Day: June 22, 2018

The Bahamas’ central bank has announced plans of introduction of a national digital currency, as well as develop blockchain-based projects

Filing taxes pertaining to Bitcoin and other cryptocurrencies remains a very big problem for a lot of people. While some interesting tools exist, the process needs to be made easier and more straightforward. Taxbit can be a very helpful tool in this regard, although it may not be for everyone.

The Idea Behind Taxbit

On the surface, Taxbit is designed to make filing taxes associated with Bitcoin and various altcoins a lot more straightforward. Its tax engine will let you “view the real-time tax impact of all your crypto transactions”. That is certainly a very different take on things, and one that can offer a degree of convenience which other tools do not provide at this time.

How Does it Work?

Having the ability to gauge the real-time tax impact of one’s cryptocurrency transactions is a big deal. One of the bigger problems users deal with right now is determining the values of prior transactions and how they impact their tax filings. By having a tool which constantly monitors transactions in real time, a lot of the challenges are removed from the equation.

Interestingly enough, Taxbit claims its tax engine will support transactions involving any cryptocurrency or fiat currency in the world. Thanks to its algorithm, it can quickly determine the cost basis, gains or losses, and taxes associated with every trade. Its dashboard will provide users with a detailed overview of all aspects of their cryptocurrency trading behavior.

Moreover, Taxbit will also let users automatically withhold taxes throughout the year. As such, users will be prepared for their tax filings and be able to pay the associated funds without any major problems. It sounds like a very convenient solution, although it remains to be seen if it will work as advertised when it gets officially released. For now, the project is still in early access, with no official release date as of now.

The Road Ahead

Based on the current pricing structure for TaxBit, it seems the project may very well be worth the money – assuming, that is, that all of the promised features work as advertised. Various exchanges and wallets are currently being added, and users can request support for specific exchanges as well. It is evident this service will primarily be useful for US residents, although there is a plan to incorporate international tax law as well.

Retail corporation Walmart has been awarded a patent for a healthcare information system, which will store medical data on a blockchain from a wearable device

North America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

USA

Goldman Sachs considering cryptocurrency trading services: US investment bank Goldman Sachs’ chief operating officer David Solomon has said that clients are asking to trade in cryptocurrencies and the bank is considering the possibility.

Goldman Sachs is one of the biggest investment banks in the world with assets worth USD 1 trillion and has toyed with the idea of cryptocurrencies before. The COO maintains that the bank must “evolve its business” and adapt to the environment.

The entry of Goldman Sachs could reshape the entire crypto community as it will signal the arrival of the first heavy player from the fiat world into the crypto community directly.

Coinbase CEO “enjoying” low Bitcoin prices: The CEO of Coinbase, Brian Armstrong, has said that he is enjoying the low prices of Bitcoin and has detailed benefits of low prices of Bitcoin during extended periods in a series of Twitter posts this week.

Armstrong showed historical data of the Bitcoin price behavior in 2013, 2014 and 2017 and has said that the up and down nature of the most popular cryptocurrency is nothing new.

He Tweeted, “After many years of this, I’ve come to enjoy the down cycles in crypto prices more”, while justifying this by saying it rids the market of people who are in it for “the wrong reasons”.

He also urged the community to shun any irrational pessimism regarding the cryptocurrency.

Executive Branch to disclose crypto holdings: According to the US Ethics Office, the Executive Branch now must disclose its crypto holding to the public, according to latest guidelines released on 18 June 2018.

The OGE also said that the cryptocurrency may pose a conflict of interest for Executive Branch members because of the nature of their work as they can positively or negatively influence the coin prices just through announcements. The new guidelines could ultimately mean that Executive Branch members would have to stay away from cryptocurrencies to avoid future trouble.

Senate candidate not able to accept $130K in Bitcoin campaign donations: A US Senate candidate from the Republican party, Austin Peterson from the state of Missouri, has said that he was forced to return a donation of USD 130,000 worth of Bitcoin due to campaign finance laws.

Crypto donations are still subject to much confusion in the country as some states have legalized it while others have not. The Federal Election Commission has also stated that the Bitcoin donations are legal except in cases when it exceeds the legal limit allowed.

