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Recent reports have provided new insight into the Internal Revenue Service’s concerns about Bitcoin tax evasion, and appear to indicate that only a small portion of Bitcoin users ever bother to report their profits and losses in their annual filings with the agency. The revelations came as the IRS formally filed a lawsuit in federal court to force the Coinbase exchange to obey the agency’s John Doe Summons requiring the release of exchange customer information.
A group of bitcoin exchanges recently released a statement to clarify their position with respect to the ongoing Bitcoin scaling controversy. As most in the community know, there has been an ongoing debate regarding the best way to scale Bitcoin and increase its transaction capability. These exchanges have now announced that if the current debate between the Bitcoin Core and Bitcoin Unlimited groups results in a hard fork and two competing currencies, the Bitcoin Unlimited coin would be listed under the ticker symbol BTU, while Bitcoin Core maintains the current BTC symbol.
The global gaming market currently exceeds a market capitalization of 100 billion dollars, and is expected to steadily grow over the next 20 years. As of right now there is a tendency in the word of blockchain tech to overlook sectors like gaming, focusing instead on the financial industry. Gamecredits Inc aims to change cryptocurrency investors’ perspectives with the company’s latest announcement of its free to use API.
Chinese regulators appear to be stepping up efforts to bring order to their nation’s digital currency landscape in the wake of the SEC’s denial of the Winklevoss twins’ ETF proposal. While People’s Bank of China director Zhou Xuedong recently acknowledged the importance of tech innovation, he also declared that regulation is essential to prevent illicit activities and financial bubbles. According to Xuedong:
Our regular readers will recall my colleague Timothy Goggin’s January 17, 2017 interview with film producer Tony Caradonna, in which the two discussed the upcoming 2018 movie, the Pitts Circus. That film production has already made news as the first movie to use Ethereum for 100% of its financing. Now, the second stage of the project is set to kick off, as the project’s backers prepare to launch the Ethereum Movie Venture token on March 20, 2017.
Regulation is a touchy subject in the bitcoin industry. Many cryptocurrency idealists who truly believe they are invincible to government reach, also believe that the lack of bitcoin-specific regulation gives them a free pass. They may be in for a nasty surprise when they find out just how long ‘the long arm of the law’ really is. Governments around the world already have an arsenal of catch-all laws that can be used to fight tax evasion and other illegal activities that attempt to hide behind the anonymity of some cryptocurrencies and related services.
In 2016, Alaska legislators tried and failed to pass a bill that would have required digital currency companies to register under the state’s money services licensing regime. At least one member of the legislature appears undaunted by that bill’s failure to pass, and has introduced a new bill to regulate cryptocurrency firms. That proposed law, House Bill 180, was introduced this week by representative Kito Fansier.
One of the most popular bits of conventional wisdom in recent years has been the notion that Bitcoin and other digital currencies are ideal vehicles for money laundering and terrorist funding efforts. Those claims have been bandied about by government officials around the world, and seem to be accepted as gospel by many in the mainstream media. However, a new report from UK think tank Royal United Services Institute (RUSI) calls those assumptions into question.
Bitcoin Unlimited suffered a shutdown of roughly 500 of its 800 nodes on Tuesday, after attackers managed to exploit a vulnerability in the software’s protocol. The attack came after the vulnerability was discovered by developers, and resulted in the number of active nodes falling to its lowest level in five months. Bitcoin Classic suffered a similar attack a short time later.
The Indian Express has reported that India is about to have its second blockchain academy – this time in the state of Kerala. The academy is the result of a collaborative effort between the Blockchain Education Network (BEN) and the Indian Institute of Information Technology and Management Kerala (IITM). The plans were announced by IIITM Karala Director, Dr. Rajasree M S at a recent Thiruvananthapuram Technopark blockchain workshop.