Hainan Province to Invest 1 Billion Yuan in Blockchain Industry
Dec08

Hainan Province to Invest 1 Billion Yuan in Blockchain Industry

China’s Hainan Province announced a new series of economic measures that include investing 1 billion yuan to promote blockchain industry development, according to a report from state-run media outlet Xinhua. The announcement was made in a press conference in the Hainan capital, Haikou on Wednesday.

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Coinbase Card Now Supports DAI Stablecoin
Dec07

Coinbase Card Now Supports DAI Stablecoin

Coinbase announced this week that Coinbase Card now supports the DAI stablecoin, providing card users with “a cryptocurrency with stable purchasing power.” In a blog post announcing the move, Coinbase asserted that the addition of DAI support provides consumers with even more opportunity and choice.

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IRS Criminal Investigation Division to Increase Focus on Crypto Tax Cases
Dec06

IRS Criminal Investigation Division to Increase Focus on Crypto Tax Cases

The Internal Revenue Service Criminal Investigation division released its annual report on Thursday, revealing that it is continuing to prioritize cybercrime, employment tax concerns, and cryptocurrency tax-related issues, Accounting Today reports. The division reported that it had identified a total of $1.8 billion of tax fraud so far this year and has successfully prosecuted 91.2 percent of its financial crime cases.

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Govt Report: Stablecoin Adoption Could Pose Risk to U.S. Economy
Dec05

Govt Report: Stablecoin Adoption Could Pose Risk to U.S. Economy

The Financial Stability Oversight Council released a new report this week highlighting various risks to the U.S. financial system and economy. Part of the report focused attention on potential dangers that could result from increased adoption of so-called stablecoins, like Facebook’s proposed Libra currency.

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GA Governor Appoints Pro-Crypto Loeffler to Fill Senate Seat
Dec05

GA Governor Appoints Pro-Crypto Loeffler to Fill Senate Seat

Georgia Governor Brian Kemp named Bakkt CEO Kelly Loeffler to replace retiring GA Senator Johnny Isakson, who plans to step down from office at the end of the year for health reasons. Loeffler, 49, is expected to bring a decidedly pro-cryptocurrency voice to the U.S. Senate, having served as Intercontinental Exchange’s (ICE) digital asset head prior to taking on the leadership role at Bakkt.

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British Virgin Islands to Unveil Details of Digital Currency Rollout at Symposium
Dec03

British Virgin Islands to Unveil Details of Digital Currency Rollout at Symposium

The British Virgin Islands is conducting its BVI Digital Economy symposium today, an event that is expected to include a presentation detailing the rollout of a planned digital currency. Those details will be provided by BVI partner LIFELabs, which is working with the British Virgin Islands to create a digital currency and national emergency Rapid Cash Response fund.

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South Africa’s Central Bank Plans New Rules for Cryptocurrency Use
Dec02

South Africa’s Central Bank Plans New Rules for Cryptocurrency Use

The South African Reserve Bank (SARB) will reportedly implement new rules for cryptocurrency use early next year, according to local media outlet Business Report. The new guidelines will be designed to prevent people from using digital currency to thwart the country’s currency controls.

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Research: Blockchain, IoT will Eliminate $31 Billion in Food Fraud by 2024
Dec01

Research: Blockchain, IoT will Eliminate $31 Billion in Food Fraud by 2024

Juniper Research has released new research data revealing that the food industry could save as much as $31 billion in food fraud costs by 2024, thanks to blockchain technology and the Internet of Things (IoT). In a press release announcing the findings, Juniper noted that emerging technologies will offer these savings through more efficient tracking of supply chains and simplification of regulatory compliance.

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U.S. Arrests Ethereum Developer, Accuses Him of Helping North Korea Evade Sanctions
Nov30

U.S. Arrests Ethereum Developer, Accuses Him of Helping North Korea Evade Sanctions

U.S. law enforcement arrested 36-year-old Virgil Griffith on Thursday based on allegations that he traveled to North Korea earlier this year to provide them technical assistance in evading U.S. sanctions, NBC News reports. Griffith is reportedly an Ethereum developer.

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Russian Central Bank Signals Support for Cryptocurrency Ban
Nov29

Russian Central Bank Signals Support for Cryptocurrency Ban

The Central Bank of Russia has signaled its support for any possible ban on cryptocurrency within the Russian Federation, Russian media reports. That news comes in the wake of several weeks in which some observers believed that the country might have been warming up to the technology.

