Tag: Cryptocurrency

North Korea Expected to Launch Its Own Cryptocurrency Similar to Bitcoin

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North Korea has set plans in motion to create its own cryptocurrency that will be similar to Bitcoin or other cryptocurrencies. The crypto will help the country avoid international sanctions and evade the global US-dominated financial system. North Korea to Introduce Own Crypto A representative of the regime has indicated that the planned cryptocurrency will be the same as the other cryptocurrencies. Alejandro Cao de Benos, the head of the country’s crypto conferences, said that they are currently evaluating products that will offer the digital currency value. For now, the…

Two Arrested for ‘Old-Fashioned Shakedown’ of Cryptocurrency Startup

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Authorities in the United States have arrested two individuals who allegedly threatened to destroy a startup crypto company if they were not paid millions of dollars in cryptocurrency. Extortion of crypto startup On Sept. 18, the U.S. Attorney’s Office for the Eastern District of New York, together with the FBI, announced the arrest of Steven Nerayoff and Michael Hlady. Both individuals were charged with extortion of a cryptocurrency startup and have already made their initial appearance in federal court. Nerayoff, a lawyer himself, was purportedly hired to assist in a…

North Korea in Early Stages of Building Own Cryptocurrency

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North Korea is reportedly in the early stages of developing a cryptocurrency similar to Bitcoin (BTC). Pyongyang trying to evade sanctions According to a Vice News report on Sept. 18, the project is designed to help the Democratic People’s Republic of Korea (DPRK) evade international sanctions and find a way around “the U.S.-dominated global financial system”. Alejandro Cao de Benos, the official in charge of North Korea’s crypto conferences, said its yet-to-be-named digital currency will be “more like Bitcoin or other cryptocurrencies.” Cao de Benos, who is also a special delegate for the Committee for…

Retail Giant Overstock Seeks to Restructure Cryptocurrency Dividend

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American e-commerce giant Overstock hopes to liberalize its planned digital dividend shares trading. According to a Sept. 18 press release, Overstock is working with regulatory authorities on making its digital asset-based dividend freely tradable by non-affiliates following distribution. As such, the company will not have to put its dividend shares on the six-month holding period as required under Rule 144 enforced by the United States Securities and Exchange Commission. Commenting on the development, interim CEO of Overstock Jonathan Johnson said: “We have received a great deal of interest surrounding our…

Cryptocurrency Payments Processor BitPay Adds Support for Ether

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Major cryptocurrency payment services provider BitPay has added support for the second-largest cryptocurrency by market capitalization, Ether (ETH). Per a press release published on Sept. 16, companies that use BitPay for payment processing are now able to accept Ether for purchases without having to set up any enhancements. BitPay has also made it possible for users to store and use Ether in a BitPay wallet, and for BitPay Prepaid Visa Card holders to top up their debit cards. Ether joins Bitcoin and Bitcoin Cash Launched in 2011, BitPay processes payments…

Philippine Police Raid Alleged Cryptocurrency Scam, Arrest 277

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Philippine police have reportedly raided the offices of an alleged cryptocurrency scam that was targeting investors in China. According to a Sept. 15 report by local news outlet Inquirer.net, agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Police’s Integrity Monitoring and Enforcement Group raided the offices of Grapefruit Services Inc. in Pasig City on Sept. 11.  Authorities reportedly received a tip from the Chinese Embassy, which claimed that the firm had already defrauded thousands of investors in mainland China. Immigration Commissioner Jaime Morente said that…

Two California Council Members Purchase Cannabis with Cryptocurrency

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In what was dubbed the first of its kind purchase, two California council members were seen buying marijuana from a local store with cryptocurrency. The council members, Berkeley City’s Ben Bartlett and Emeryville City’s Dianne Martinez, were spotted in a local cannabis shop in Ohana on September 11th, where they reportedly used a stablecoin (still unknown which one) to purchase a cannabis product. Although the exact product they bought is yet to be identified, one of the council members was seen holding up a CBD product used for treating chronic…

The IRS Is Blindly Coming After Cryptocurrency Traders — Here’s Why

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Over the past month, we have seen the IRS, the tax collecting agency of the United States, send out more than 10,000 warning and action letters to suspected cryptocurrency holders and traders who may have misreported digital assets on their tax returns. Letters like the 6174-A, 6173 and CP2000 have appeared in the mailboxes of cryptocurrency traders throughout the country, and the crypto tax software company that I run has seen an influx of frantic customers coming to us for tax help out of fear of penalties. The problem here…

ECB: Cryptocurrency Cannot Be Created By Member States, What This Means For Crypto

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The European Central Bank (ECB) has attacked plans for an Estonian state-operated cryptocurrency.  ECB President, Mario Draghi shut down any talk of the proposal by saying about crypto assets: “No member state can introduce its own currency…The currency of the euro zone is the euro.” Many observers theorize that Draghi’s response is led by a fear of losing monopoly control of the money supply. And for that reason, the division between legacy and crypto ideologies has never been more apparent. European Bank President Says No To Member State Cryptocurrency Estonia…

Kakao’s Klay Cryptocurrency to Make First Exchange Listing

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South Korean messaging giant Kakao’s “klay” token – the native cryptocurrency of its recently launched Klaytn blockchain – is soon make its first official exchange listing on Upbit’s platform. Ground X, the firm set up by Kakao to develop the Klaytn network, announced the news in a Medium post on Sept. 5, saying klay will list on Upbit’s Singapore and Indonesia platforms by the end of this month. Upbit Singapore revealed on Sept. 6 that klay will be listed following price discovery via a Dutch auction – in which the price is reduced until…