Subject: SCN Daily News (HTML) Monday, 15 July 2019
Date: 15/07/2019, 11:23

Smart Card News Online

Monday, 15 July 2019

Credit Cards Fall Behind in Asia's Race to go Cashless

Credit cards are losing out to e-payments as Asia rushes to go cashless, with users who are unwilling or unable to shoulder the high fees associated with cards opting for mobile alternatives.

Link: Asia Nikkei

Japanese Firm Loses 3.5b Yen in Cryptocurrency Hack

A TOKYO-BASED cryptocurrency exchange said on Friday it had halted all services after losing cryptocurrency worth more than 3.5 billion yen (S$43.9 million) in the latest apparent hack involving virtual money.

Remixpoint said its subsidiary BITPoint Japan discovered overnight that about 3.5 billion yen in various digital currencies had gone missing from its management.

Link: The Business Times

China Police Bust Bitcoin Miners for Stealing $3m in Electricity

Police in eastern China have busted a ring of illicit bitcoin miners who stole nearly $3 million worth of electricity to generate the digital currency, prompting a local power company to tip off investigators, authorities said Friday.

Link: The News

Congressional Leaders have Drafted a Bill that Would Ban Big Tech from Launching a Digital Asset

The bill aims to prevent tech colossuses from becoming financial institutions. It also seeks to prohibit these companies from "establishing, maintaining, or operating a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value," as defined by the Board of Governors of the Fed.

Link: The Block Crypto

Facebook to be Fined $5bn over Cambridge Analytica Scandal

US regulators have approved a record $5bn (GBP 4bn) fine on Facebook to settle an investigation into data privacy violations, reports in US media say.

The Federal Trade Commission (FTC) has been investigating allegations that political consultancy Cambridge Analytica improperly obtained the data of up to 87 million Facebook users.

The settlement was approved by the FTC in a 3-2 vote, sources told US media.

Link: BBC News

New South Wales Plans Major Biometrics Integration with Transport System

The Government of New South Wales, Australia, is planning to make biometrics a central part of its future transport plans, with public transit riders being scanned by facial recognition systems for automatic payments, ZDNet reports.

Link: Biometric Update

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