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CipherTrace Report: Cryptocurrency Theft Surges to $4.4 Billion in 2019
Nov27

CipherTrace Report: Cryptocurrency Theft Surges to $4.4 Billion in 2019

A new report from blockchain forensics firm CipherTrace claims that cryptocurrency theft has increased in 2019, when compared with similar theft in 2018. According to Reuters, which obtained the report, the rise in stolen cryptocurrency was due to the increase in money moving through digital currency exchanges and more large incidents of theft.

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Red Cross Launches Two-Year Blockchain Cash Initiative in Kenya
Nov26

Red Cross Launches Two-Year Blockchain Cash Initiative in Kenya

The Red Cross has launched a new two-year initiative to use blockchain-based ‘local currencies’ to help facilitate and manage trade and economic activity in local communities throughout Kenya. According to a report from Thomson Reuters, the initiative is part of an effort to help improve local utilization of roughly $1 billion of annual Red Cross disaster relief.

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Report Says Vast Majority of China’s Blockchain Firms Have Issued Crypto Tokens
Nov25

Report Says Vast Majority of China’s Blockchain Firms Have Issued Crypto Tokens

While China has recently expressed increasing support for blockchain technology, the government continues to be resistant to cryptocurrency. However, if new reports from the Beijing Blockchain Technology Application Association (BBAA) are correct, The bulk of China’s blockchain companies have been focused on issuing digital currencies rather than developing blockchain applications.

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BCB Blockchain Partners with Philippines to Support Startups, Smart City Development
Nov24

BCB Blockchain Partners with Philippines to Support Startups, Smart City Development

Singapore technology firm BCB Blockchain is reportedly partnering with the government of the Philippines in an effort to support new startups and smart city development in the country. In a press release dated November 23, the company confirmed that it signed a memorandum of agreement with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD) at the 3rd National Technology Business Incubator Summit.

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Shenzhen Authorities Vow Action Against Illegal Cryptocurrency Activities
Nov22

Shenzhen Authorities Vow Action Against Illegal Cryptocurrency Activities

Government officials in Shenzhen have signaled a crackdown on illicit cryptocurrency activities and claim that they’ve identified at least 39 entities violating China’s ban on cryptocurrency trading, Sanyan Finance reported today. The announcement comes as The People’s Bank of China has confirmed it is intensifying efforts to combat digital currency transactions in the country.

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‘Stablecoins are Securities Act’ Introduced in U.S. House
Nov21

‘Stablecoins are Securities Act’ Introduced in U.S. House

Representatives Sylvia Garcia (D-TX) and Lance Gooden (R-TX) formally introduced the Managed Stablecoins are Securities Act of 2019 on Thursday. As its name suggests, the bill would define managed stablecoins as securities subject to the provisions of the Securities Act of 1933.

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U.S. Fed Says No Plans for CBDC, but Evaluation of Costs and Benefits is Ongoing
Nov21

U.S. Fed Says No Plans for CBDC, but Evaluation of Costs and Benefits is Ongoing

In a recent response to a letter from U.S. Representative French Hill, Federal Reserve Chairman Jerome Powell confirmed that the central bank has no plans to issue its own central bank digital currency (CBDC). However, Powell acknowledged that the bank is continuing to evaluate the potential costs and benefits associated with a possible Fed digital currency.

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New Galaxy Holding Bitcoin Funds to Target Older Accredited Investors
Nov19

New Galaxy Holding Bitcoin Funds to Target Older Accredited Investors

Galaxy Digital Holding Ltd reportedly plans to launch two new Bitcoin funds that will target older investors, Bloomberg reports. In a phone interview, the cryptocurrency firm’s CEO, Michael Novogratz, told Bloomberg that the plan is to attract accredited and institutional investors aged 50 to 80 to cryptocurrency investing.

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LocalBitcoins Registered as Virtual Currency Provider by Finnish FSA
Nov18

LocalBitcoins Registered as Virtual Currency Provider by Finnish FSA

LocalBitcoins has announced that it has been registered as an approved virtual currency provider by Finland’s Financial Services Authority (FIN-FSA). That registration is now required for all digital currency providers if they intend to provide services in Finland.

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IRS Official Says Agency is Concerned about Tax Issues Related to Crypto ATMS, Kiosks
Nov17

IRS Official Says Agency is Concerned about Tax Issues Related to Crypto ATMS, Kiosks

IRS Criminal Investigation Chief John Fort confirmed this week that his agency is now focused on investigating possible tax issues involving Bitcoin ATMs and cryptocurrency kiosks, Bloomberg Law reports. Fort revealed the agency’s interest in the machines during a recent blockchain conference in New York:

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