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:
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.
According to reports from RIA Novosti, Russian Prime Minister Dmitry Medvedev has directed his country’s Ministries of Communications and Economic Development to study blockchain technology for possible use in Russia’s new Digital Economy program. The instructions were delivered in a recent meeting between Medvedev and various government vice-premiers.
The United States Securities and Exchange Commission (SEC) Today rejected Cameron and Tyler Winklevoss’ proposal for a Bitcoin exchange-traded-fund (ETF). The regulatory body cited the absence of digital currency regulation and the potential for fraud among its reasons for refusing the bid.
Last September, Standards Australia was chosen by the International Organization of Standardization (ISO) to lead a committee dedicated to the creation of global standards for blockchain technology. In a new report released this month, the group offers a roadmap that attempts to identify technical issues and relevant use cases, while prioritizing the development of those standards necessary to supporting broader acceptance and use of distributed ledger technology.
A group of more than thirty of the largest banks and technology companies have come together to form a new consortium focused on developing an Ethereum blockchain system that can be used by the finance industry. The Enterprise Ethereum Alliance was formed in December, and formally launched this week at a summit in Brooklyn, New York.
A number of Indian cryptocurrency companies have banded together to launch a new initiative called the Digital Asset and Blockchain Foundation of India, or DABFI, to facilitate self-regulation of their industry, help create standards for anti-money-laundering and know-your-customer rules, and promote awareness and acceptance for digital currency and blockchain technology. The Times of India recently reported that global law firm Nishith Desai Associates has been retained to assist in the development of self-regulations for the nation’s crypto industry.
While most digital currency analysts agree that some type of regulation is needed for the industry, they’d also tend to agree that any government intervention needs to be reasonable. The recent cryptocurrency regulatory changes in Hawaii were questionable at best, and they’ve resulted in at least one major exchange suspending its services to customers in the state. Citing the added cost burden imposed by Hawaii’s new requirements, the Coinbase exchange has announced that it will not be serving Hawaiian customers for the foreseeable future.
Venezuelan Bitcoin exchange Surbitcoin is expected to resume operations this week, enabling Venezuelans to once again use the platform to trade in the digital currency. The exchange announced the resumption of trading in a social media post last week. In that February 22 post, the exchange announced that service would be restored in approximately one week from that date, and asked that customers share the news with their friends and relatives.
A new report by Bank of Canada researchers suggests that Bitcoin and other digital currencies won’t succeed on a long-term basis without greater government regulation. To reach that conclusion, the report draws historical comparisons to a period in the 1800s when Canadians had access to government-issued currencies known as Dominion notes as well as other notes issued by private banks.
According to Coin ATM Radar, the world now has more than 1,000 Bitcoin ATMs in operation. According to reports, more than 60% of these machines – 621 – are at sites around the United States, with Canada coming in second in total Bitcoin ATM placement. The ATMs provide Bitcoin enthusiasts with easier access to Bitcoin transactions, and are viewed as an important tool for increasing awareness of the digital currency.
As many industry observers already know, The Australian Securities Exchange (ASX) has been working toward becoming the first exchange of its kind to use blockchain technology for its post-trade services. The exchange revealed late this week that it plans to increase its investment in the technology in 2017 as it pushes forward to build on the distributed ledger system currently being developed by Digital Asset Holdings.
The US regulation of digital currencies is out of date, impractical, and damaging to a potentially lucrative economy. The lack of unity in state regulations has created an unworkable system that makes the operations of Fintech (Financial Technology) companies complicated and confusing. A unified and clear regulatory policy would clear these muddy waters and benefit the digital currency industry, and have a positive impact on the American economy as a whole.
Crypto gaming store GameCredits recently announced that the company will be launching a crowdsale for its new MobileGo Token. The crowdsale is currently projected to begin in April, with active promotion in China and throughout the West. The crowdsale funds and issuing of tokens will be used to fund marketing of the company’s new Mobile Store and to develop Ethereum-based smart contract systems on the platform.
As DNotes celebrates its 3rd Birthday, Co-Founder Alan Yong offered his thoughts on DNotes’ long term vision to gain mass acceptance of digital currency and the blockchain technology that makes it possible. In his most recent remarks, Yong described this as a generational opportunity with world-changing implications.