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UK Judge Rejects US Extradition Requests for Julian Assange, Wikileaks Holds $800K in Crypto

04/01/2021 by Idelto Editor

On Monday, a British judge rejected the U.S. request to extradite the Australian editor, publisher, and activist Julian Assange. Following the U.K. judge’s decision, the current president of Mexico, Andres Manuel Lopez Obrador, has offered Assange political asylum in the country. Meanwhile, Wikileaks has gathered hundreds of thousands of dollars in crypto-asset donations since the founders’ arrest in April 2019.

US Extradition Requests for Julian Assange Denied

The world recently watched a United Kingdom judge reject the United States’ request to extradite the Wikileaks founder Julian Assange. The activist told the court that the state of the harsh U.S. prisons would likely lead to killing himself.

“I find that the mental condition of Mr. Assange is such that it would be oppressive to extradite him to the United States of America,” the judge said after rejecting the U.S. request. Assange was arrested on April 11, 2019, and he faces espionage charges over the publication of classified U.S. documents.

Following the judge’s rejection, the notorious whistleblower Edward Snowden tweeted about the decision to not let the U.S. take Assange. “Let this be the end of it,” Snowden tweeted after hearing the news.

Additionally, the sitting president of Mexico, Andres Manuel Lopez Obrador, has offered Assange political asylum. Obrador told a daily press briefing that the British judge’s decision to reject the U.S. government was a milestone of justice and added that Assange is “a journalist and deserves another chance.”

“I’m in favor that Assange is pardoned, furthermore, I will ask the foreign minister to initiate proper procedures to ask the United Kingdom’s government about the possibility that Julian Assange is set free, and that Mexico offers to provide political asylum,” Obrador stressed.

$800K in Crypto Donations

Moreover, the cryptocurrency community has been sending Assange and Wikileaks quite a bit of crypto-funding since his arrest in 2019. At the time of publication, the Wikileaks BTC donation address holds 19.66 BTC or over $600k using today’s exchange rates.

Bitcoin cash (BCH) proponents have donated 222.99 BCH or over $87k at current BCH prices. The Wikileaks litecoin (LTC) address has 140 LTC or over $21,000 in litecoin donations. 76.87 unshielded zcash (ZEC) has been sent to the Wikileaks address worth $4,350 today.

Wikileaks also accepts private transfers of zcash (ZEC) and monero (XMR) as well. As far as ethereum (ETH) donations are concerned, the organization has collected over 89 ether or over $87,000 using today’s ETH exchange rates.

Since his arrest in 2019, Assange has spent his time at the high-security Belmarsh Prison. If Assange was to be extradited to the U.S. he faces 18 cyberattack crimes for hacking government computer systems. Assange is also charged with espionage and the aggregate of U.S. charges could see Assange get a 175-year sentence in prison.

Out of all the cryptocurrency donations Wikileaks has received, most of the coins have been held for a long period of time. Out of a total of 24.21 BTC donations sent to the nonprofit, Wikileaks has only spent 4.55 BTC to date ($140k) and many other coins have been held long-term as well.

Without knowing how much shielded zcash (ZEC) and monero (XMR) Wikileaks has been sent, the addresses that do show donations we can see, indicate that the organization holds over $800,000 worth of crypto donations today.

What do you think about the British judge rejecting the U.S. extradition of the Wikileaks founder Julian Assange? Let us know what you think about this subject in the comments section below.

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How Cryptocurrencies Can Mitigate Some of Brexit’s Negative Effects

21/09/2019 by Idelto Editor

How Cryptocurrencies Can Mitigate Some Negative Effects of Brexit

Brexit, the European divorce saga that has been going on for years, has created a lot of headaches for politicians and ordinary people on both sides of the Channel. The process of Britain leaving the European Union is now heading towards another one of its deadlines while London and Brussels are trying to separate with an agreement. U.K. Prime Minister Boris Johnson vowed there will be an exit on October 31, deal or no deal. Brits and their Euro neighbors are bracing for another jolt in the continent’s economic and financial system. Cryptocurrencies, independent of centralized political decisions, can provide some stability and utility in these uncertain times in the fiat world.