This isn’t the first time Peterson has had to turn over his cryptocurrencies with two USD 250,000 donations also returned from his campaign office due to similar problems.

DHS piloting blockchain tech to secure borders: The US Department of Homeland Security is working on a pilot blockchain program to help secure US borders and it has said that it will give away USD 800,000 as part of the Silicon Valley Innovation program to integrate key infrastructure already in place.

The project originally started back in 2016 when tech firm Factom was given an initial USD 200,000 and it has been working on the integration process for some time. US border agents will have increased connectivity and reliance with the new tool.

With increased focus on the border security by the new Trump administration, there is going to be more innovation in the sector in the coming years.

Montana county postpones Bitcoin mining suspension: The US county of Missoula, Montana has postponed any ruling on whether to close down Bitcoin mining in the region.

The postponement was done following an admission of lack of information by government circles advocating for the ban. A public hearing also concluded that the lack of data meant that the ruling would not satisfy all of the concerns. The people advocating for the mining farms argued that the farms provide valuable employment opportunities.

Canada

Bitcoin pioneer buys Canada’s biggest condo: Crypto pioneer and Bitcoin baron Anthony Di Lorio has said in an email that he has purchased one of the biggest condominiums in Canada.

The condo cost the Bitcoin billionaire CAD 28 million at the Regis Toronto Residences, former Trump International Tower and Hotel downtown. The condo is a sprawling 16,178-sq-feet property and the transaction was completed by InnVest Hotels.

Canadian utility company to make Bitcoin mining rigs bid for electricity: Hydro Quebec has said that it is going to set aside 500 MW of electricity from its grid for cryptocurrency mining and this power will be available for mining companies who present the best bid.

The starting bid is set at 1 cent per kilowatt above the local price tag for domestic consumers. The move is seen as an attempt to both control the widespread mining operations and profit from them. The process, however, will not just be based on the monetary bid submitted by the companies. Hydro Quebec has said that it will consider other perimeters including high paying jobs created.

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The post North America: Crypto and Blockchain News Roundup, 15th to 21st June 2018 appeared first on BitcoinNews.com.

Bitcoin fell to within touching distance of the $6,000 mark on Friday, a figure not seen since February, following improvement orders from Japan’s Financial Services Agency (FSA) to six of the country’s crypto exchanges.

Bitcoin Continues to Fall

The number one digital currency is seeing its value being chipped away as the integrity of the market continues to be undermined.

Yesterday, it was reported that Tokyo-based cryptocurrency exchange and five others had been handed business improvement orders from Japan’s FSA. bitFlyer, Japan’s biggest exchange, said that it was temporarily suspending its new customer account service as it worked with the agency to solve the identified problems.

Earlier this week, NewsBTC reported on the hack that took place at South Korean crypto exchange Bithumb. Following a change to the exchange’s wallet service, it was reported that it may have resulted in an unexpected hack. As a result, thieves were able to siphon off with over $30 million worth of cryptocurrencies.

A few weeks earlier, fellow South Korean cryptocurrency exchange Coinrail was the victim of a ‘cyber intrusion.’ It’s estimated that 40 billion won, or $37.28 million, worth of cryptocurrencies was stolen. Undoubtedly, these hacks are impacting the reputation of the crypto market, which is being seen across the board in industry prices.

At the time of publishing, Bitcoin is trading at $6,098, according to CoinMarketCap, representing a near 10 percent drop in the past 24 hours. Ethereum is down at $467, a fall of 11.31 percent, whereas Bitcoin Cash is down by more than 13 percent.

Bad Year for Bitcoin?

Compared to the end of 2017, which saw Bitcoin within touching distance of $20,000, 2018 is proving to be the complete opposite. So much so, that a trend analysis suggests Bitcoin’s bad year is set to get worse.

The Directional Movement Index indicates that the number one digital currency is on the strongest negative trend since the sell-off earlier this year, reports Bloomberg.

The index’s ADX line is presently at 39.3; anything above 25 is deemed a strong trend. The report goes on to suggest that with no end in sight for Bitcoin’s selling trend, it could test its 2018 low.

It remains to be seen what will happen, but looking at it now a bleak picture is being painted.

Featured image from Shutterstock.

