Category: Virtual Currency

Advocacy Group Claims IRS-Issued Crypto-Warning Letters Violated Taxpayer’s Rights

Close to a year ago last July, the U.S. Internal Revenue Service (IRS) revealed it would be sending ‘soft letters’ to suspected American cryptocurrency owners advising them to pay their taxes. Now according to the Taxpayer Advocate Service, a subsidiary of the IRS, the soft letters undermined the rights and protections of American taxpayers. The […]

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10 Countries Actively Regulating Cryptocurrency Despite Global Crisis

10 Countries Actively Regulating Cryptocurrency Despite Global CrisisDespite the coronavirus pandemic and the resulting financial crisis, at least 10 countries have made announcements regarding cryptocurrency regulation since our last regulatory roundup. They include Japan, Malaysia, Singapore, China, Spain, Germany, India, the Philippines, the U.S., and South Korea. Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed Regulations […]

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Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures

Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank ClosuresIn this roundup, we cover crypto regulatory developments amid the global crisis effected by the coronavirus outbreak, bank closures, interest rate cuts, and plunging stock markets. Through it all, governments worldwide are still focusing on cryptocurrency regulation, including the U.S., South Korea, India, and Russia. Also read: Bitcoin Legal in India — Exchanges Resume INR […]

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Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Card Points, Flyer Miles Could Be Virtual Currency

Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Points, Flyer Miles Could Be Virtual CurrencyWhile its well-known that the revised Schedule 1 form for U.S. taxpayers now contains a question about cryptocurrencies, what is lesser discussed are the legal ramifications this may have for filers who answer incorrectly. The vague nature of the yes or no inquiry has one tax expert doubting the constitutionality of the question, urging all […]

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US State Wants to Legally Seize Unclaimed Cryptocurrencies Left at Custodians

US State Wants to Legally Seize Unclaimed Cryptocurrencies Left at CustodiansThe U.S. state of Illinois has advanced a bill to consider unclaimed cryptocurrencies at custodians abandoned after five years. The coins will then be liquidated and the proceeds remitted to the State Treasurer. The cryptocurrency owners will have no recourse against the custodians or the state. Also read: US Lawmaker Introduces Crypto-Currency Act of 2020 […]

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50 Companies Back New Cryptocurrency Project Competing With Facebook’s Libra

50 Companies Back New Cryptocurrency Project Competing With Facebook's LibraSome members of the Libra Association are now backing a rival project called Celo, which has its own blockchain and cryptocurrency. Over 50 major companies have pledged their support, each pursuing a diverse set of use cases. The project claims that the combined reach of all members exceeds 400 million people. Also read: Bitcoin Legal […]

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US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine

US Lawmaker Introduces Cryptocurrency Act of 2020 While Under Coronavirus QuarantineA U.S. congressman from Arizona has introduced the Cryptocurrency Act of 2020 while under coronavirus quarantine. The bill clarifies which federal agencies regulate which type of crypto assets. “It’s crucial that America remains the global leader in cryptocurrency,” the lawmaker said. Also read: Bitcoin Legal in India — Exchanges Resume INR Banking Service After Supreme […]

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US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets

US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet MarketsThe U.S. Department of Homeland Security has revealed a cryptocurrency intelligence program aimed at identifying unlicensed crypto businesses using P2P sites, online forums, and darknet markets. These areas have consistently presented “a significant challenge to law enforcement” and the Financial Crimes Enforcement Network (FinCEN). Also read: Regulatory Roundup — Trump’s Cryptocurrency Proposals, IRS Changes Rule, […]

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Regulatory Roundup: Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash

Regulatory Roundup: Trump's Cryptocurrency Proposals, IRS Changes Rule, China Quarantines CashIn this roundup, we cover numerous cryptocurrency regulatory developments in the U.S., including President Trump’s crypto proposals, testimonies by the Federal Reserve chairman and the Treasury secretary, a crypto-friendly SEC proposal, and the IRS changing a crypto tax rule. We also cover China quarantining yuan bills, its central bank filing 84 digital currency patents, 40 […]

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84 PBOC Digital Currency Patents Show the Extent of China’s Digital Yuan

84 PBOC Digital Currency Patents Show the Extent of China's Digital YuanThe People’s Bank of China (PBOC) has reportedly filed 84 patents relating to its plans to launch a digital currency. The patents reveal the central bank’s plans which include integrating digital currency wallets into existing retail bank accounts. The potential for the Chinese central bank digital currency to achieve scale from the get-go has put […]

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Trump Views Crypto a Threat, Proposes Countermeasures in New Budget

Trump Views Crypto a Threat, Proposes Countermeasures in New BudgetThe White House released the Budget of the U.S. Government on Monday, outlining some proposals to increase cryptocurrency oversight which President Donald Trump views as priorities. The budget proposes giving the Treasury more power over crypto and requests funding for FinCEN to expand its efforts to combat threats including from cryptocurrency. Also read: Bitcoin, Tesla […]

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312 Crypto Exchanges Registered in Australia, Regulator Confirms

312 Crypto Exchanges Registered in Australia, Regulator ConfirmsA growing number of cryptocurrency exchanges have been registered with Australia’s crypto regulator. A spokesperson for the government agency overseeing the crypto industry confirmed to news.Bitcoin.com on Monday that the regulator has already registered 312 crypto exchanges. Also read: Bitcoin, Tesla Stock, Tron: How Warren Buffett Got His First Bitcoin 312 Registered Crypto Exchanges The […]

