Bitcoin News

More Difficulty in Making Tax Payments on Cryptocurrency Gains

When it comes to tax issues, it’s always a good idea to hire a tax adviser, particularly if you have complicated returns. And when it comes to investments in cryptocurrencies, which are still sorely lacking in guidance, that’s even more true. While the Internal Revenue Service (IRS) has issued guidance in both 2014 and 2019 related to cryptocurrencies, just what guidance has the force of law is still up in the air. The Government Accountability Office (GAO) recently published a [...]

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US Treasury to Adopt “Significant” New Cryptocurrency Rules

Treasury Secretary Steven Mnuchin has stated that the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is prepared to publish new regulations regarding cryptocurrencies. According to Mnuchin, who was testifying before the US Senate Finance Committee, the new regulations will include “significant new requirements.” Mnuchin was answering a question posed by Senator Maggie Hassan (D-NH) about how the Treasury intended to monitor suspicious cryptocurrency transactions. Mnuchin stated that, “We want to make sure that technology moves forward but, on the other [...]

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What Effect Might SEC’s “Safe Harbor” Proposal Have on Cryptocurrencies?

With cryptocurrencies still very much in their growth phase, one thing has become abundantly clear: those localities that want to take the lead in the cryptocurrency sphere are those that most loosely regulate cryptocurrencies. Countries like China, which once dominated the cryptocurrency world, will fall behind as they attempt to crack down on private cryptocurrencies. And even US states aren’t immune to that, as New York is famous for its incredibly stringent BitLicense that has all but snuffed out [...]

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Japan Calling on G7 to Respond to Digital Yuan

While the rollout of China’s digital yuan appears to have been delayed by the onset of the coronavirus, the People’s Bank of China does still plan to launch its digital currency sometime soon. When the digital yuan is finally launched, it could very well upend the international monetary order. And that has some countries on edge. Japan has proposed sharing information with the United States and other G7 partner countries in order to counter the potential threat of the digital [...]

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Bitcoin Continues to Rise on Safe Haven Buying

With the Chinese coronavirus remaining at the forefront of many people’s minds, prices of safe haven assets continue to shoot up. And while stocks remain elevated as some investors have reduced their fear of a pandemic, cryptocurrencies such as Bitcoin have gone on a tear. At the time of writing, the Bitcoin price was up 44% on the year, a phenomenal rate of growth. That’s half of last year’s growth, and we’re only halfway through February. Given the likely economic [...]

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More Merchants Accepting and Using Cryptocurrencies

While many people understand that cryptocurrencies have great potential as investment assets, it’s easy to forget that cryptocurrencies such as Bitcoin were originally developed to be used as currencies at point of sale. One of the keys to greater adoption of these cryptocurrencies, then, is increased use by consumers and acceptance by merchants. With all indicators pointing to 2019 being a great year for cryptocurrency acceptance, what might the future hold in 2020? Overall, an estimated $4 billion worth of [...]

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Coronavirus and Crypto: What Will the Effects Be?

With much of the world waiting with bated breath, and often indoors, for a resolution to the Chinese coronavirus crisis, cryptocurrency analysts and enthusiasts are divided on how the health pandemic could affect cryptocurrency prices. There are a number of arguments that can be made for cryptocurrency prices moving either way, and ultimately it will be up to markets to decide which way prices will go. The Bearish Case One of the major reasons for downward pressure on cryptocurrency prices is [...]

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More Central Banks Dipping Their Toes Into the Cryptocurrency Waters

While the Chinese central bank’s digital currency plan is perhaps the best known example of the development of a central bank digital currency, it isn’t the only one. Many smaller central banks have already begun to undertake their own cryptocurrency projects. And while major central banks such as the Bank of England and European Central Bank have downplayed the likelihood that they’ll issue their own cryptocurrencies, they’re undoubtedly looking at China’s digital yuan experiment with great interest. Should China’s [...]

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Will the Chinese Coronavirus Derail China’s Plans to Introduce a Digital Yuan?

China’s digital yuan, perhaps the largest and most important government-backed cryptocurrency project to date, was supposed to launch early this year. Development had been delayed this year, but earlier in January the Chinese central bank stated that its design process, standard-setting, and testing were rapidly nearing completion. But now that many areas of China are under lockdown, will the digital yuan be delayed, perhaps indefinitely? The digital yuan was supposed to be a two-tiered system, with the first tier consisting [...]

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More Cryptocurrencies Available to Use in Point of Sale Transactions

When Bitcoin was first created and released to the public, its intended use was as a currency to use in everyday transactions at the point of sale. But while the novelty of using Bitcoin to purchase a bottle of water appealed to some people, many others wondered what Bitcoin could do that cash and credit cards couldn’t. Perhaps that’s why Bitcoin today is seen more often as an investment asset rather than an actual currency. Part of the reason for [...]

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