Bitcoin & Cryptocurrency

South Korea to Release Cryptocurrency Tax Framework by June

South Korea to Release Cryptocurrency Tax Framework by June

It was reported last March 25 that South Korea’s Ministry of Strategy and Finance will be releasing a taxation framework for cryptocurrencies as early as June. A spokesperson from the ministry said that while they do not a have a specific time frame, they may announce the virtual money tax in the first half of this year. However, any taxation would only start in 2019. The country’s cryptocurrency task force is reportedly proposing a transfer income tax that levies taxes on profits from crypto sales and said that that other income taxes may be imposed for temporary or irregular income […]

Intel Files Patent for Bitcoin Energy Reduction Solution

Intel Files Patent for Bitcoin Energy Reduction Solution

Intel had reportedly filed a patent for a Bitcoin (BTC) mining hardware accelerator intended to reduce the power needed for mining cryptocurrency. The patent was filed September last year, but the application was released just last March 29. Intel says that the optimization can yield up to 35% energy usage improvement. While Intel’s patent application pertained to ASIC implementations for “convenience,” it was noted that the system could apply to “any other logic device including processors, SoCs, and FPGA platforms. The patent is the latest in Intel’s forays into blockchain and cryptocurrency. Last year, the chip giant had already partnered […]

China Central Bank Confirms Crackdown on Cryptocurrencies

China Central Bank Confirms Crackdown on Cryptocurrencies

A senior official of China’s central bank said last Thursday that the PBoC has already outlined its agenda for the coming year and revealed that it will be reinforcing regulation both internally and with external parties to “rectify different kinds of cryptocurrencies.” PBoC vice governor Fan Yifei confirmed that they will be cracking down on virtual currencies to protect the integrity of the yuan. It was noted that the vice governor’s statements on cryptocurrencies follow those previously made by other officials. The bank’s former governor Zhou Xiaochuan also issued some critical statements against cryptocurrency and the perceived risks it poses […]

Google Reveals Two Blockchain Projects After Banning Cryptocurrency Ads

Google Reveals Two Blockchain Projects After Banning Cryptocurrency Ads

Google revealed earlier this week that it is currently developing two separate blockchain projects. The search giant made it known a few weeks after banning ads related to initial coin offerings and cryptocurrency. According to Bloomberg, anonymous sources in the company told them that Alphabet will be using blockchain technology to create a “tamper-proof” auditing system and a cloud operations platform. It had already filed a patent for the “tamper-evident” ledger in September 2017. It was noted, however, that Google’s new policy would effectively ban the company’s project on AdWords. The company has not yet commented on the implications that […]

Japan Regulator Warns Binance, CEO Cries Foul

Japan Regulator Warns Binance, CEO Cries Foul

Nikkei reported yesterday that Japan’s Financial Services Agency is expected to send a warning to a major cryptocurrency exchange for operating in the country without a license. Nikkei said that the FSA may file criminal charges against Hong-Kong based cryptocurrency exchange Binance if it does not suspend its Japan operations. However, CZ, the exchange’s CEO, called the report ‘irresponsible’ and revealed that they were already engaged in constructive dialogue with the FSA and have not been given any mandates. Binance is believed to be the world’s biggest cryptocurrency exchange, and it is said that a significant number of investors in […]

Child Porn Found in Bitcoin Blockchain

Child Porn Found in Bitcoin Blockchain

Researchers from RWTH Aachen University said this week that they had found hundreds of links to images involving child sexual abuse on Bitcoin’s blockchain which may be considered objectionable in almost all jurisdictions. The German researchers added that they also found other files which may violate privacy and copyright laws. This could potentially make Bitcoin illegal. Crypto-currency expert at Cambridge University Garrick Hileman said the presence of illegal content on Bitcoin’s blockchain had been known for awhile. However, this would mean that a lot of users may have local copies of the illegal files on their computers. Source: BBC

US Calls Petro a “Scam”, Bans Venezuelan Cryptocurrency

US Calls Petro a “Scam”, Bans Venezuelan Cryptocurrency

Last Monday, President Donald Trump had reportedly signed an executive order which bans any kind of transaction involving Venezuela’s ‘Petro’ cryptocurrency in the country. A senior U.S. administration official additionally called it a scam by President Nicolas Maduro which will further weaken democracy in the OPEC country, and anyone dealing with the currency is directly supporting the dictatorship. The U.S. Treasury also announced sanctions against four Venezuelan government officials for corruption and economic mismanagement, but denied that it was in relation to the Petro issue.   Source: Reuters

Sen. Pacquiao to Launch Own Cryptocurrency

Sen. Pacquiao to Launch Own Cryptocurrency

Sources reported this month that Sen. Manny Pacquiao has invested in cryptocurrency through blockchain startup Global Crypto Offering Exchange (GCOX). Claiming to be the first exchange of its kind, the Singapore-based firm allows celebrities to offer their own “Celebrity Tokens” which can be used to purchase celebrity-related goods and services on GCOX’s platform. The senator is set to launch his own digital coin called PAC Coin, which will be the first celebrity token on the platform. Pacquiao currently has a net worth of 3 billion, making him the second richest senator next to Manny Villar. Source: Inquirer Business

Google to Ban Cryptocurrency Ads Starting June

Google to Ban Cryptocurrency Ads Starting June

Google recently announced that it will be banning all cryptocurrency-related advertisements from its platforms. The policy change will affect all promotional campaigns covering initial coin offerings, Bitcoin exchanges, digital wallets, and trading advice. The new rule will take effect this June. Google did not provide an explanation for the move, but observers believe that the firm seeks to protect consumers from the risks that accompany such highly speculative forms of investment. Facebook had already made similar changes in January, saying that a lot of companies in the sector are acting in bad faith. Source: BBC

Thailand SEC to Launch Crypto Regulations This March

Thailand SEC to Launch Crypto Regulations This March

Spokesman Nathporn Chatusripitak said this week that the Thai government will be drafting legislation for the regulation of cryptocurrency in the country. Chatusripitak added that the Thai Ministry of Finance proposed the regulatory framework to prevent money laundering and fraud through cryptocurrencies. The new cryptocurrency rules may be ready as soon as next month. The Thai SEC previously said in September of last year that it would support the implementation of regulations for initial coin offerings, while last month the Central Bank of Thailand issued a circular asking banks not to engage in cryptocurrency trading and investment. Source: Coin Telegraph