Briefs: Central bank cryptos creep closer, Austrac and AFP investigate OnlyFans

After a volatile week in which billions of dollars were wiped off the value of cryptocurrencies, notably Bitcoin and Ether, the US Federal Reserve and the Treasury Department signalled a crackdown could be coming for the sector. In a rare video message, US Federal chair Jerome Powell cryptocurrencies in their current form pose some risks to the financial system. Powell also said the Fed has been exploring whether to create its own cryptocurrency, or central bank digital currency (CBDC). He said the Fed would publish a discussion paper in the coming months seeking public input on the benefits and risks of a CBDC.

Austrac and the police are investigating popular adult content site OnlyFans over fears it is being used as a vehicle to traffic drugs, launder money and exploit children, reported The Australian, quoting NCA Newswire. Banks and regulators are unable to establish who receives the payments made over the UK-based site, which allows users to create a page and then charge customers a fee to view the content, much of which is explicit adult content and pornography.