Also read: Here’s How Europeans Can Deal With Negative Interest Rates

Britain’s Exit From United Europe

Britain’s relationship with Europe has never been straightforward or unambiguous. “Fog in Channel, Continent Cut Off” is a newspaper headline that was probably never printed but it very well describes the British attitude towards the mainland. And it’s not like Europeans haven’t given as good as they’ve gotten. United Kingdom’s entry into the European Economic Community was vetoed twice by France, in 1963 and 1967, with General De Gaulle citing the British hostility towards European construction, lack of interest in the common market as well as the economic differences that in his view made Britain incompatible with the rest of Europe.

However, at the time the majority of the British people and their political representatives wanted to join what has since become the European Union. They achieved that at the third attempt, years after De Gaulle’s resignation and death, with the U.K. becoming a member of the European Communities (EC) on Jan. 1, 1973 and confirming its full membership in 1975, in the nation’s first referendum. Back then, all major political parties, the mainstream media, and most importantly the majority of Britons supported the continuation of membership – over 67% voted to stay in. Besides, London managed to negotiate a list of opt-ins and opt-outs of key European policies including the Schengen Agreement, the Economic and Monetary Union, the Area of Freedom, Security and Justice, the Charter of Fundamental Rights, and even win the U.K. rebate.

Another poll on Britain’s EU membership decades later produced a quite different outcome, though. Over half of the electorate that took part in the referendum on June 23, 2016 (51.9%) voted in favor of leaving the European Union. Despite the non-binding nature of the referendum, the British government kept its promise to implement the result. David Cameron, leader of the Conservative Party and British prime minister at the time, who campaigned for remaining in the EU, resigned and was succeeded by his home secretary Theresa May in the summer of 2016. She initiated the EU withdrawal process on March 29, 2017, which was expected to complete within the next two years. Britain triggered Article 50 of the Treaty on European Union.

Deal or No Deal, That Is the Question

Britain’s second female prime minister stepped down in July after the withdrawal agreement her cabinet reached with the EU was rejected three times in parliament earlier this year. She was then replaced by her former Foreign Secretary Boris Johnson whose government continued the negotiations with Brussels. Johnson, a leading figure in the Vote Leave campaign, stated that the United Kingdom would exit the European Union on Oct. 31, 2019, regardless of whether a deal has been reached by that date or not.

With British lawmakers blocking a no-deal Brexit, however, Johnson proposed a general election on October 15 but the motion failed. He also asked the Queen to prorogue parliament from September 10 in an effort to prevent parliamentarians from stopping the exit without agreement by narrowing the window in which they could do so. In the meantime, a string of court cases have challenged the prime minister’s actions. In the absence of a written British constitution, this could create legal confusion.

Brexit has sown discord in British society and posed questions about the future of the European Union in general. Euro skeptics and pro-Europeanists span the political spectrum in Britain. While the major political forces, the Labour Party and the Conservative Party, each have their claims regarding the terms of the agreement with the EU, the Liberal Democrats, the Scottish National Party and other factions directly seek a reversal of Brexit through a second referendum on the matter.

Brexit’s Economic Impact

There is a widespread consensus among economists that Britain’s decision to leave the European Union is already negatively affecting its economy. The costs associated with the vote result and the withdrawal process amount to between 2 and 2.5% of the U.K.’s gross domestic product, according to various studies conducted last year. Analysts have calculated that inflation rose by 1.7% in 2017. Other estimates suggest that the country could have lost another 1% of its national income during the same period, while some long-term analyses put the future annual losses at up to 9% of GDP.

At the same time, proponents of Brexit point out that the United Kingdom is the second-largest net contributor to the EU budget, after Germany, and after Brexit it should register serious savings that could translate into tax cuts for its residents or increased government spending on social programs, for example. Official figures show that in 2014, the country’s contribution was £14.4 billion (around €16 billion at the current exchange rate), after the rebate. Britain gave the EU €11.5 billion in 2015, or over two times the contribution of France.

