Now that Venezuela has launched its petro cryptocurrency, it seems that other nations are eager to explore the idea as well. According to media outlet Al-Monitor, a new report from the deputy chair of Turkey’s Nationalist Movement Party (MHP) calls for the creation of a Turkish national digital currency that would be called the Turkcoin.
Earlier this month, the Arizona Senate passed a bill designed to allow taxpayers to use cryptocurrencies to pay their state income taxes. This week, Georgia state Senators Joshua McKoon and Michael Williams introduced a bill to provide the same benefit to their state’s residents, Senate Bill 464.
UK lawmakers have announced the launch of a Treasury Select Committee inquiry that will examine digital currency and blockchain technology, according to reporting from The Telegraph and Reuters. The committee will be tasked with examining cryptocurrency’s potential impact, including risks to the nation’s consumers and business community.
Though some financial experts have expressed concern that a collapse in the digital currency markets might affect the broader financial sector, a new report from US-based financial ratings firm Standard & Poor’s contends that any impact would be almost negligible at this point. According to S&P’s assessment, the markets would only be impacted if cryptocurrencies became a serious asset class and enjoyed the market confidence that comes from proper regulatory oversight.
The United States government is still researching digital currency and examining its risks and potential benefits. As a result, US authorities are not yet ready to create a regulatory framework for the industry, according to remarks made by White House cybersecurity coordinator Rob Joyce at the Munich Security Conference on Friday.
An estimated 7% of all Americans are believed to own some type of cryptocurrency. According to early indications from tax firm Credit Karma, however, only a relatively small number of those people are apparently reporting digital currency gains and losses in this year’s tax filings.
The state of Arizona moved one step closer to accepting digital currency for state income tax payments last night, after the state Senate voted to pass a bill designed to allow taxpayers to use cryptocurrencies to meet their tax obligations. Arizona Senate Bill 1091 was passed with 16 yeas, 13 nays, and one abstention.
If Brian Forde is successful in his quest to represent California’s 45th congressional district in Congress, Bitcoin and other digital currencies could soon have a new friend in the nation’s capital. The 37-year old former digital currency director at MIT’s Media Lab is one of several candidates in that hotly-contested race, but he’s already attracted the attention of a number of prominent crypto investors who have been impressed by his knowledge and support for digital currency technology.
On Tuesday, the Senate Banking Committee conducted a hearing on cryptocurrencies that included testimony from Commodity Futures Trading Commission (FCTC) Chairman Christopher Giancarlo and Securities and Exchange Commission (SEC) Chairman Jay Clayton. The two men testified about a wide variety of crypto-related topics, including regulations, ICOs, and distributed ledger technology.
Bitcoin’s price continued to drop on Monday, sliding below the $7 mark – its lowest level in more than two months. Analysts have attributed the ongoing price weakness to a steady stream of bad news for the cryptocurrency industry, including new regulatory concerns and recent announcements that several big banks will no longer allow their credit cards to be utilized for cryptocurrency purchases.
In the last eighteen months, cryptocurrencies have stormed onto the financial scene with a very loud bang. The cryptocurrency market is now valued at north of $500 billion and growing exponentially every year. At this rate, the cryptocurrency market will be worth trillions of dollars in just a few short years. This multi-trillion-dollar pot of gold is now firmly entrenched in global finance. As a result, what was once scorned, ridiculed, and considered little more than a pipe-dream is now being taken very seriously by almost every major financial institution worldwide
The global elites who gathered at the World Economic Forum in Davos, Switzerland this week had much to say about digital currencies. One of the attendees, Swedish Riksbank Deputy Governor Cecilia Skingsley, expressed a sentiment that seemed to be shared by many, if not all, of the world leaders in attendance, as she asserted that Bitcoin and its digital currency peers are “not a very good version of money.”
Popular Japanese digital currency exchange Coincheck announced Friday that it has lost customer assets totaling roughly 523 million NEM coins, estimated to be worth 58 billion yen or $533 million. If those estimates are true, the losses would be greater than those suffered during the Mt. Gox theft in 2014.
Bitcoin and other digital currencies have been a hot topic at the 2018 World Economic Forum in Davos, Switzerland, as political leaders have called for increased regulation of the industry. Many of those leaders have expressed concerns about cryptocurrency’s potential use by criminals and other bad actors.
South Korea’s government has been tightening the reins on its vibrant digital currency trading market recently, and that trend shows no sign of slowing. Officials now plan to require more transparency in digital currency transactions by forcing digital currency traders to ensure that they use their real names on crypto exchange accounts, according to reporting from Reuters.
Contained within several notices from the Canadian Securities Administrators (CSA), are clarifications of the regulations in place that can determine the legality of Initial Coin Offerings (also called Initial Token Offerings). The CSA’s main concern with ICOs in their current form will most certainly be the lack of investor protection for Canadians. Like securities laws in the United States that provide investor protection, Canada also has regulations regarding the sale of ICO tokens to its citizens.
One of the main sources of frustration for those of us who are blockchain and cryptocurrency enthusiasts is the degree to which big companies and large financial institutions still don’t understand our industry. Earlier this week, one of New Zealand’s largest banks ASB released a blog post by their General Manager of Global Markets, Nigel Annett. We believe that post offers tremendous insight into how financial institutions and other major organizations are thinking about cryptocurrency and blockchain adoption.
The former Chair of the Federal Deposit Insurance Corporation (FDIC) recently said that regulators should move to monitor and regulate digital currencies, but argued that the government should not move to ban them. She made the remarks in an appearance on CNBC’s Fast Money, during a panel discussion about a potential crypto crackdown.
The U.S. Commodity Futures Trading Commission today announced two new enforcement actions related to alleged fraud in the cryptocurrency industry. The commission filed actions against US-based Cabbage Tech, Corp. DBA Coin Drops Market (CDM) and The Entrepreneurs Headquarters Limited, which is registered in the UK. Both entities are accused of various types of fraud involving digital currency tokens.
If you’ve been paying any attention at all to the recent headlines describing the rise and fall of Bitcoin and hundreds of other digital currencies, it’s only natural to wonder whether the coverage could possibly be any more sensational. Just weeks ago, we were teased with headlines that predicted that Bitcoin’s price would soon reach $50,000. Many of those same media outlets are now bombarding us with headlines that are equally as dramatic – but with a far different tone