control of information. Financial innovation, if not carefully managed, is often at the root of a crisis, and the dollar gives the US significant monitoring and sanctions capabilities. Dollar dominance is not just about what currency is used, but also about the systems that clear transactions and, from China to Europe, there is a growing desire to challenge this. This is where a lot of the innovation is taking place. Related: Will coronavirus mean the demise of banknotes? | Howard Davies Continue reading... […]

Beloved by Silicon Valley tycoons and tyranny-fearing libertarians, are cities atop the waves Earth’s next frontier?A white steel pole rises out of the sea off the Caribbean coast of Panama, poking above the waves like the funnel of a sunken steamship. Launched into the water last month, this is no shipwreck, but the base of what will soon become a floating home and, in the eyes of its makers, the first step towards building a brave new post-Covid-19 society, out on the open ocean.“Coronavirus is an opportunity to show the world that what we’re building is actually going to be very useful in the future,” says Chad Elwartowski, in a recent video post from his beachside base in Panama. The Michigan-born software engineer turned bitcoin trader is a leading figure in the seasteading movement, a libertarian group dedicated to building independent floating cities on the high seas. Along with the bunker builders and survivalist preppers, their long-held ambitions have been bolstered by the current global pandemic. “No matter if you’re scared of the virus or the reaction to the virus,” he adds, “living out on the ocean will be helpful for these situations.”It is not the first time Elwartowski has attempted to realise his dream of a floating future. In April last year, he and his Thai partner Supranee Thepdet (aka Nadia Summergirl), were forced to flee their first floating home off the coast of Thailand, just moments before it was raided by the Thai navy. They had constructed what they declared to be “the first seastead” 12 nautical miles from Phuket, but the authorities decided that the six metre-wide fibreglass cabin, perched on top of a floating pole, posed a threat to Thailand’s sovereignty. It was an offence punishable by life imprisonment or even the death penalty. “The couple announced on social media declaring their autonomy beyond the jurisdiction of any courts or law of any countries, including Thailand,” said Rear Admiral Vithanarat Kochaseni, adding that they had invited others to join them. “We see such action as deteriorating Thailand’s independence.”A new kind of government arises, born in Earth’s last free places, fated to advance the human frontier Related: What lies beneath: our love affair with living underwater Over the next 40 years, the world is expected to build 230bn square metres in new construction. This could be a way to accommodate that growth Continue reading... […]

Police believe assets were being held in company owned by Russian man who has denied any involvementNew Zealand police have seized assets worth NZ$140m ($90.68m) linked to a Russian man suspected of laundering billions of dollars in digital currency.The police said it seized the assets because they were being held in a New Zealand company owned by Alexander Vinnik, who is accused of masterminding a bitcoin laundering ring and is wanted by both France and the United States. Related: Bitcoin bounces back over $10,000 amid coronavirus concerns Continue reading... […]

Governor Andrew Bailey is signalling that extreme measures such as negative interest rates are on the table. Rightly soWhen the Bank of England governor says he is not ruling out a cut in the cost of borrowing to below zero, you know there is trouble ahead.Negative interest rates are the last resort of the central banker and not to be used unless absolutely necessary. At least that is the thinking inside the forbidding walls of the Bank’s offices on Threadneedle Street. Only a couple of weeks ago, governor Andrew Bailey said, in effect, that the Bank had never lowered interest rates to below zero and wasn’t going to start now.The problem lies with savers who are offered negative interest on their savings. What if they refuse to accept this new reality? Continue reading... […]

The e-RMB has reportedly been adopted into the monetary systems of several citiesChina will begin trialling payments in its new digital currency in four major cities from next week, according to domestic media.In recent months, China’s central bank has stepped up its development of the e-RMB, which is set to be the first digital currency operated by a major economy. Continue reading... […]

An estimated $100m has been wheedled out of people around the world in a crytocurrency scam run out of a Kiev call centre. We talk to four victimsAs a pensioner, Kate couldn’t afford to lose the $4,000 she ploughed into an alleged cryptocurrency scam run out of acall centre in Kiev.She couldn’t even really afford the initial US$250 she was convinced to invest in website CryptoMB by a man calling himself William Bradley. Related: Acma announces new rules on porting mobile numbers to tackle identity fraud Related: 'I was scammed by a fraud so ingenious even bank staff were fooled' Related: Fake tax office scam robbed $800,000 from Australians in past month Continue reading... […]

Clifton Collins fears fishing gear was taken to dump by his landlord after he was jailedIn early 2017 Clifton Collins, an Irish drug dealer, had a dilemma: where to hide the codes of his illicit €55m (£46m) bitcoin fortune.His solution was to print them on to an A4 piece of paper and stash it in the aluminium cap of a fishing rod case kept at his rented home in Farnaught, Cornamona, County Galway. It seemed a good idea at the time.Bitcoin is the first, and the biggest, 'cryptocurrency' – a decentralised tradeable digital asset. The lack of any central authority oversight is one of the attraction.  Continue reading... […]

Investors seek safe haven because of fears over the economic impact of outbreakCoronavirus – latest updatesBitcoin has bounced back above $10,000 (£7,731), fuelled by investors seeking a safe haven amid fears over the economic impact of the coronavirus.On Sunday, bitcoin rose above $10,000 for the first time since September and by Wednesday was trading at $10,335 on the Luxembourg-based bitcoin and cryptocurrency exchange Bitstamp. It marks a significant shift in fortunes for the 10-year-old cryptocurrency, which hit a low of $3,196 in December 2018.Bitcoin is the first, and the biggest, 'cryptocurrency' – a decentralised tradeable digital asset. The lack of any central authority oversight is one of the attraction.  Continue reading... […]