CryptoCann™ Report: Kids using pot will not make them behave badly; Mastercard files patent to make crypto deals private

Japan's National Police Agency reports surge in cases of suspicious cryptocurrency transactions

Mastercard credit card
Mastercard files patent to make crypto transactions private

The Crypto Report

Payments behemoth Mastercard Inc (NYSE:MA) said it has developed a new way of keeping cryptocurrency transactions private, a report by Coindesk said.

In a patent application published Thursday by the US Patent and Trademark Office, Mastercard proposed a system of conducting transactions over a blockchain which would obfuscate both the point of origin and the amount being transacted.

This “would result in showing the user only transferring funds to and receiving funds from a small number of addresses that are also involved in a significantly large volume of transactions with various other users, thereby rendering the data innocuous,” the filing said.

The system would work by using an intermediate address during a transaction that interacts with the public key.

The transaction data is then stored, while a new transaction and digital signature are generated using a private key. The new transaction data, which would contain the destination address and the payment amount, would be sent on.

READ: Bitcoin drops to a new low for 2018 amid market sell-off

Japan's National Police Agency (NPA) said that between January and October this year, it recorded 5,944 reports from crypto exchanges regarding suspicious cryptocurrency transactions, possibly involving money laundering and tax evasion, a report by CCN said.

It said that figures reported by news agency Jiji Press show that from 699 cases reported last year, the numbers have expanded more than eight-fold, which the NPA sees as proof that operators are taking their reporting obligations more seriously now.

Japan Times said the 699 cases of suspicious cryptocurrency transactions were recorded between April and December last year.

Earlier this year, CCN reported that while more than 660 million yen was stolen last year from cryptocurrency exchanges and individual wallets, this figure jumped to over 60 billion yen in the first half of 2018.

The Cann Report

Pennsylvania officials rejected all eight growers that planned to partner with medical schools to research medical marijuana, a report by the Marijuana Business Daily said.

The surprise move came on the heels of a lawsuit challenging the medical cannabis research program process. In a news release, the state said none of the applicants met the “rigorous requirements of the competitive application review process.”

Attorney Judith Cassel said the announcement proved that the state’s process was flawed.

“We hope that (the Department of Health) will now revise the process to be an open, transparent one where the best operators in the state get to do research,” Cassel wrote in an email to Marijuana Business Daily.

One of the research grower applicants, CuraLeaf, said it would “immediately” appeal the state’s rejection.

READ: Altria makes C$2.4B investment in Canadian cannabis company Cronos Group

The interest of a teen in marijuana does not necessarily put them on the road to perdition and bad behavior or addiction, a report by Forbes said.

In the latest journal Addiction, researchers say they found no evidence that youth marijuana consumption progresses to harder drugs - further discounting the gateway theory - nor could they see any reason to believe that a teen’s interest in marijuana automatically puts them on a path to bad behavior.

The study consisted of several hundred children between the ages of 10 and 12 that were regularly interviewed for five years.

The main takeaway is that marijuana use in teens does not appear to turn them into loathsome individuals, the Forbes report said.

It added that researchers were quick to point out, however, that this does not mean that marijuana is harmless. Only that it is not going to make young people behave worse than they would under sober circumstances.

Contact Rene Pastor by [email protected]

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