Bitcoin News

german government

German Government to Treat Bitcoin Like Legal Tender

In an encouraging sign for the use of cryptocurrency as money, the German government has declared that it will not tax cryptocurrency transactions in which the cryptocurrencies are used as money. This is especially exciting for Bitcoin, which was initially developed to act as a form of digital cash. One of the major barriers to the acceptance of cryptocurrencies as money has been either uncertain or misclassified tax treatment. In the United States, the IRS has classified Bitcoin and other [...]

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china cryptocurrency

Chinese Cryptocurrency Firms Continue to Thrive

In a testament to the ability of cryptocurrency companies to withstand government attempts to shut them down, Chinese cryptocurrency exchanges are not just surviving – they are thriving. Late last year the Chinese government ordered all cryptocurrency exchanges in the country to shut down, in addition to a ban on initial coin offerings. The government also put pressure on payment providers not to process transactions for cryptocurrencies, essentially putting an end to cryptocurrency purchases in China. China had been home [...]

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bitcoin lawsuit

Alleged Bitcoin Creator Sued for $10 Billion

In a case that could prove quite interesting to the Bitcoin community, Australian businessman Craig Wright has been sued for $10 billion. Wright, who once claimed that he was Satoshi Nakamoto, the founder of Bitcoin, is being sued by the estate of a former business partner, Dave Kleiman. Kleiman’s brother Ira is bringing the suit on behalf of the estate, alleging that Wright acted fraudulently in trying to hoard for himself Bitcoin assets that actually belonged to Kleiman. The identity [...]

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Steve Wozniak

Steve Wozniak Falls Victim to Cryptocurrency Fraud

It isn’t just technological neophytes who can fall victim to cryptocurrency fraudsters. Apple co-founder Steve Wozniak found himself the victim of fraud too, losing seven bitcoins to a scammer. Wozniak’s case highlights the importance of taking the right steps to protect yourself from dishonest actors. Wozniak fell victim to a scheme known as chargeback fraud. Someone orders something using a credit card purchases an item, then reverses the charges once they’ve received the item. The merchant then is on the [...]

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president venezuela

Venezuela’s Petro Oro: A Sign of Things to Come?

Fresh on the heels of the introduction of the oil-backed petro cryptocurrency, the Venezuelan regime has indicated that it intends to launch yet another cryptocurrency, the petro oro, this time backed by gold. Could this indicate that asset-backed cryptocurrencies may become the wave of the future? Venezuelan President Maduro’s announcement of the petro oro came at a curious time, as the petro hasn’t even yet gotten off the ground, it has only been subject to a pre-sale. It’s almost certain [...]

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irs cryptocurrency

The IRS Is Coming for Cryptocurrency Traders

If you’re a heavy Bitcoin trader on Coinbase, you’d better hope that you’ve paid your taxes. In a victory for the Internal Revenue Service (IRS) and a partial victory for Coinbase, the cryptocurrency exchange will be turning over to the IRS information on 13,000 of its most active traders. The information handover resolves a long-running dispute between IRS and Coinbase. IRS had initially requested that Coinbase hand over details about every single Coinbase user. Coinbase balked at this request, and [...]

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turkish president

Flurry of Interest in Cryptocurrency From Governments

With Venezuela’s announcement of the pre-sale of its petro cryptocurrency, this week has seen other governments around the world expressing interest in issuing their own national cryptocurrencies. Turkey’s former Industry Minister announced a plan to draft a proposal for a Turkish national cryptocurrency known as Turkcoin. That follows comments from Turkey’s Deputy Prime Minister that Turkey would seek to issue its own national cryptocurrency. Like most proposals that we hear about, details were largely non-existent, aside from a plan to [...]

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cryptocurrency regulation

Cryptocurrency Regulation Continues to Take Shape

With regulators around the globe continuing to look into cryptocurrencies, the regulatory regime affecting cryptocurrencies is beginning to take shape, although it’s still far from uniform. US States Move Forward on Cryptocurrency Regulation The Wyoming House of Representatives recently passed a bill that would exempt some ICO tokens from securities regulation. It’s unclear, however, whether the bill would have any effect in the event that the SEC decides to enact ICO regulations at the federal level. Arizona’s House of Representatives recently passed [...]

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Venezuela Launches “Petro”; Claims $735 Million in Sales

Venezuela’s long-awaited oil-backed cryptocurrency, the petro, has finally launched this week with its first pre-sale. According to President Nicolas Maduro, the first pre-sale netted $735 million in sales. What was interesting about Maduro’s claim is that he announced that the sale amounted to 4.777 billion yuan, or $735 million. No information about who purchased the petros was made public, but the fact that he announced sales figures in yuan would lead us to believe that a significant number of the [...]

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south korea

South Korean Government to Support Cryptocurrency; Bitcoin Price Rises

The South Korean government announced that it will support “normal transactions” in cryptocurrencies. Financial authorities will also encourage banks to work together with cryptocurrency exchanges. The announcement was seen as a positive sign that the South Korean government has decided to embrace Bitcoin and cryptocurrencies, and that a crackdown in South Korea is not in the cards. The push for cooperation among banks and cryptocurrency exchanges is a promising sign for cryptocurrency investors in South Korea because it should ease [...]

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