Brexit: the New Zealand precedent

THE future of British trade after Brexit is shrouded in uncertainty. It is an unprecedented process, so it is hard to know where to look for clues as to how it may work out. One possibility is a country whose trading patterns were perhaps more disrupted than any other’s by Britain’s accession to the European Economic Community (EEC) in 1973: New Zealand.

Just as Brexit is likely to mean the end of British access to the single market, so “Brentry” ended New Zealand’s preferential access to the “mother country”. In 1961, when Britain first announced its intention to join the EEC, it took about half of New Zealand’s exports—a similar proportion to the EU’s share of British exports today.

New Zealand’s prime minister at the time, Keith Holyoake, warned his British counterpart, Harold Macmillan, that, without safeguards for its exports, New Zealand would be “ruined”. After years of negotiations, a transitional deal in 1971 agreed quotas for New Zealand butter, cheese and lamb over a five-year period, which helped to ease the shift away from Britain. Similarly—if in a much shorter time-span—Britain’s prime minister, Theresa May, now...

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Bitcoin Laundering” Study: Where Do Criminals Turn to Mask Illicit Cryptoassets?

A recent study ( PDF ) from the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance and blockchain analytics company Elliptic explored the “bitcoin laundering” ecosystem. In the study, Elliptic’s forensic analysis of the Bitcoin blockchain and other publicly available data were used to track the flows of illicit funds from 2013 to 2016. “This study aimed to identify where individuals turn in order to cash out or transmit bitcoins (BTC) acquired from illicit entities and to discover typologies for criminals ‘laundering’ bitcoins,” the report says. The study describes bitcoin laundering as a special type of money laundering that exists within the Bitcoin network where a user moves some bitcoins to a new address in a manner that obscures the original source of funds. The conversion of bitcoins into fiat currency on exchanges that lack adequate anti-money laundering (AML) and know-your-customer (KYC) policies can also fall under the category ...

How to cancel an unconfirmed Bitcoin transaction

Crypto Beginners Guide / Bitcoin Beginners Guide When sending Bitcoin , it can be easy to make a small mistake causing you to want to cancel your Bitcoin transaction. Oftentimes, funds can become stuck if the miner fee you enter isn’t high enough for any miner to confirm your transaction. Unfortunately, the steps to cancel a Bitcoin transaction are a little more complicated than just pressing an “Undo” button. In this brief guide, I’ll walk you through the process to cancel an unconfirmed Bitcoin transaction. Has your transaction been confirmed? The first step in canceling your Bitcoin transaction is to check whether or not it has any confirmations . When you made your transaction, you should have gotten a transaction ID that looks something like this: 240615b6ab59a5adb19ba52cb969aeb16ff82d2082b7a72cb2912c5d38c297cf Take your transaction ID and enter it into a block explorer. Blockchain.info is a great option. On the ...

Soaring Bitcoin Price Leads $159 Billion Crypto Market Recovery

Bitcoin Well, somebody bought the dip. Just as critics were rushing to proclaim that the bitcoin bubble had burst, the markets staged a $159 billion recovery. The rally was headlined by the bitcoin price, which rebounded from its sub-$10,000 fling and is currently flirting with $12,000. Several other top-tier coins, meanwhile, returned single day increases in excess of 40 percent. Source: CoinMarketCap Altogether, the cryptocurrency market cap clawed its way back to $574 billion, representing a 38 percent recovery from Wednesday’s intraday low of $415 billion. Bitcoin Price Eyes $12,000 Wednesday served as a trial-by-fire for recent bitcoin investors, some of whom had purchased the flagship cryptocurrency for $19,000 at the height of the rally in mid-December. Bitcoin Price Chart The correction forced the bitcoin price below $10,000 for the first time since early December, but Thursday’s rally enabled bitcoin to regain a bit...

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