How Cryptocurrencies Can Help Brits and Europeans

One of the biggest impacts Britain’s divorce with the EU is likely to make has important socio-economic and even humanitarian aspects. Aside from economic issues such as low income and unemployment, opposition to immigration and expectations that the U.K. will regain full control over its borders after the withdrawal were among the most motivating factors for voters in the Leave camp. Many of them are competing for low-paid, unqualified jobs with Eastern European guest workers.

Brexit, especially if it happens without a comprehensive deal with Brussels, will certainly limit immigration flows from countries in the European Economic Area, as it will curtail free movement between the Continent and the United Kingdom. However, according to an analysis conducted by the Migration Policy Institute, Great Britain will continue to accept around 500,000 immigrants annually and official statistical data indicates that immigration from outside the European Union has already increased. Net immigration is projected to be at least 200,000 people each year, despite the U.K.’s departure from the EU.

Newcomers and those EU immigrants who choose to stay in the United Kingdom, especially if a deal with Europe allows them to retain their employment rights, will continue to send money to family members in their home countries. Despite Britain being a member of the EU, it never adopted the common European currency, the euro, instead keeping its national fiat, the British pound. As a result, money transfers within the fiat system involve currency exchange and additional bank charges. The separation from the European Union is only going to complicate things further for anybody sending money abroad.

Cryptocurrencies offer the easiest and cheapest way to send remittances home. You don’t even need a third party to transact with digital money. All that the sender and receiver must have is a crypto wallet, such as the Bitcoin.com Wallet which supports both bitcoin cash and bitcoin core.

In the past few years, Britain, which is one of the world’s financial capitals, has become a hotspot for the growing fintech industry. Leading European companies dealing with digital assets are now based in the U.K. And although in the aftermath of the Brexit referendum some have taken steps to establish a presence elsewhere in the EU, like Revolut which announced plans to open offices in 19 European countries, the crypto sector is likely to maintain and expand its presence in the country which has a very well developed financial infrastructure.

Revolut, which develops online banking solutions, provides its clients with instant access to five cryptocurrencies, including BCH, and offers exchange services in its mobile app. Users can transfer digital coins between each other. Other Britain-based companies of note are Wirex and Cashaa. Wirex is the most popular crypto debit card issuer in Europe. Its platform lets you spend cryptocurrencies anywhere Visa is accepted through instant conversion to fiat and to withdraw cash at ATMs around the world. And Cashaa provides you with a U.K. current and euro bank accounts supporting both traditional and digital money operations.

Thanks to startups like these, crypto banking is becoming a viable alternative to traditional finance. And in the future, the troubles of the fiat system are likely to have a positive effect on cryptocurrencies, whose strengths stem from their decentralized nature. If you live in Britain, Europe or anywhere else, and you still haven’t entered the crypto space, you can do so safely and securely by acquiring your first coins at buy.Bitcoin.com. You can also freely trade your crypto assets on our noncustodial, peer-to-peer marketplace local.Bitcoin.com, with thousands of other users or try our recently launched trading platform, exchange.Bitcoin.com.

Do you expect the number of cryptocurrency users in the U.K. to increase after Brexit? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock.

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Barclays, 300 Year-Old UK Legacy Bank, Files Crypto Patents

20/07/2018 by Idelto Editor

The UK’s Barclays, arguably the most powerful international corporate bank in the world, filed two crypto-related patents this week. The 300 year-old legacy bank gobbled up exclusivity over cryptocurrency transfers and distributed ledger data storage. There appears to be a trend for companies, both in and out of the ecosystem, aiming to lock up the potential of money’s future.

Also read: Philippines Embraces Cryptocurrency: Exchanges Issued Provisional Licenses

Barclays Files Two Crypto Patents

Maybe it’s a sign of things to come. Barclays, founded in London around the late 17th century, filed two patents with the United States Patent and Trademark Office this week. One concerns a method “and system for transferring digital currency from a payer to recipient comprising receiving an identifier of data describing the first entity,” application number 1511964.7 reads.

