For FinTech Magnates: Digital Dollars for the Poor, Exponential Profits for the Rich

The recent incursion by FinTech companies into the banking sector and Secretary of the Treasury Janet Yellen’s implicit endorsement of a fully digital currency might be the end of banks as we know them.

Fintech Feature photo

In a virtual conference hosted by The New York Times, Treasury Secretary Janet Yellen gave her nod of approval to the idea of "sovereign digital currencies" to solve the riddle of financial inclusion in America. According to recent data, approximately 7.1 million, or 5.4 percent of households, in the United States have no access to a bank

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Can Iran’s New Cryptocurrency Aid the “Resistance Economy” in Looming Sanctions Storm?

If the new Iranian cryptocurrency manages to gain support from Iran’s would-be trading partners, we could see Tehran gain a powerful new asset in its fight to fend off the politicized economic war being waged by the Trump administration on the people and government of the Iranian nation.

TEHRAN, IRAN -- As Iran reels from the economic war the U.S. is waging on it, the country is hoping to avoid further damage from fast-approaching sanctions by launching a new digital currency, according to Iranian media reports. The plan to put the new “indigenous cryptocurrency” in circulation was announced by Alireza Daliri, the deputy for

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US Imposes Sanctions Against Venezuela’s Petro Cryptocurrency

Venezuela’s fledgling Petro cryptocurrency was launched specifically to help circumvent the crippling effects of US sanctions on Venezuela’s economy.

U.S. President Donald Trump has announced fresh sanctions against Venezuela's fledgling Petro cryptocurrency, which was launched specifically to help stabilize the Latin American nation's economy. The blockade, due to be signed and implemented today, restricts the use of Petros in U.S. financial transactions, McClatchy reports. Trump and

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Bank of America to SEC: Cryptocurrency Creating Pressure To Lower Prices

In an annual report to the SECBank, Bank of America complained that cryptocurrencies pose a threat to their business model by pressuring them to lower prices.

Damage to the front of the Bank of America building in downtown Oakland.

The second largest bank by total assets, Bank of America, detailed in an annual report to the SEC that cryptocurrencies pose a threat to their business model. The bank detailed credit, liquidity, market, geopolitical, and operational risk factors moving into the future, but the threat of cryptocurrencies was a surprising addition to the list.

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Cryptocurrency: With Inequality Rising, Citizens Seek Alternative Economies

Cryptocurrencies are helping recipients of foreign aid by allowing them to exchange peer-to-peer, rather than having to transact through corruption-prone bureaucrats.

In this Friday, Dec. 8, 2017, file photo, a man uses a Bitcoin ATM in Hong Kong. Bitcoin is the world's most popular virtual currency, but multitudes of alternatives are springing up around the world. (AP/Kin Cheung)

The year 2017 will go down as a particularly tough one for ordinary citizens, particularly in the global South. A sharp rise in government restrictions on fundamental freedoms across regions, as well as in levels of inequality, played a big part in that negative review. According to a recent Oxfam report, 1% of the world’s richest elites now own

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Despite JP Morgan Crusade, Bitcoin Price Soars To New Record High

Just a month after JP Morgan Chase CEO Jamie Dimon slammed Bitcoin, the digital cryptocurrency hit a new record high.

Bitcoin Block chain

Just a month after JP Morgan Chase CEO Jamie Dimon slammed Bitcoin, calling the digital currency “a fraud,” the long-time cryptocurrency critic claims he won’t talk about it anymore, according to Bloomberg. “I wouldn’t put this high in the category of important things in the world, but I’m not going to talk about bitcoin anymore,” Dimon said

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