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How the IRS Audits Cryptocurrency Tax Returns – Filing Expert Shares Example, Insights on AML Focus
23.2.2020
Tax season is one of the most dreaded times of the year for many, and when the added confusion of filing crypto returns is thrown into to the mix, things can get even stickier. News.Bitcoin.com recently talked with Clinton Donnelly of Donnelly Tax Law, a service that specializes in crypto returns....
Regulatory Roundup: Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash
18.2.2020
In this roundup, we cover numerous cryptocurrency regulatory developments in the U.S., including President Trump’s crypto proposals, testimonies by the Federal Reserve chairman and the Treasury secretary, a crypto-friendly SEC proposal, and the IRS changing a crypto tax rule. We also cover...
Cannabis Buzz Harshed by Regulations, Cash Shortage While Cryptocurrency Is Ready to Light Up
18.2.2020
Recent reports show that major marijuana companies are running out of money, and businesses in Canada are especially in danger of becoming illiquid. Major producers in the weed-friendly nation have just over 6 months of cash on hand, according to the information, and comparable companies in...
US Worried Crypto Could Undermine Dollar as World Reserve Currency, Hiring Researchers to Prepare Response
16.2.2020
The U.S. Office of the Director of National Intelligence has admitted that cryptocurrency could undermine the U.S. dollar as the world’s reserve currency. The head of the U.S. Intelligence Community is seeking researchers to detail the impact of that status loss on the U.S., its economy,...
China Is Scrubbing Cash Notes to Stop Virus Spreading so Its Government Paper Money Wont Kill You
16.2.2020
Research has shown that government paper money is a hotbed for bacteria and that, at least in the U.S., most bank notes in circulation are tainted by cocaine. Now you can also worry about a new threat possibly sticking to your fingers when you handle a bill – a deadly virus coming out...
Bitcoin and Doomsday Preppers — Would Crypto Have Any Survival Value If SHTF?
14.2.2020
As so-called “doomsday prepping” grows in popularity thanks to news of coronavirus lockdown in Chinese cities, red flag gun laws and rampant Fed stimulus in the U.S., preparedness enthusiasts are asking about the viability of bitcoin in a SHTF situation. From cautious, light investor...
3 Cents per kWh – Central Asia’s Cheap Electricity Entices Chinese Bitcoin Miners
12.2.2020
As tensions escalated between the U.S. and Iran in recent months, reports have detailed that Chinese bitcoin miners are looking to set up shop in Central Asia and more specifically in Kazakhstan and Uzbekistan. Last spring, Chinese bitcoin mining operations flocked to Iran for extremely affordable...
Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger
12.2.2020
In his testimony before the House Financial Services Committee, Federal Reserve Chairman Jerome Powell answered a number of questions regarding digital currencies. While stating that “a ledger where you know everybody’s payments” is not a problem in China, he believes it is...
Bitgo to Offer Regulated Crypto Custody in Switzerland and Germany
12.2.2020
European crypto exchanges, as well as other companies with significant crypto holdings they need to protect, now have another option for cold storing their digital fortune. Bitgo is expanding out of the U.S. and into Europe with two new companies in Switzerland and Germany. Also Read: German...
Trump Views Crypto a Threat, Proposes Countermeasures in New Budget
11.2.2020
The White House released the Budget of the U.S. Government on Monday, outlining some proposals to increase cryptocurrency oversight which President Donald Trump views as priorities. The budget proposes giving the Treasury more power over crypto and requests funding for FinCEN to expand its efforts...
US Government Auctioning off Bitcoins Worth $37 Million in 2 Weeks
4.2.2020
The U.S. government has opened registration for the bidding of over 4,040 bitcoins, currently worth more than $37 million, which will be auctioned off on Feb. 18. The winning bidder will be notified on the same day. These bitcoins were forfeited in various federal criminal, civil and administrative...
Line’s Digital Currency Link to Be Available in Japan as Early as April 2020
3.2.2020
Launched in October 2018, Asian messaging giant Line’s Bitbox crypto exchange has made its link (LN) digital asset available to users worldwide, with the exception of notable locations like Japan and the U.S. Last Thursday the group announced it was preparing to launch the coin in...
IRS Explains What Crypto Owners Must Know to File Taxes This Year
2.2.2020
Kicking off this year’s tax filing season, the U.S. Internal Revenue Service (IRS) has published important tips for crypto owners to properly file their tax returns. This is the first time a cryptocurrency question has been included in the tax form. The IRS expects more than 150 million...
Trump ‘Loves’ Negative Rates and ‘Could Get Used to’ Them, Criticizes Fed at World Economic Forum, China Trade Deal
24.1.2020
U.S. President Donald Trump spoke at the World Economic Forum in Davos, Switzerland Tuesday saying the U.S. and other nations are “forced to compete … with nations that are getting negative rates, something very new.” Trump took direct shots at the U.S. Federal Reserve, claiming...
Regulatory Roundup: New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies
23.1.2020
In this roundup, we cover an exceptionally busy week for crypto regulations around the globe. We start our coverage with the U.S. Virtual Currency Tax Fairness Act of 2020, actions by the SEC, Ripple’s lawsuit, India’s supreme court hearings, Australia green-lighting a bitcoin retail...
New Bill in Oklahoma Proposes Depository for Cryptocurrencies Used by Government
19.1.2020
A bill has been introduced in the U.S. state of Oklahoma to establish a new type of state-chartered financial institution that will be “the central depository for virtual currency used by governmental agencies in this state.” The new establishment aims to provide financial and technical...
Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia
14.1.2020
In this roundup, we cover EU-wide crypto regulations and individual countries’ new digital asset rules including Austria and the U.K. We also cover numerous crypto regulatory developments in the U.S., China, Japan, South Korea, India, and the Philippines. Also read: Regs Roundup: SEC Actions...
Coinme Adds BTC Purchase Function to Over 100 Coinstar Kiosks in California
14.1.2020
With over 21,000 kiosks in the U.S., Coinstar is a popular automated service for those who want to turn their fiat coins into paper cash. 3,000 of these kiosks have been integrated with Coinme to include crypto purchase functionality, and more than 100 BTC-integrated Coinstar kiosks are now newly...
US and European Regulators Say Crypto a Priority This Year
12.1.2020
Several regulators in the U.S. and Europe have made cryptocurrency among their top priorities this year. The Securities and Exchange Commission’s compliance office and the European Securities and Markets Authority, in collaboration with other regulators, have outlined their plans to focus...
Federal Reserve Considers Creating a Separate Entity for Cash Injections
8.1.2020
While American President Donald Trump wages war with Iran, the U.S. Federal Reserve has continued to inject fresh capital into the hands of private banks by giving them $100 billion in overnight and 14-day repos on Tuesday. The same day, Rabobank strategist Philip Marey predicted the central bank...