The other is a method “and system for recording data describing a first entity, the data endorsed by a second entity comprising the second entity validating data describing the first entity, wherein an identifier is associated with the data, the identifier being generated from a public key of the first entity,” crediting inventors Julian Wilson and David Fulton, both of Cheshire, Great Britain.

It doesn’t get more legacy financial than Barclays. It is a staple on English stock exchanges, along with a definitive seat on the New York Stock Exchange. At least one study published just a few years ago pins it as the most powerful bank in the world.

The bank has been particularly active in the cryptosphere the past two years. Summer of last year, it openly worried about crypto’s threat to its industry. Spring of the present year saw it team with Coinbase, and rumors are it’s considering its own crypto trading desk. The above patents will only add to speculation the bank is positioning itself in light of future fiscal reality.

Patents All Around

This week, no less than Mastercard appears to be flirting with crypto patents. Ecosystem company, Nchain, has steadied in this way, collecting three more recently. Another bank, Bank of America, officially became the crypto patent king this year.

The Barclays patent, “Secure Digital Data Operations,” involves retrieving “an entry from a block chain based on the received identifier. Authenticating the entry using a public key of the second entity. Extracting the data describing the first entity from the retrieved entry. Authenticating a block in the block chain containing the entry using a public key of a third entity,” it reads choppily.

Its other patent, “Data Validation and Storage,” seems to be cryptographically “signing data corresponding with the data describing the first entity using at least a private key of the second entity. Posting a transaction to a block chain including the cryptographically signed data. Method and system for obtaining data describing a first entity the data endorsed by a second entity comprising. Receiving an identifier of data describing the first entity. Retrieving an entry from a block chain based on the received identifier. Authenticating the entry using a public key of the second entity. Extracting the data describing the first entity from the retrieved entry,” it listed.

Are patents such as Barclays’ meaningful? Let us know in the comments section below.

Images courtesy of Pixabay, Barclays.

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Most Britons Won’t Support a Crypto Issued by the Bank of England Says Poll

19/04/2018 by Idelto Editor

Most Britons Won’t Support a Crypto Issued by the Bank of England, Poll

Almost two thirds of British people would not support a cryptocurrency issued by their central bank, according to a survey. Pollsters also found that the majority of Britons have already heard of bitcoin, however, a third of the respondents admitted they would be more likely to invest in cryptocurrencies if they were regulated.

Also read: Bank of Japan Turns Back on State-Issued Cryptocurrency

Brits Want Regulated Cryptos, Not Centralized Coins

The survey has indicated a rising awareness about cryptocurrencies in the United Kingdom. The majority of Brits – 93 percent – now say they have heard of bitcoin, compared to 91 percent in January of this year, and 80 percent in November 2017.

The online poll, conducted by D-CYFOR, also found that Britons wouldn’t trust a government-backed crypto, as reported by the Daily Express. 60 percent of the interviewed said they would not support the Bank of England in introducing its own digital coin.

British people remain cautious and generally pessimistic about the future of cryptocurrencies. More than 60 percent of those surveyed expect a decrease, or even a collapse in the value of bitcoin over the next six months.

The results come in contrast to those from another survey conducted earlier this year. It found that more than half of financial professionals in the UK, who have invested in cryptocurrencies, intend to buy more digital coins this year.

The pollsters also asked participants if they would consider investing in other cryptocurrencies, besides bitcoin. Fourteen percent said they would put money into Bitcoin Cash (BCH), 20 percent would invest in Ethereum, followed by Ripple with 6 percent, and Litecoin at 5 percent.

About a third of the respondents said they would be “more likely” to invest in cryptocurrency if the government in London regulated the crypto sector.

