Bitcoin Daily: Ethereum And Cardano Hit One-Year Lows, Blockchain Used To Monitor Parolees In Chinese City

Bitcoin Daily

The justice department in Zhongshan, a city in China, is turning to blockchain to keep tabs on parolees, CoinDesk reported. The system was created to constantly track the movements of the parolees. With the technology, law enforcement agencies and community correction staff can take action if the individuals deviate from their normal routines. The system has reportedly been put in place at “community service centers”— locations where parolees complete daily duties and check in.

High Times will be taking cryptocurrency in its initial public offering (IPO), according to CoinDesk. While the publication will not hold or take the digital currency itself, Fund America will apparently convert the crypto into U.S. currency for the company. A company official said, “It’s similar to the way if we were doing an international IPO, and we were accepting the pound or the euro; those guys aren’t accepting that money, they’re converting it to [dollars].”

In other news, Ethereum and Cardano have hit lows not seen for a year on Wednesday (Sept. 5), CoinDesk said. The outlet noted that Etherum reached the $211 level on Wednesday, which marks the cryptocurrency’s lowest point since July 30 of last year, and “Cardano dropped to levels not seen since last year.” Ethereum is reportedly the second-biggest digital currency in terms of market cap, while Cardano is said to rank ninth. The price of Ethereum was $228.98 as of 7:36 p.m. on Thursday (Sept. 6), said CoinDesk.

The government of Iran now sees crypto mining as “lawful activity,” according to CoinDesk. The Secretary of Iran’s Supreme Council of Cyberspace Abolhassan Firouzabadi said that the activity, “has been accepted as an industry in the government.” The news comes as Iran is seeking to make a central bank digital currency (CBDC) to get around economic sanctions from the U.S. At the same time, Firouzabadi reportedly said that a national digital currency could be a “promising” way to transact with trading partners. At the same time, however, the government hasn’t yet defined a final policy to govern crypto mining.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.