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.
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.
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.
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.
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.