Blog

20 Sep

Ukrainian Parliament Bill to Introduce Crypto Profit Taxing

By Daniel Zo Ukraine, Cryptocurrency, Tax Read Comments

Despite the fluctuating crypto price drops present during the last few months, governments are still interested in regulating and profiting off the digital currency revolution.

With this in mind, recent reports indicate that the Ukrainian Parliament is interested in imposing a tax on digital currency-related profits of its citizens. To put things better into perspective, the country’s legislative body has proposed a bill that would impose a 5% tax on all crypto profits attained by both commercial entities and individuals.


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07 Sep

AT&T Being Sued for $224 Million After Attackers Steal Crypto from Investor’s Phone

By Daniel Zo AT&T, Scam, Cryptocurrency Read Comments

According to recent reports, AT&T might be responsible for the loss of $24 million in cryptocurrency, after the cell phone of a digital currency investor was hacked. With this in mind, Michael Turpin is suing the telecom firm for $224 million, after the company reportedly failed to protect his smartphone data.

As part of his lawsuit, the investor claims that AT&T employees are complicit in a SIM swap scam, where hackers attempt to gain access to phone data via social engineering. In other words, for this scam to work, criminals are known to pose as the owner of a victims’ phone number, hence convincing the customer support teams of telecom providers to grant access to the phone in question. By doing this, attackers get access to a variety of accounts, including digital currency wallets.


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17 Aug

South Korean Government Allocates $880 million to Innovative Technologies like Blockchain

By Daniel Zo South Korea, Blockchain Read Comments

According to recent reports, South Korea’s interest in blockchain technology is peaking, granted that the government has recently decided to allocate a total of $880 million towards the development of innovative technologies, such as blockchain, big data and artificial intelligence.

In a government press release, it was stated that the deputy Prime Minister, Kim Dong Yeon, held a ministerial meeting on the 13th of August, to discuss the country’s investment plans in innovative technologies for the following five years.


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23 Jul

State Bank of Vietnam Decides to Temporarily Ban Crypto Mining Hardware Imports

By Daniel Zo Crypto, Cryptcurrency, Mining, Vietnam Read Comments

According to recent reports, the State Bank of Vietnam, which is also the country’s central bank, announced that it will ban the import of digital currency mining hardware for individuals and companies.

The decision represents the bank’s response to a request filed by the Ministry of Industry and Trade (MoIT). To put things better into perspective, the MoIT has recently suggested a temporary ban that would affect the import of mining hardware. The reasoning behind this is based on the issues concerning the management of currency flows in the region. According to the ministry, the use of mining equipment and cryptocurrencies is making financial management more difficult for the government. So far, mining has not been forbidden, and it is unknown whether the government is considering such a move.


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20 Jul

UK Barclays Corporate Bank Files Two Crypto Patents

By Daniel Zo Barclays, Blockchain, Crypto, Patent Read Comments

According to recent reports, the U.K Barclays bank, which is likely the biggest international corporate bank, has filed two crypto-related patents with the United States Patent and Trademark Office. The decision showcases the existence of a trend among companies, which are actively trying to gain exclusivity over future crypto market technologies.

With this in mind, the first patent is related to ‘a system for transferring cryptocurrency from a payer to a recipient, comprising receiving an identifier of data describing the first entity’. On the other hand, the second patent represents a method and system that ‘records data describing a first entity, the data endorsed by a second entity comprising the second entity validating data describing the first entity, wherein an identifier is associated with the data, the identifier being generated from a public key of the first entity.’


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17 Jun

State of New York Proposes Launch of Digital Currency Task Force

By Daniel Zo NY, New York, USA, Task Force, Cryptocurrency Read Comments

The State of New York has actively pursued cryptocurrency regulation, especially since exchanges operating in the region need to register and be licensed by the city’s financial regulator. Despite this aspect, the New York State Assembly has recently proposed the idea of creating a digital currency task force, meant to examine the crypto and blockchain markets operating locally.

According to a summary of the meeting, if approval is received, the task force will consist of 9 persons, who will write out a report of their findings by December 2019.


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13 Jun

International Monetary Fund Advocates Central Bank Crypto Regulations

By Daniel Zo IMF, Bank, Regulations Read Comments

During the last couple of months, numerous monetary regulatory agencies have turned their eyes towards the digital currency market. Now, reports indicate that the International Monetary Fund is advocating for central banks to introduce regulatory policies, while also encouraging innovation on the fiat market.

Based on this, the deputy director for the Monetary and Capital Markets Department of the IMF has outlined a couple of responses meant to lower the rivalry present between banks and digital currencies. With this in mind, he mentioned that: “Central banks should continue to strive to make fiat currencies better and more stable units of account.” To do so, central banks should introduce measures meant to discourage money laundering and terrorism financing, while also protecting consumers and taxing digital currency transactions.


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04 Jun

China’s Wikipedia Adds Blockchain-Based Revision System

By Daniel Zo Baidu, Blockchain, China Read Comments

As part of China’s censorship moves, the Chinese version of Wikipedia has been banned at the beginning of 2018. Despite this, there is an alternative to the encyclopedia available in the country, this being Baidu Baike, which is the search giant’s equivalent to the platform.

Now, recent reports indicate that the website has implemented blockchain technology, in order to help record all revision entries. The move is meant to bring more transparency alongside traceability for revisions to the online platform.


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30 May

South Korean National Assembly Committee Proposes Lifting Domestic ICO Ban

By Daniel Zo South Korea, ICO, Ban Read Comments

Despite the risks associated with Initial Coin Offerings, the trend has become extremely popular in areas throughout the world. In an effort to reduce the risk of fraud, money laundering and tax avoidance, several countries have banned ICOs.

South Korea was one of these, as the Financial Services Commission, a government department in-charge with financial policies and supervision, banned domestic ICOs in September 2017. Now, recent reports indicate that the South Korean National Assembly has proposed the idea of lifting the ban placed on domestic ICOs.


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22 May

China’s Current Stance on Blockchain Technology Detailed in White Paper

By Daniel Zo China, Blockchain, White paper Read Comments

The state of cryptocurrencies and blockchain technology in China is especially relevant to the industry, given the country’s active regulatory process, which has heavily influenced the market in the past.

Recently, the Chinese Ministry of Industry and Information Technology, commonly known as MIIT, has published a white paper regarding the blockchain technology market in mainland China. Despite the country’s crackdown on digital currencies, it seems like by the end of March 2018, there were 456 active blockchain-based companies. In fact, according to Yu Jianing, the chief of the MIIT Information Centre Industrial Economy Research Institute, 2017 has been the best year for the industry so far, granted the appearance of 178 blockchain-related companies, whereas the technology begun achieving maturity.


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