Day: October 9, 2019

US IRS Releases Guidance on Crypto Airdrops and Hard Forks

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The United States Internal Revenue Service (IRS) has issued guidelines for tax reporting regarding cryptocurrency airdrops and hard forks. The Revenue Ruling 2019-24, announced on Oct. 9, addresses common questions of taxpayers and practitioners.  The guidance also answers questions regarding cryptocurrency transmissions for investors that hold cryptocurrencies as a capital asset. IRS Commissioner Chuck Rettig said: “The new guidance will help taxpayers and tax professionals better understand how longstanding tax principles apply in this rapidly changing environment. We want to help taxpayers understand the reporting requirements as well as take steps to ensure…

U.S. IRS Releases Guidance on Crypto Airdrops and Hard Forks

boss

The United States’ federal tax service has issued guidelines for tax reporting regarding cryptocurrency airdrops and hard forks. In an announcement on Oct. 9, the U.S. Internal Revenue Service (IRS) announced the issuance of Revenue Ruling 2019-24, which addresses common questions of taxpayers and practitioners regarding crypto hard forks and airdrops.  The guidance also answers questions regarding cryptocurrency transmissions for investors that hold cryptocurrencies as a capital asset. IRS Commissioner Chuck Rettig said:  “The new guidance will help taxpayers and tax professionals better understand how longstanding tax principles apply in…

As Deepfake Videos Spread, Blockchain Can Be Used to Stop Them

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At a time when the term “fake news” has become a household name thanks to its repeated use by President Donald Trump, deepfakes — i.e., seemingly realistic videos that are in fact manipulated — can further escalate the problem associated with distrust of media. Technologists are looking at the inherent nature of blockchain as aggregators of trust to put more public confidence back into the system.  Truth is increasingly becoming a relative term. When everyone has their own version of the truth, democracy becomes meaningless. The advent of deepfakes is…

SEC Enters Settlement Talks With Alleged Fraudulent Firm Veritaseum

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The United States Securities and Exchange Commission (SEC) has entered settlement talks with alleged fraudulent cryptocurrency firm Veritaseum. Initial conference adjourned After filing a complaint against Veritaseum CEO Reginald Middleton and his two companies in August 2019, the SEC said that it is engaged in settlement talks with the defendants, fintech publication FinanceFeeds reports on Oct. 9. According to the report, the regulator filed a motion to adjourn the initial conference at the New York Eastern District Court earlier in October. Following the motion, the court reportedly agreed to reschedule…

UK’s Central Bank Establishes Provisions for Facebook’s Libra

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The United Kingdom’s central bank has established provisions that Facebook’s yet-to-be-released Libra stablecoin must comply with in order to be issued in the country. The Bank of England presented its latest Financial Policy Summary and Record at a Financial Policy Committee (FPC) meeting held on Oct. 9. The document — which addresses the resilience of the U.K. financial system in general — discusses innovative developments in the payments sector, noting that Libra has the potential to become “a systemically important payment system.” Launch of new payment systems The FPC pointed…

Crypto Debit Card Firm Cryptopay Launches UK Bank Transfers With British Pound

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Crypto wallet and debit card service company Cryptopay now offers transfers with the British Pound (GBP) through the Faster Payments Scheme. Cryptopay revealed the development in a press release with Cointelegraph on Oct. 9, specifying that its United Kingdom-based users can now fund their accounts and make withdrawals with GBP, avoiding GBP to euro conversion charges. The release further explains: “Upon activation users will get their own sort code and account number, which means that the transfers will bear the account holder’s name, not Cryptopay. This is especially important as…

Bored Bitcoin Traders Pump Binance Coin (BNB) by 11%

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Binance Coin (BNB) was trading in an extremely positive zone on Wednesday as its top rival bitcoin kept underplaying investors’ bullish expectations. The eighth-largest cryptocurrency by market cap surged by up to 11.73 percent to establish a session high of 2,289 sats. It attracted a similar capital from the fiat market, rising by 11.12 percent against the US dollar or US dollar-denominated crypto-assets. At the same time, it’s market cap touched a sessional peak of $2.734 billion. Binance Coin (BNB) surges by more than 11 percent against the US dollar…

Recapping the events of Korea Blockchain Week 2019

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Vitalik Buterin highlights Grants, Hdac announced new project and Terra proves that it owns Korea Seoul, South Korea hosted the much anticipated Korea Blockchain Week from Sep. 27, 2019, to Friday, Oct. 4, 2019. The main conference of the event, known as D.FINE, took place between September 30th and October 1st at the Grand Intercontinental Seoul Parnas. Here are some of the highlights from a jampacked week full of eventful moments. Terra owns the Korean market Terra is a price-stable cryptocurrency that aims for mass adoption via its payments dApp…

OpenLibra Plans to Launch Permissionless Fork of Facebook’s Stablecoin

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Lucas Geiger, co-founder of blockchain infrastructure startup Wireline, has announced OpenLibra — a permissionless fork of Facebook’s planned stablecoin. Ethereum developer Lane Rettig tweeted on Oct. 8 that OpenLibra was announced by Geiger at the Ethereum developer conference Devcon 5, adding: “Seeing #openlibra publicly announced for the first time is sending shivers down my spine. I am so excited about this initiative to ‘lock the door open’ for libra tech.” A more trustworthy environment for Libra apps OpenLibra’s developers have already released the first version of a permissionless Libra-based virtual…

Diginex Becomes First Asian Firm to Join Steptoe-Led Blockchain Alliance

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Hong Kong-based digital financial services startup Diginex has become the first firm in Asia to join the Blockchain Alliance led by Steptoe & Johnson law firm. Over 100 members in 19 countries Diginex — which claimed to be the “first fully-diversified blockchain player on Nasdaq” — has officially joined the Blockchain Alliance, a public-private forum of firms and organizations promoting the secure development of blockchain, the firm announced Oct. 9. Co-founded in 2015 by the Chamber of Digital Commerce and Coin Center and led by international law firm Steptoe &…