The post Bitcoin Drops to Within 2018 Low Close to $6,000 appeared first on NewsBTC.

An Israeli cybersecurity expert says crypto-related crimes will exceed the number of all other cyberattacks this year

Fans of the OPSkins platform were recently subjected to a bit of a rude awakening. With Steam threatening to remove this service from the platform and shutting down the associated Valve accounts, a very harsh tone was set. The OPSkins team has issued an official explanation as to what is going on and where things will go from here.

The Future Of OPSkins Looks Interesting

As is usually the case when announcements such as this one are made, there are some misconceptions that need to be clarified. First of all, Steam will indeed disable the accounts belonging to OPSkins, which is somewhat unfortunate. However, any rumors regarding OPSkins shutting down are clearly false. Nor is Valve suing this company, even though the OPSkins team received a communication from one of Valve’s legal staffers. It seems the project’s team members expected Valve to take such a harsh course of action sooner or later, which further indicates this development will not disrupt the service all that much.

Perhaps the most important question is whether or not OPSkins’ customers’ funds are safe and accounted for. That seems to be a non-issue right now, as all of the funds deposited and money earned through item sales are fine. The money resides in individual accounts belonging to users, rather than with the operational funds of the company itself.

Another question a lot of people want to see answered is whether or not OPSkins can continue its operations in any meaningful manner. The team is confident that decentralized peer-to-peer trading of in-game items is still the right way to go. As such, the WAX platform built by the same developers will facilitate a shift to peer-to-peer trading in the months and years to come.

Moreover, the company is confident that its ExpressTrade feature is not going away either. Although it is that particular aspect which forced Valve to close OPSkins’ Steam accounts in the first place, the feature itself will remain accessible. This decentralized solution will let players trade with one another without any intermediaries. It runs on top of the WAX blockchain and will be open source as well.

Indeed, it seems the future of both WAX and OPSkins is looking pretty good, all things considered. Although the Steam suspension is a big setback, Steam was never part of the team’s long-term vision, by the look of things. Supporting a trading economy for in-game items beyond the ‘Steam Era’ will prove quite interesting.

Europe

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

France

French regulators to crack down on unlicensed crypto platforms: While France is pitching itself as the next hub of blockchain technology, French regulators including Autorité des marchés financiers (AMF) are also cracking down on unauthorized crypto platforms across the country.

AMF is essentially the stock market regulator in the country and helps regulate the financial markets as well. The AMF believes that several companies in the crypto sector are operating without authorization in the country and has since published new regulations for all platforms to comply.

A few non-complying startups include bitoraxe.com, solutioncrypto.com, solution-crypto.com, and connect-coin.com. Due to the prevailing law, no company can operate without the regulator AMF’s approval.

United Kingdom

Crypto sculpture in London invites mixed responses: A newly-commissioned crypto sculpture in London invited mixed responses from the public.

The temporary installation known as Crypto Connection is a three-meter high bronze statue that shows a fetus holding a smartphone inside the womb. While there is confusion on what it represents, the artist believes that it shows how cryptocurrencies will influence future generations. The statue has been placed at Observation Point alongside the River Thames.

Malta banker association believes crypto will make banks obsolete: The Malta Banker Association believes that cryptocurrencies will pose a huge threat to the existence of conventional banks.

Marcel Cassar, the chairman of the association was of this opinion during a meeting with the reporters and he suggested that the role of conventional bankers and their traditional role as the main payment intermediary will be threatened in the future, even if not made obsolete.

Malta is becoming increasingly popular for crypto companies because of looser regulations.

Stock exchange subsidiary to launch regulated blockchain exchange in Gibraltar: A Gibraltar Stock Exchange subsidiary called The Gibraltar Blockchain Exchange (GBX) is hoping to become the first licensed cryptocurrency exchange overseen by an EU stock exchange.

According to the CEO Nick Gowan, the platform will be fair, efficient and safe and will lure new fintech startups and companies to Gibraltar’s shores.

Germany

Bar to give free crypto with every drink: German bar Sausalitos is launching its own cryptocurrency, the Sausalitos Coin, which will be rewarded for every purchase via a blockchain-based loyalty program that runs on Ethereum.