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”Decentralized Networks a Powerful Phenomenon” – Why the SEC Commissioner Proposes Time-Limited Grace Period for Tokens

Crypto-Friendly SEC Commissioner Proposes 3-Year Grace Period for TokensU.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce has formally proposed a grace period of three years for tokens. Project developers would be exempt from the federal securities laws during that time, provided that they meet certain conditions. After that, they must determine whether their token transactions involve the offer or sale of a […]

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Bitcoin ETFs in Japan: FSA Explains New Rules for Funds Investing in Cryptos

Bitcoin ETFs in Japan: FSA Explains New Rules for Funds Investing in CryptosJapan’s top financial regulator, the Financial Services Agency (FSA), has explained to news.Bitcoin.com its recently adopted rules regarding the creation and sale of cryptocurrency exchange-traded funds (ETFs). Meanwhile, Japan now has a crypto index, launched by major Japanese companies. Also read: US Government Auctioning off Bitcoins Worth $37 Million in 2 Weeks Crypto-Focused Funds With […]

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Hong Kong Crypto Exchange Bitspark Shuts Down Amid Coronavirus Outbreak and Protests

Hong Kong Crypto Exchange Bitspark Shuts Down Amid Coronavirus Outbreak and ProtestsCrypto exchange service provider Bitspark is shutting down next month despite reporting exponential growth following the launch of its cash point product. The CEO of the company explained that its internal restructuring has not worked out but insisted that the ongoing protests in Hong Kong and coronavirus outbreak have not affected his platform much. Also […]

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Indian State Government’s ‘Blockchain District’ Now Has a Dedicated Accelerator for Blockchain Startups

Indian State Government's 'Blockchain District' Now Has a Dedicated Accelerator for Blockchain StartupsThe Indian state of Telangana has launched a blockchain accelerator in its recently created Blockchain District, in collaboration with Tech Mahindra. Selected startups will pitch innovative ideas and get mentored by experts from the Telangana government, Tech Mahindra, the Ministry of Electronics and Information Technology’s Centre for Development of Advanced Computing, and IIIT Hyderabad. Also […]

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US Government Auctioning off Bitcoins Worth $37 Million in 2 Weeks

US Government Auctioning off Bitcoins Worth $37 Million in 2 WeeksThe U.S. government has opened registration for the bidding of over 4,040 bitcoins, currently worth more than $37 million, which will be auctioned off on Feb. 18. The winning bidder will be notified on the same day. These bitcoins were forfeited in various federal criminal, civil and administrative cases, the U.S. Marshals Service explained. Also […]

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Government Think Tank Niti Aayog Identifies Key Blockchain Use Cases for India

Government Think Tank Niti Aayog Identifies Key Blockchain Use Cases for IndiaThe policy think tank for the government of India, Niti Aayog, has published a strategy document identifying a number of key areas blockchain technology can significantly benefit the country. “By empowering citizens through features of transparency, decentralization and accountability, blockchain would help in improving ease of living,” explained Niti Aayog. Also read: Regulatory Roundup — […]

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41 German Banks Now Charge Negative Interest Rates

41 German Banks Now Charge Negative Interest RatesThe number of German banks charging negative interest rates has been rising rapidly. At least 41 banks now charge negative interest rates on deposits. According to reports, seven of them are imposing negative interest rates even for small deposit amounts. Also read: Survey: 58% of German Banks Charge Negative Interest Rates 41 Banks Charging Negative […]

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IRS Explains What Crypto Owners Must Know to File Taxes This Year

IRS Explains What Crypto Owners Must Know to File Taxes This YearKicking off this year’s tax filing season, the U.S. Internal Revenue Service (IRS) has published important tips for crypto owners to properly file their tax returns. This is the first time a cryptocurrency question has been included in the tax form. The IRS expects more than 150 million filers to reveal whether they acquired or […]

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US Presidential Candidate Andrew Yang Says Regulations Cannot Impede Crypto, Affirms Priorities

US Presidential Candidate Andrew Yang Says Regulations Cannot Impede Crypto, Affirms PrioritiesAndrew Yang, who is running for U.S. president in the 2020 election, has explained what his priorities will be regarding cryptocurrency under his administration. He said that crypto investors are finding a way to make use of their investments and regulations cannot impede it. Yang advocates for a uniform, nationwide set of crypto regulations so […]

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Google Executive From India Joins Coinbase as Chief Product Officer

Google Executive From India Joins Coinbase as Chief Product OfficerA Google executive from India has joined Coinbase as the new chief product officer after 11 years at Google. He aims to help Coinbase make cryptocurrency mainstream. “I am excited about what crypto and blockchain technology can do to democratize our financial systems,” the executive said, citing his experience growing up in India and the […]

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Swiss Resort Town Zermatt Accepts Bitcoin for Government Services

Swiss Resort Town Zermatt Accepts Bitcoin for Government ServicesZermatt, a municipality in Switzerland at the foot of the Matterhorn known for its ski resort, has started accepting bitcoin for government services. The Zermatt town hall now has a point-of-sale solution, installed by Zug-based Bitcoin Suisse, to accept the cryptocurrency. A spokesperson for the municipality has shared more details with news.Bitcoin.com. Also read: Dubai […]

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