Debt levels in the US reached a new record of $ 14 trillion

US debt levels reach a new record

Recent reports indicate that US debt levels reached a record high of over $ 14 trillion. This is a result of the devaluation of the dollar and a faulty banking system, which underscores the need for security assets such as Bitcoin and gold.

The US economic system encourages the population to borrow, but fewer households are generating enough income to cover these loans. From mortgages to loans for cars and personal needs, consumerism has pushed debt levels up for the 22nd consecutive quarter.

The fact that bank deposits generate very low interest rates discourages saving. In this situation, assets such as Bitcoin and gold offer significant advantages. In addition, the most indebted are the young people, who are also the ones with the most extensive technological education.

There is therefore a major opportunity for the decentralized finance sector and for Bitcoin as a value deposit on the US market.

MoneyGram launches a new instant transfer service

MoneyGram has announced the new FastSend service that allows instant cash transfer based on a dedicated site or mobile application. However, this is not based on Ripple technology, but on VISA technology – more precisely, the Direct Original Credit Tranzaction system.

Kamila Chytil, MoneyGram’s chief operating officer, explained to Cointelegraph that Ripple technology is currently only used for corporate clients:

“Ripple technology helps solve the most costly and time consuming problems of the current process. By reducing the amount of money the company has to park around the world, we ultimately reduce working capital needs. ”

Chytil said that MoneyGram is evaluating other use cases “in which the blockchain could help address the confidentiality of data and regulatory obligations through distributed ledger technology.”

Overall, the company believes that blockchain will be the future of global cross-border payments and money transfers.

Cardano establishes a development center at the University of Wyoming

IOHK, the company that developed the Cardano blockchain, set up a research center at the University of Wyoming (UW). It was created based on a $ 500,000 donation in ADA cryptocurrency.

The new research and authentication center will be part of UW’s Blockchain Research and Development Lab. Its role will be to promote the company’s academic approach to blockchain development and engineering.

The center will present a new Plutus development facility, offering blockchain developers an applied lab for writing code in the smart language of the Cardano contract, as well as tools and resources to experiment with new solutions. There will also be a design studio for a new hardware tool that will provide authentication and anti-counterfeiting applications for Cardano.

UW is the fourth academic institution hosting a Cardano blockchain lab. The company has centers attached to the University of Edinburgh, the University of Athens and the Tokyo Institute of Technology.

CFTC sues $ 500,000 scammer

The US Commodity Futures Trading Commission (CFTC) has accused an individual of raising half a million dollars for cryptocurrency investments. These were actually used for personal use.

Breonna Clark, also known as Eliot Clark or Alexander Pak, has acted through Venture Capital Investments Ltd. and The Life Group. In total, he has accumulated $ 534,829 from 72 victims, promising to invest the funds in Bitcoin, altcoins and currency contracts. Instead, about $ 400,000 was used in their own interest, including the purchase of a BMW.

When his victims asked for their money back, Clark said he couldn’t because he was undergoing a CFTC audit.

The US Supervisory Authority has collaborated in this case with the Financial Supervisory Commission of Bulgaria, the Financial Markets Authority of New Zealand, the Financial Services Authority of Seychelles, and the Financial Conduct Authority of the United Kingdom.