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G20 Considers 10 Rules for Regulation of Stablecoins Like Facebook Libra
15.4.2020
The G20 is setting rules to regulate stablecoins such as Facebook’s Libra cryptocurrency. Responding to a call by the G20, the Financial Stability Board (FSB) has provided 10 “high-level” recommendations that establish a regulatory framework for stablecoins. Also read:...
Malaysia Becomes the Next Country to Approve Cryptocurrency Exchange Amid Covid-19 Crisis
4.4.2020
Malaysia’s Securities Commission has given full approval to a cryptocurrency exchange operator to legally operate in the country despite the nationwide lockdown due to the coronavirus pandemic. Recently, Japan also approved a new cryptocurrency exchange as the country continues to fight...
Pandemic Assistance: Maduro to Airdrop Cryptocurrency to All Doctors in Venezuela
4.4.2020
Venezuela’s President Nicolas Maduro has announced that he is airdropping cryptocurrency to every doctor in his country as a token of appreciation for their work to combat the coronavirus outbreak. The national cryptocurrency, the petro, will be distributed via the Homeland card (Carnet de...
Thousands of These Computers Were Mining Cryptocurrency. Now They’re Working on Coronavirus Research
19.3.2020
CoreWeave, the largest U.S. miner on the Ethereum blockchain, is redirecting the processing power of 6,000 specialized computer chips toward research to find a therapy for the coronavirus. These graphics processing units (GPUs) will be pointed toward Stanford University’s Folding@home,...
Indian Government Reveals Inspection of Bitcoin Businesses, Informs Parliament of Results
18.3.2020
The government of India has informed Lok Sabha, the lower house of parliament, about the Ministry of Corporate Affairs’ inspection of cryptocurrency businesses. Minister of State for Finance and Corporate Affairs Anurag Singh Thakur provided details of two companies in particular. This...
US State Wants to Legally Seize Unclaimed Cryptocurrencies Left at Custodians
15.3.2020
The 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....
50 Companies Back New Cryptocurrency Project Competing With Facebook’s Libra
13.3.2020
Some 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...
Darknet Markets Keep Shipping as Shoppers Shun the Streets
13.3.2020
These are strange times for crypto. While it’s blood in the markets, it’s business as usual on the darknet, where marketplaces are seeing a steady inflow of cryptocurrency. They’re also seeing an inflow of new users as the repercussions of the coronavirus pandemic make online...
Global Investments Into Indian Crypto Sector Surge After Supreme Court Lifts Ban
11.3.2020
India has become increasingly attractive to new crypto businesses and investors from all over the world now that the supreme court has lifted the banking ban. Some companies are expanding operations into the Indian market while others are investing in the country’s crypto ecosystem. Also...
RBI to Challenge Supreme Court Verdict on Cryptocurrency
6.3.2020
The Reserve Bank of India (RBI) is reportedly seeking to file a review petition challenging the supreme court verdict which lifted its banking ban on the crypto industry. The RBI is worried that the court’s decision “could pave the way for trading in virtual currencies and put...
US Charges North Korea-Linked Chinese Nationals for Laundering Over $100 Million in Stolen Cryptocurrency
3.3.2020
The U.S. government has charged two Chinese nationals involved in laundering stolen cryptocurrency worth $100 million from an exchange allegedly for the benefit of North Korea. They are linked to the U.S.-designated North Korean state-sponsored Lazarus Group. A total of 113 cryptocurrency accounts...
SEC Karate-Chops Steven Seagal Over Promoting Cryptocurrency Touted as the Next Gen Bitcoin
28.2.2020
The U.S. Securities and Exchange Commission (SEC) has charged actor Steven Seagal for unlawfully promoting a cryptocurrency investment scheme claiming to be “the next generation of bitcoin.” Seagal failed to disclose that he was being compensated in cash and crypto by Bitcoiin2gen,...
Wells Fargo Fined $3 Billion for 15 Years of Illegal Practices Affecting Millions of Customers
23.2.2020
Wells Fargo, one of the largest U.S. financial services companies, has agreed to pay $3 billion to resolve the U.S. government’s investigations into fraudulent sales practices spanning over 15 years. The Wells Fargo fraud case involved the company forging customer signatures, moving money...
Regulatory Roundup: Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash
18.2.2020
In 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...
Trump Views Crypto a Threat, Proposes Countermeasures in New Budget
11.2.2020
The 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...
Swiss Resort Town Zermatt Accepts Bitcoin for Government Services
30.1.2020
Zermatt, 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...
Government Confirms Crypto Profits Not Taxable in South Korea
2.1.2020
South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. The government, however, is reviewing international trends and the approaches of major countries to crypto taxation in an effort to amend...
Indian Lawmaker Says ‘Cryptocurrency Is Inevitable’
15.12.2019
Indian Parliament member Dr. Subramanian Swamy has shared his view on cryptocurrency. Advocating for India to make the transition to crypto, he reportedly said, “cryptocurrency is inevitable.” The lawmaker will chair a conference at the UN India’s headquarters next week where...
IRS Now Requires Tax Filers to Disclose Crypto Activities
9.12.2019
The U.S. Internal Revenue Service (IRS) has finalized and put in use a new tax form that requires crypto owners to declare whether they received, bought, sold, exchanged, or acquired any cryptocurrencies in 2019. Tax experts are frustrated at the vagueness of the tax agency, with some questioning...
Deutsche Bank Strategist Predicts Crypto Could Replace Fiat Money
8.12.2019
Deutsche Bank analysts have made some predictions regarding the future of cryptocurrency. Strategist Jim Reid explained why cryptocurrencies are inevitable and how the existing fiat money system could crumble over the next decade, leading to soaring demand for cryptocurrencies. Also read: Swiss...