This loyalty program will be cryptographically secure and since the coins coming from the process will be cryptocurrencies, they will never expire and thus give long-term benefits to the customers. Around 4 million customers visit the bars and restaurants under Sausalitos every year and it will deploy the test blockchain in the near future.

Russia

Top Russian banks start crypto portfolios: Top Russian banks including Sberbank and Alfa Bank are launching cryptocurrency portfolios for their clients to legitimize the ownership and trade of cryptocurrencies.

The project is part of the efforts by National Settlement Depository and Group IB that is the custodian of a shared fund that that is meant for special investors in cryptocurrencies, namely Kraken and Bitstamp.

Switzerland

UBS says blockchain crucial for the future: Swiss banking and fintech giant UBS chief Sergio Ermotti has told CNBC that blockchain technology is disruptive and is “almost a must” for a financial company like UBS to consider.

Ermotti says that blockchain can reduce costs, increase efficiency and be overall beneficial for the current system. The tech will also give the bank an edge over others, according to the CEO.

UBS has over USD 3.2 trillion worth of assets and a high brand of loyalty because of its reputation for security and discretion.

Italy

Crypto belonging to BitGrail seized in Italy: The Italian authorities have seized Bitcoin from the wallets of Italian exchange BitGrail as part of an ongoing investigation into the BitGrail/Nano saga.

A Florence court ordered the seizure of funds from the company after 17 million XRB (Nano) tokens were stolen from users worth around USD 187 million at that time. The hacking forced the exchange BitGrail to freeze trading and the Nano community has also litigated hard against the parent company to compensate the victims.

Ukraine

13% of Ukrainians adopting crypto: According to a survey by Bitcoin.com, as many as 13% of Ukrainians are adopting cryptocurrencies. Three top cryptocurrency exchanges operating in the country are now turning over USD 2 million per day according to the same report.

Ukraine is having a financial crisis right now that is buoyed by the political crisis in the country. The crypto exchanges have a saying in the country, “may you be forced to survive only on your official salary”, hinting at the nature of the economy that is encouraging many Ukrainians to get into the cryptocurrency space.

The survey shows that only 5% of the people in the country haven’t heard about the word Bitcoin or cryptocurrencies, which is considerably lower than in other countries. Some 82% of the men are well-informed about the cryptocurrencies with parliamentarians even declaring their assets in the form of digital currencies these days.

Netherlands

Dutch financial regulator expresses doubts about crypto: The Dutch Financial Authority for Financial Markets (AFM) has said that it has serious doubts about cryptocurrencies and their ability to conform to licensing laws, according to an official letter dated 13 June 2018.

The reason given is that the issues associated with managing and regulating cryptocurrencies are too great. The letter says: “In combination with the risks associated with cryptos, the AFM has serious doubts whether managers of investment institutions in cryptos can meet the requirements for licensing.”

Cryptocurrencies are not yet actively regulated by Dutch regulations but the AFM has asserted that they fall under its jurisdiction in some cases.

Scandinavia

Nordic-Baltic region claims $6.3 billion of European fintech businesses: The Nordic-Baltic region has claimed up to USD 6.3 billion worth of fintech businesses according to a MagnaCarta, Fintech Mundi and Mastercard report.

Fintech space is thriving in the Scandinavian region and it has created half of the new fintech partnerships which is far higher than previous estimates. According to the CEO of Fintech Mundi, Susanne Hannestead:

“The Nordic and Baltic markets already have an incredible track record of building fintech companies having created regional successes that have gone on to become global winners, like Spotify and Zwipe.”

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The Chief Strategy Officer of major cryptocurrency exchange Bitfinex has stepped down, he will be replaced in the interim by the company’s CEO

For the second time in EOS’ infancy, transactions are being censored. For some, it’s a way to stop scammers. For others, it’s centralized overreach.

Decentralizing online video platforms will be both challenging and exciting. Although it will not be easy to do, it would appear BitTube has begun making some big inroads in this regard. The platform recently welcomed its first officially licensed TV channel.

A Major Step Forward for BitTube

Most people who keep a close eye on various blockchains will have come across the BitTube project at some point. This particular platform is designed to offer access to a decentralized video service which does not involve any advertisements. Considering that ads are ruining the traditional online video watching experience these days, platforms such as BitTube may be able to make an impact.

