Last week, the world of cryptocurrency saw significant developments in terms of legalizing digital currency, particularly from a State Senator from Arizona. However, there were also some run-ins with the law, particularly with the FBI's recent report of another batch of North Korean hackers stealing as much as $100 million, and the Federal Reserve's denial of an application in Wyoming.
(Photo : Tech Times)
Arizona's State Senator Wants to Legalize Bitcoin
Arizona State Senator Wendy Rogers is now pushing for a new bill in the Senate that would center on making the top cryptocurrency in the world legal in the state. This is one of the earliest takes in the United States in legalizing Bitcoin, especially after many other local governments highly discouraged the blockchain due to its mining effects.
(Photo : Dan Kitwood/Getty Images)
A visual representation of the digital Cryptocurrency, Bitcoin on October 23, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile.
According to Interesting Engineering, the bill is now looking into making Bitcoin a common currency in the state, for use in different transactions made by people regularly.
It would center on using cryptocurrency for receiving and transmitting payments, like the US dollar, and how people use it on a daily basis.
This is a big step for Arizona, especially as not all are welcoming of any cryptocurrencies yet, for any tenders, especially for everyday transactions.
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FBI: North Korean Hackers Steal Crypto
The Federal Bureau of Investigation claims that another batch of hackers from North Korea were the perpetrators in a recent case of theft involving cryptocurrency, stealing as much as $100 million in digital coins.
According to CNBC, this is the crypto heist incident in 2022 that the agency investigated, looking for its trail and the responsible criminal organization behind it. The agency points to the infamous Lazarus Group who were the main thieves behind the so-called "Horizon Bridge" attack, with the group also known as the APT38 from Pyongyang.
The group stole ether, then went to several virtual asset service providers to convert it to Bitcoin. The findings also nail this crime to the Lazarus group, also responsible for moving the money around to avoid detection and hide their tracks.
Federal Reserve Denies Custodia
There was a Cheyenne, Wyoming-based company that applied to be part of the Federal Reserve, but its application was denied by the Federal Reserve Board which reviewed it. The company is known to be Custodia Bank, Inc., and its application was sent two years ago, awaiting the verdict of the board.
According to the Federal Reserve Board, the company's application was "inconsistent with the required factors under the law."
However, there is no clear indication that the Board will bar any crypto-focused banks from applying, but it is subject to strict review before approval and joining the Federal Reserve.
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