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Fed Chair Calls Blockchain ‘Important New Technology’

Federal Reserve Chair Janet Yellen had some positive words to say about the blockchain on Wednesday during an appearance at the Commonwealth Club in San Francisco. After delivering a speech in which she opined on everything from the strength of the economy to the Federal Reserve’s plans for interest rates, Yellen sat down to discuss those and other important issues with Ed Wasserman, the event moderator and Dean of the Graduate School of Journalism at UC Berkeley.

DFS Approves BitLicense for Coinbase

In a press release on Tuesday, the New York State Department of Financial Services (DFS) announced that it has granted Coinbase, Inc. the virtual currency and money transmitter license needed to continue its operations in New York. The company had announced that it applied for the state’s “BitLicense” in August, 2015, and has been operating in New York under the terms of a safe harbor provision while it waited for formal approval.

RBI’s Research Institute Completes Test of Blockchain Tech, Releases White Paper

The Times of India is reporting that the research arm of the Reserve Bank of India (RBI) has concluded its first trade application test of blockchain technology. The end-to-end test was conducted in collaboration with banks and other financial institutions, clearing houses, and regulators, and was facilitated by the RBI’s Institute for Development and Research in Banking Technology (IDRBT). The project received technical support from cryptocurrency firm MonetaGo, which provided the technology used in the test.

Interview with Movie Producer Tony Caradonna – First Ethereum Financed Movie ‘The Pitts Circus’ with ROI

The Ethereum platform is supporting many exciting new developments. We caught up with Tony Caradonna from ‘A Ken Evil Thing’ to discuss a movie that he is working as producer on called ‘The Pitts Circus’.

Coinbase CEO Responds to IRS Summons with Alternative Option

Coinbase co-founder and CEO Brian Armstrong published an online post on Medium this weekend to explain his company’s position on the ongoing battle with the Internal Revenue Service (IRS) over the tax agency’s effort to access information about Coinbase customers. He also took the opportunity to offer another option that would negate the need for the John Doe Summons by issuing all Coinbase customers a 1099-B at the end of each year.

Israel to Tax Digital Currency Sales as Property

In a statement released this week, the Israel Tax Authority (ITA) announced that it has decided to treat digital currencies like Bitcoin as assets rather than as foreign currencies for the purpose of taxation. That announcement has come more than three years after Israel’s government first began talking about the possibility of taxing profits from Bitcoin trading.

Report Forecasts Blockchain Industry Value of $7.74 Billion by 2024

In a report from Grand View Research published last month, the authors project that the blockchain industry could experience growth over the next decade that would result in its value rising to as much as $7.74 billion by 2024. The report projects that much of that growth will be fueled by financial sector interest in the blockchain in the Asia-Pacific market and North America as a host of factors combine to promote greater acceptance and adoption of the technology.

Cashaa Preparing to Expand Services to India and Nigeria

London-based p2p marketplace Cashaa recently announced that the company is preparing to launch its services in India and Nigeria next week. The launch is formally scheduled for January 18, and will see the company bring its unique zero-fee cash transfer services to cash senders and recipients in those two important countries. According to information provided by Cashaa, the service’s testing period resulted in more than 10,000 trader sign-ups, and transfers of some $2 million made using the company’s blockchain-powered platform.

GameCredits to Launch Platform and Store

GameCredits recently announced that it will be launching its new GameCredits Mobile Platform and Mobile Store in April, 2017. The new platform and mobile application is expected to launch with a wide array of new games, and the company is anticipating that the platform will host hundreds of additional games by the end of the second quarter of this year. The GameCredits platform will break new ground in its use of digital currency for mobile gaming. In remarks to DCEBrief, GameCredits Inc. CMO Jon Comer said,

DTCC to Implement Blockchain Technology

The Depository Trust and Clearing Corp (DTCC) announced on Monday that it will be replacing its existing databases with a blockchain-based system, in a process that is expected to see the new system in use next year. The company is a post-trade service provider that records and reports information for virtually all securities trading activities in the United States. DTCC has selected IBM to work on the project in collaboration with tech firms R3 CEV and Axoni, with work scheduled to begin later this month and conclude sometime in the first part of 2018.

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