Making this decentralized video content platform more appealing, however, will not be easy by any means. After all, there is a good reason why YouTube is so popular these days. It simply has the most content, an easy-to-use interface, and a high video quality standard. Even though the site has been cracking down on content creators as of late, it seems the platform will not lose its dominant market position anytime soon.

Despite the obvious hurdles waiting to be overcome, BitTube may have the potential to disrupt the video industry in one way or another. By adding a fully licensed TV channel to its decentralized platform, the project has taken a major step forward. While one TV channel will not shake things up immediately, it means more channels may be added over time.

We are excited to present the first officially licensed TV channel to come onboard, along with 8 more to be announced in the coming weeks!

Gala TV is now live on #BitTube #Entertainment #Music #Television #Blockchain $TUBEhttps://t.co/DRrdu483Bm

— BitTube | Official (@BitTubeApp) June 20, 2018

Gala TV is a very interesting addition to BitTube for many reasons. It is a TV channel owned by PIXER, and broadcasts throughout Europe and the Middle East. Having such a well-known network as part of BitTube shows there is a genuine interest in the concept of decentralized video streaming and content delivery.  

Peer-to-peer live streaming of existing TV channels will undoubtedly lead to many different use cases and business models moving forward. While there is a growing interest in streaming services already, most of them are still extremely centralized. Whether or not BitTube will succeed in decentralizing this entire industry remains to be seen. However, no one can deny that the company is making some big strides thanks to the addition of Gala TV, especially at such an early stage in the platform’s development.

The price of bitcoin slid below $6,000 on Friday, hitting a new low for 2018.

Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Japan

Honchu village launches own crypto: The Japanese village of Nishiawakura in the Aida district has announced that it will be launching its own cryptocurrency.

The small village in the Okayama prefecture is known for its beautiful landscape, feudal castles and museums, and will be launching its own coin through an ICO. It is part of a growing belief in smaller Japanese administration units to become self-maintaining entities within the economy and secure independent financing resources and encourage development.

According to a village statement: “We plan to advance according to the revised fund settlement law… in line with the self-regulation rules on the management and finance by the Japan Virtual Currency Exchange Industry Association.”

The village had been considering the opportunity since last year and has also announced that it has found a blockchain provider for the new move and that it isn’t going to be Ethereum or Waves.

Exchange association set to ban insider trading and anonymous crypto: The Japanese Virtual Currency Exchange Association is going to introduce new laws regarding insider trading in the space, according to Nikkei Asian Review.

The association consists of over 16 licensed cryptocurrency exchanges and it is a mode of self-regulatory mechanism adopted by the Japanese crypto industry. The move will see penalties and possible bans for infringement or cryptocurrency insider trading in the space.

According to the publication: “…exchanges will be required to keep their quoted rates from widely deviating from the prevailing market rates. Exchanges would also need to introduce circuit breakers to halt trading should a currency’s value suddenly surge or plunge.”

Further measures for private coins will also be announced in the future.

South Korea

Exchange Bithumb reports $31 million hack: The world’s sixth largest cryptocurrency exchange by volume Bithumb has confirmed earlier reports that it was hacked. The exchange reported a loss of around KRW 35 billion (around USD 31 million) and has since ordered a stop to withdrawals and deposits before further measures can be taken.

Bithumb is one of the largest exchanges in South Korea with a daily trading volume at around USD 400 million and over 37 cryptocurrencies can be traded on the platform. The hack raised new concerns regarding the security of the top cryptocurrency exchanges that are more centralized than ever.

This was the second time a South Korean exchange was hacked in June 2018 alone, with Coinrail the previous victim.

No plans to launch central crypto: The South Korean central bank has announced that it has no plans of launching a state central cryptocurrency.

The announcement comes after reports coming in recently that South Korea was looking at the feasibility of such a move and a task force was also reportedly set up by the government for this purpose. The latest statement by the Bank of Korea puts cold water on these speculations but there could be a long-term plan at work for this move.

Turkey

Turcoin denounced as Ponzi scheme: Turcoin, which was credited as Turkey’s alternative currency and token, is now being denounced as a Ponzi scheme. The founders have reportedly fled Turkey and stole about TRY 100 million (Turkish Lira, worth some USD 21 million) worth of funds collected from 10,00 investors across the country.

