TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Alan Turing elected to be the face of the new 50 Pound note. Iran to launch gold-backed cryptocurrency. Indian law to ban crypto leaked. Caitlin Long rejects dollar weaponizing in advising Senate on upcoming Libra testimony. Chinese police uncover biggest power theft ever, confiscates 4,000 mining rigs. IMF paper warns about “attractiveness” of digital money, and CashShuffle reaches 100,000 BCH shuffled.



Alan Turing on New 50 Pound Note

Alan Turing, a British mathematician who is also considered the father of modern cryptography, was elected to be featured on the new 50 Pound note. The efforts of Turing and a group of selected mathematicians served to crack the Enigma code used by Nazis in WWII, helping turn the tide. Turing was selected over figures like Stephen Hawking and Ernst Rutherford.

Iran To Unveil Gold-Backed Cryptocurrency

Shahab Javanmardi, an official at the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), declared an Iranian cryptocurrency is being mined currently, following guidelines of the Central Bank of Iran and a group of privately owned IT firms. “The Iranian cryptocurrency is backed by gold but its function is similar to foreign rivals,” he added, just days after another government official announced cryptocurrency activities were forbidden in Iran.

Indian Cryptocurrency Law Draft Leaked: Digital Rupee Introduced

Varun Sethi, CEO of Blockchain Lawyer, an Indian-based cryptocurrency consulting firm presented a supposed leak of a new law that will regulate cryptocurrency in India. Called “Banning of Cryptocurrency and Regulation of Official Currency Bill,” it officially bans users from holding, investing, and mining cryptocurrencies of any kind. It established penalties of up to ten years for violating these rules, and lays the groundwork for issuing a “digital rupee,” not considered a cryptocurrency within the scope of the new law. However, the draft seems rough and its validity has come into question.

Caitlin Long Rejects Weaponizing The Dollar On Testimony To Senate

1/ The Senate Banking Comm staff reached out last week regarding @Facebook @Libra pursuant to my @ForbesCrypto article. During a conf call they indicated interest in receiving formal testimony from me. Here it is + summary follows 👇: https://t.co/yG0JkGOG9k @DoWithCare — Caitlin Long 🔑 (@CaitlinLong_) July 15, 2019

Caitlin Long, member of the Wyoming Blockchain Task Force, published her testimony to the Senate Banking Committee regarding Libra, where she rejects weaponizing the US dollar, and calls this one of the big causes that helped create stablecoins and digital currencies. She declares that “digital currencies are the first major innovation in payment systems in nearly 50 years,” and these initiatives “can fit within a modern regulatory compliant framework,” like the one they have established in Wyoming.

Chinese Police Uncover Mining Power Theft: 4,000 Miners Confiscated

Chinese police uncovered one of the biggest cases of mining-related power theft, after being tipped off by a local power company that detected the huge consumption. According to The Guardian, miners stole more than $3 million dollars in power to mine cryptocurrencies illegally. Police confiscated almost 4,000 miners and shut down the facility. Chinese authorities stated this is “the largest case in the amount of electricity stolen since the founding of new China, and a rare sight in the whole country.”

IMF Paper, “Rise Of Digital Money,” Warns About Rapid E-Money Adoption

A new paper published by the IMF, titled “Rise of Digital Money,” authored by Tobias Adrian and Tommaso Mancini-Griffoli, highlights the danger digital money is bringing to the banking system. According to IMF, e-money can quickly become one of the most used payment methods due to its attractiveness. The paper states that “payments are not just the act of extinguishing a debt. They are an exchange, an interaction between people—a fundamentally social experience,” one that companies like Facebook, it fears, could learn to manipulate very efficiently.

CashShuffle Reaches 100,000 BCH Shuffled

We just blasted through 100,000 BCH shuffled! 💥🚀🚀 More #BitcoinCash made fungible every day thanks to #CashShuffle. Get started now at https://t.co/JGkJ5xr1AB, because what you do with your money is your business. #CashShuffle helps keep it that way. pic.twitter.com/tHW0syYDCQ — 🦆 sploit#100 (@acidsploit) July 15, 2019

CashShuffle, the initiative that lets privacy-oriented users obfuscate the source of their transactions while using Bitcoin Cash, reached a milestone. More than 100,000 BCH have been shuffled using this tool since it was introduced earlier this year. CashShuffle is now integrated with the Electron Cash Wallet, and it’s easily activated. For more information on what CashShuffle, visit them here.

CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.