Blockchain
BitWell Responds to the U.S. DoJ’s Prosecution for Helping Russians Hide Assets: No Personal Data Will Be Provided
Tortola, British Virgin Islands–(Newsfile Corp. – March 26, 2022) – Recently, in response to the US Department of Justice’s statement that it will prosecute banks and cryptocurrency exchanges for helping Russians hide their assets, BitWell, the world’s leading growth asset trading platform, said that no personal data of users will be provided to the US Department of Justice.
Previously, the US Treasury Department’s Office of Foreign Assets Control (OFAC) and the US Department of Justice have made several announcements to restrict the use of cryptocurrencies by wealthy Russians to evade economic sanctions, and have set up relevant investigation units. Not only targeting Russian tycoons, on March 12, the DOJ also said it would prosecute banks and cryptocurrency exchanges that help Russians hide their assets.
“The Department of Justice will use all of its powers to seize the assets of individuals and businesses that violate sanctions,” said Attorney General Merrick Garland, “We will spare no effort to investigate, arrest and prosecute these crimes, and will use all tools to freeze and confiscate the proceeds of crime.”
OFAC and the US Department of Justice said that cryptocurrency exchanges need to take measures to ensure that Russians cannot make transactions. Any U.S. person, cryptocurrency exchange, cryptocurrency wallet, or other service provider are prohibited from providing services, including digital and traditional assets, to the Russian authorities, the Central Bank of the Russian Federation, the Russian Ministry of Finance, or the Russian National Wealth Fund. And companies or individuals determined to be complicit for directly or indirectly attempting to assist Russia in circumventing US sanctions will also be sanctioned.
In this regard, Brian Armstrong, CEO of Coinbase, the largest US cryptocurrency exchange, noted that all US companies must comply with the law. It does not matter whether it involves US dollars, cryptocurrencies, gold, real estate or even non-financial assets, the sanctions law applies to all US individuals and businesses. Coinbase has currently blocked over 25,000 addresses related to Russian individuals or entities.
In response to the US Department of Justice’s lawsuit, BitWell said, “BitWell upholds the principle of privacy and inviolability of private assets and will not allow the legitimate rights of ordinary Russian users to be unjustifiably plundered. Also, the platform will continue to uphold the principles of privacy, fairness and freedom and will not freeze the assets of any Russian user or provide any personal data to the US Department of Justice.”
With the recent influx of ordinary Russian users under sanctions coming to BitWell to register and trade, BitWell has announced that it will waive transaction fees for all users in Russia during the war, and a Russian language version will be available as soon as possible with exclusive customer support services.
Contact:
BitWell Technology Limited
Luke, Media Director
Operation(at)bitwellex.com
+65 8942 5952
3rd Floor, J&C Building, Road Town, Tortola, British Virgin Islands,VG1110
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118272
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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