North Carolina Republican Representative Ted Budd’s Virtual Value Tax Fix Act of 2019 has been reintroduced in the House of Representatives and referred to the House Committee on Ways and Means. The bill seeks to amend the Internal Revenue Code to “allow exclusion of gain or loss on like-kind exchanges of virtual currency.”
Security experts have long alleged that the North Korean government has been engaged in cyber theft designed to help fund its missile program, nuclear program, and other regime priorities. According to a new report from a United Nations panel, those attacks have enabled the regime to steal an estimated $2 billion in assets.
At least one official in Thailand wants to amend the country’s Anti-Money Laundering laws to ensure that cryptocurrencies are not used to facilitate crime. According to a report in the BangkokPost today, Thai Anti-Money Laundering Office (AMLO) secretary-general Maj Gen Preecha Charoensahayanon is convinced that money launderers will eventually use digital currencies to further their illicit schemes.
The Iranian Cabinet has released a newly-ratified bill that outlines the government’s position on digital assets and establishes conditions for cryptocurrency miners to operate within the country. According to Iranian media outlet PressTV, the government’s official position is that digital currencies are not recognized as legal tender in Iran, and the country’s central bank cannot ensure their value.
In July, President Trump responded to Facebook’s Libra cryptocurrency announcement by taking to Twitter to announce that he’s not a fan of Bitcoin or cryptocurrency. Former Trump strategist Steve Bannon recently took the opposite view, suggesting that Bitcoin and other digital currencies could play an important role in the future.
Malta Digital Economy and Innovation Junior Minister for Financial Services Silvio Schembri recently announced that the Malta Business Registry will be the country’s first government agency to use a blockchain-based system, Zeta reports. During his remarks at the MBR’s inauguration, Schembri said:
The European Economic and Social Committee (EESC) has advised the EU to consider a blockchain regulatory approach that focuses on ensuring that the technology’s potential benefits are accessible to everyone. In a recent EESC report, the committee warned about the potential risk of creating a new digital divide:
Huobi announced Wednesday that it is partnering with Global Digital Finance (GDF) to “develop best practices and standards within the digital asset community.” The move comes amid increased attention from policymakers around the globe, and continuing concerns about the industry’s lack of regulatory oversight.
Blockchain announced today that is has launched a new cryptocurrency exchange, The PIT, Reuters reports. According to the company, the new exchange relies on a matching engine called “Mercury” to provide trading at speeds faster than other exchanges in the industry today.
Circle co-founder and CEO Jeremy Allaire will be testifying in a hearing before the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday. Allaire’s role in the “Examining Regulatory Frameworks for Digital Currencies and Blockchain” hearing will be as a representative for the Blockchain Association advocacy group.
The United States filed a complaint this week against the BTC-e cryptocurrency exchange and its alleged operator Alexander Vinnik, seeking to recover civil monetary penalties assessed by the Financial Crimes Enforcement Network (FinCEN) in July 2017.
Chinese alcohol wholesaler Oranco announced Friday that its newly-developed blockchain-based anti-counterfeiting technology is now ready for testing. The technology was developed in partnership with blockchain tech solution firm Guangzhou Silicon Technology Co., Ltd.
The United States Internal Revenue Service announced today that it is now in the process of sending warning letters to more than 10,000 U.S. taxpayers who trade cryptocurrency. The agency revealed that it began sending those letters last week and plans to complete the process by the end of next month, Yahoo Finance reports.
A new survey from digital currency asset management firm Greyscale Investments found that 36% of retail investors in the United States expressed interest in Bitcoin as an investment. The Bitcoin: 2019 Investment Study was conducted by the Q8 financial market research firm and offered insight into the “profiles and demographics of investors interested in the digital currency.”
California-based tech e-retailer Newegg announced on Wednesday that it will now accept Bitcoin as a payment option in 73 nations. According to the press release announcing the news, customers in “nearly all of the countries the company serves worldwide” can now use Bitcoin in Newegg’s online stores.
A new report from a government panel in India recommends that the country ban all private digital currencies, Reuters reports. If adopted into law, the panel’s recommendations would not only make such cryptocurrencies illegal in India but would also fine and jail Indians who are caught dealing with them.
Since announcing its Project Libra cryptocurrency plans, Facebook has experienced a growing amount of resistance from policymakers around the globe. Recent data from messaging app Viber indicates that consumers may not be too excited about the prospect of a Facebook digital currency either, with 49% of respondents in the United States and UK reporting a lack of trust in the company’s planned cryptocurrency.
The United States Commodity Futures Trading Commission has been investigating the BitMEX cryptocurrency exchange for several months, Bloomberg reported Friday. According to the media outlet’s unnamed sources, the regulatory agency has been trying to determine whether the exchange violated rules that prevent Americans from trading on its platform:
U.S Representative Patrick McHenry (R-NC) told his fellow lawmakers this week that innovations like cryptocurrency are why the United States has such a vibrant economy. McHenry’s remarks came during a hearing on July 17, in which the Congressman referred to the innovative technology as an “unstoppable force.”
Japanese officials reportedly want to develop an international payment system for digital currencies that would be similar to the global SWIFT network currently used by the world’s financial institutions, Reuters reported on Thursday.