Central Bank Digital Money – A Dying Prospect

The attitude of the British public towards the idea of issuing a state-backed cryptocurrency is not an isolated sentiment. Mark Carney, the Governor of the Bank of England, has recently spoken against the prospect of releasing a central bank digital coin. Carney is also a critic of bitcoin, claiming that the leading decentralized crypto has failed on the traditional aspects of money – store of value and medium of exchange.

Other central bankers have voiced concerns with regards to centralized, government-backed cryptocurrencies. This week, the Bank of Japan’s Deputy Governor, Masayoshi Amamiya, said that digital currencies issued by central banks may have a large impact on the traditional financial “two-tier” system – in which the central bank allows direct access to its accounts only to a limited number of entities, such as private banks. A centralized crypto would affect their “financial intermediation” role by granting households and businesses direct access to central bank accounts, he warned. Mr. Amamiya’s remarks indicated that the Bank of Japan has no immediate plans to issue its own crypto.

Earlier this month, a high-ranking official from the Swiss National Bank expressed similar concerns. According to the member of the SNB’s governing board Andrea Maechler, state-issued digital money would make it easier for account holders to withdraw their funds, if they felt a bank was in difficulties. A government-backed crypto would deliver scarcely any advantages and is not necessary to ensure efficient cashless payments, she noted. Maechler thinks that cryptocurrencies are less risky than any version issued by a central bank.

What do you think about centralized, state-controlled cryptocurrencies? Would you invest in a government-issued digital coin? Tell us in the comments section below.

Images courtesy of Shutterstock, Brookings.

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Many Brits Confuse Cryptocurrency with Something Else

01/04/2018 by Idelto Editor

According to a new poll, many British people have little or no idea what cryptocurrency really is. Terms like “blockchain” sound familiar, but often in completely different contexts. The authors of the study have compiled a “Techionary” to acquaint the public with some common acronyms and buzzwords.

Also read: Financial Professionals Bet On Rising Cryptos, UK Report

Crypts and Toilets

The survey has revealed that a great number of British citizens may have an entirely wrong idea about basic crypto-related terms. It shows that despite the growing popularity of cryptocurrencies, some Brits may still be completely unaware of their existence.

For example, 36 percent of those questioned think “cryptocurrency” has something to do with funeral finance. Respondents were also asked “What is the blockchain?” and a staggering 41 percent said it had to be one of those old-style toilet tanks with a pull chain.

British-based cloud services provider Inty has interviewed 2,000 people to determine if they know the meanings of some widespread technical words and phrases, the Daily Mirror reports. They were asked 20 questions related to computing and information technology. The answers confirm that many people in the UK are still unsure what some common terms mean.

The poll shows that almost a quarter of the participants, 23 percent, think HTML is textspeak for “Hi There My Love” in messaging and chats. Another 38 percent of the respondents believe “cloud computing” means using computer technology while on a flight.

The “Techionary”

Trying to clear some misconceptions, Inty has published a “dictionary of computing”. Visitors can find on its website the meanings of popular terms used in information technology. “Blockchain” and “cryptocurrency” are among the entries.

“We know the world of IT and computing can be complex, but we think our Dictionary of Computing jargon-buster might just help people struggling with a few technical words and phrases we in the industry probably take for granted,” says the company’s CEO Craig Joseph.

“It seems plausible that the speed at which the technology landscape develops is the reason as to why we are faced with an ever-growing list of buzzwords and acronyms,” note the authors of the survey. They have included in their “Techionary” computing terms for every letter of the alphabet and provided proper definitions.

Not everyone in Britain needs such education, though. Another study recently showed that UK financial professionals are very well informed about cryptocurrencies and their perspectives. More than half of those who have previously invested in cryptos intend to acquire more digital money. The majority of investors expect crypto valuations to rise this year, despite recent market drops.

The popularity of cryptocurrencies has been growing steadily around the world in the last few years. Polls conducted in several countries have confirmed the positive trend. Almost 60 percent of Americans now say they have heard of bitcoin. The same is true for more than half of Russians.

Do you think misconceptions are a major barrier to entering the crypto world? Tell us in the comments section below.

Images courtesy of Shutterstock.

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