News Elon Musk Ranks Second Place After Jeff Bezos in Bloomberg Billionaire Index

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Elon Musk is now the world’s second richest person after Amazon boss Jeff Bezos, according to the Bloomberg Billionaire Index 2020. Musk’s net worth has risen by $100.3 billion in 2020, marking the largest increase among those on the Bloomberg Billionaire Index. In January, Musk ranked 35th. Co-founder of SpaceX saw his net worth rise by $7.2 billion to $128 billion on Monday as Tesla shares surged days after the news that the electric car company will be admitted to the S&P 500 index in December. Last week, Musk pushed Facebook CEO Mark Zuckerberg down into fourth position when he claimed the third spot.

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VENEZUELAN HACKERS WHO STOLE ALMOST $2 MILLION WORTH OF BITCOIN ARRESTED
Venezuelan authorities have arrested two hackers who allegedly stole almost to $2 million worth of bitcoin from a local crypto exchange. The Venezuelan Scientific, Criminal, and Criminalistic Investigations Corps (CICPC) recently apprehended the two cybercriminals. The 34-year-old Kevin Diaz and 33-year-old Jose Manuel Mendoza allegedly stole $1.93 million worth of Bitcoin at the time of writing. The cybercriminals used obfuscation protocols to cover their tracks, but CICPC managed to track them down. To track hackers, the investigative agency worked with national internet service provider CANTVA. According to the local reports, the two suspects were associated with PROINSA CA, a company whose servers Bancar exchange reportedly used. As previously reported, Venezuelan armed forces have established a new facility known as the Digital Assets Production Center of the Bolivarian Army of Venezuela, which has already started mining cryptocurrencies like Bitcoin to secure funds. Venezuela continues to face sanctions from the US and other countries and cannot participate in international trade.

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US Congress Introduces Bill to Regulate Stablecoins
A U.S. lawmaker has introduced a bill that will treat stablecoin issuers as banks. According to the STABLE Act, stablecoin issuers have to obtain a banking charter and abide by all the current banking regulations. In a press release, the lawmakers said they were seeking to protect consumers from risks posed by emerging digital payment systems such as Facebook’s Libra and stablecoins. The Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was introduced in U.S. Congress by Michigan Democrat Rep. Rashida Tlaib, along with Reps. Jesús Garcia and Stephen Lynch. Tlaib described the Act as “getting ahead of the curve” in protecting consumers against digital currency crimes. The STABLE Act will require that any stablecoin issuer: Obtains a banking charter. Notify and obtain approval from the Federal Reserve, the Federal Deposit Insurance Corporation and other banking regulator six months prior to issuing the stablecoin. Follows the appropriate banking regulations under the existing regulatory jurisdictions. Obtain FDIC insurance or maintain reserves at the Fed to ensure that its stablecoins can be readily converted into USD on demand. The legislators singled out Facebook’s Libra as one of the stablecoins that pose great danger if left unregulated. They stated that Facebook has attempted to take advantage of the financial exclusion and gap in the market. Facebook’s Libra stablecoin could finally see the light of day as soon as January 2021. Citing three insiders, the Financial Times reported that the Libra Association plans to add more fiat currencies that would back Libra’s value, besides the dollar.

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