The scam ICO ran for over nine months since its inception and it duped investors into investing in the new coin that could one day become Turkey’s national cryptocurrency. The move was controversial, to say the least because it never had the backing of any government channel whatsoever.

India

Legislator named in Bitcoin extortion probe: A former Indian legislator has been named a “proclaimed offender” by a local court related to a USD 1.3 million Bitcoin extortion case.

The Indian Express reported that former MLA Nalin Kotadiya failed to respond in the court case despite several summonses and the Crime Investigation Department (CID) hadn’t been able to serve him a warrant because of this no-show.

Now, the court has toughened its stance and the legislator has now been proclaimed as a “proclaimed offender”. Jatin Patel, another person of interest has been named co-accomplice in this case.

Cambodia

Government bans “unlicensed cryptocurrency”: The Cambodian government has issued a public statement that has put a blanket ban against cryptocurrencies in the nation.

The statement was signed by the National Bank of Cambodia, the Cambodia SEC and the top police official in the country and jointly says that cryptocurrencies without license are all illegal. There is no official clarification on the licensing part, so the move effectively delegitimizes all cryptocurrencies in the country. The government also failed to give a satisfactory answer on existing cryptocurrencies in the country.

Australia

Bitcoin billionaire’s spouse missing: According to The Mail Online, the wife of a Bitcoin billionaire has gone missing and the case is baffling police. Madeline Biggaton, the missing woman is the wife of John Biggaton, the Australian director of cryptocurrency exchange BitConnect which is already under investigation and has since been shut down.

BitConnect has long been considered as a Ponzi scheme because of its unrealistic return rates and has also received cease and desist letters from two American state governments. The disappearance of the wife of the Australian director adds to the mystery of the case. So far not a lot is known regarding Mrs Biggaton’s whereabouts.

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China lost its dominant position in the cryptocurrency markets quite some time ago. That is the direct result of the People’s Bank of China preventing users from trading cryptocurrencies with the Chinese yuan. According to experts, it seems a lot of the smaller crypto exchanges in the country will soon be forced to shut down.

A Worrisome Situation for Crypto Exchanges in China

It is evident very few cryptocurrency exchanges in China still play any real role of importance. Ever since the PBoC decided to ban CNY-based trading, there has been far less interest in dealing with centralized exchanges across China. For a lot of the smaller companies, this may prove to be the beginning of the end, according to local experts.

Indeed, it is expected that the smaller trading platforms will shut down due to their failure to attract new users. These are the findings of 8BTC, a Chinese news portal. According to their research, there are 14 top cryptocurrency exchanges in China which combine for over 70% of the total daily transactions. Considering that there are nearly 200 crypto trading platforms in China, there is quite a steep discrepancy in this regard. It is not an issue that is unique to China by any means, but it seems to be growing worse as time progresses.

It has always been extremely difficult for cryptocurrency exchanges to gain traction. Companies that launched in the past year or two are especially struggling, mainly because they are well behind the curve. Additionally, there is a growing set of regulatory guidelines to keep in mind, and they are easier to comply with for larger cryptocurrency firms which made a lot of money by virtue of entering this market years prior.

However, there are plenty of other concerns to take into account as well. More specifically, there has been a growing focus on fraud associated with smaller cryptocurrency exchanges. Additionally, some companies can no longer meet investors’ expectations at this time, forcing them to declare bankruptcy. It is a warning sign as to what the future holds for these companies, by the look of things.

Addressing all of these issues and concerns may prove quite troublesome. Although the PBoC has issued guidelines for initial coin offerings and cryptocurrencies over the past few months, it has become apparent that there is still a lot of work to be done in order to bring more legitimacy to this industry. This is only compounded by the growing number of trading platforms offering services to Chinese individuals who do not reside in the country.

Even if companies aren’t forced to shut down, it is evident there is a worrisome future ahead for cryptocurrency firms in China. Not every company focusing on cryptocurrency or blockchain technology will succeed, although that should not really come as a surprise to anyone at this stage. When it comes to cryptocurrency exchanges, the coming months and years will be crucial, both in China and the rest of the world.