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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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17 Apr

Less than 100 People Reported Crypto Income to IRS, Warning Issued

By Daniel Zo USA, IRS, Digital currencies, Trading, Cryptocurrency Read Comments

During the last couple of years, all around the world, there have been numerous discussions on what the proper taxation mechanism for digital currencies is. The lack of a united approach towards this issue has led to countries implementing vastly different taxation policies.

The issue goes deeper, as in the United States, citizens aren’t yet sure what approach they should consider when doing their taxes. While the IRS has provided guidance on bitcoin transactions for a couple of years, bitcoin is considered as property. This means that the purchase, trade, sale and mining of crypto can be regarded to as taxable actions.


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16 Apr

Will Crypto Prices Continue their Bullish Price Increase?

By Daniel Zo Digital currency, Cryptocurrency, Bitcoin, IRS, USA, Atlas Quantum Read Comments

The last couple of months have been nothing short of incendiary for digital currency users throughout the world. Following Bitcoin’s massive increase to $20,000 in 2017, the coin has been facing large volatility ever since. A few days ago, the bitcoin price managed to rebound more than $1,000 in less than 24 hours, after its price increased from $6,900 to over $8,000.

Economic analysts have found plausible reasons for both the decrease and increase in price. To kick things off, the price fall sustained until now, can be attributed to fear-selling, tax liability and regulatory changes. Tax liability is a bigger issue than people expected at first, considering the fact that the large price increase created massive short-term gains, which are taxable by the Internal Revenue Service (IRS), in the United States. With $590 billion in value created in 2017 alone and U.S. holders capturing roughly 30% of value growth, many had to sell in order to keep their taxes in check, and avoid any issues with the IRS.


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17 Jan

South Korea Considers Banning Digital Currency Trading

By Daniel Zo Cryptocurrencies, Ban, South Korea Read Comments

Leaving aside the massive growth in value for Bitcoin in 2017, the digital currency is off to a rocky start in 2018. This is mostly due to increased volatility, given the end of the holiday season, alongside with several world events, with direct consequences in the bitcoin price.

Therefore, on the 9th of January, the bitcoin price plunged by roughly 13.5%, which is approximately $2,000, following news that South Korea is actively planning to ban digital currency trading within the country.


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20 Dec

South Korea Plans to Introduce More Digital Currency Regulations

By Daniel Zo South Korea, EU, USA, Japan, ICO Read Comments

During the last couple of months, South Korea’s attitude on bitcoin and other digital currencies has begun to change, and recent reports now indicate that the country is considering new regulation. Before anything else, it is important to point out the fact that following China’s ban on ICOs and cryptocurrency exchanges, numerous companies affected moved abroad to countries such as South Korea and Japan, where regulation was more lenient.

However, according to recent reports, there have been several proposals in South Korea, meant to prevent those who are underage from opening accounts on digital currency exchanges, while also taxing capital gains made from trading.


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08 Dec

UK Treasury to Oversee Digital Currency Trading Activities

By Daniel Zo ATM, Bitcoin, Cryptocurrency, UK, UK Treasury Read Comments

According to recent reports, the UK Government alongside with the governments of a few European Union countries are planning to further regulate digital currencies, in order to make sure that they’re not being used for illegal purposes, such as money laundering or illegal/terrorism financing.

The statement was first made by a spokesperson from the UK Treasury, who mentioned that bitcoin and other digital currencies should be regulated, and brought in line with the country’s current legislation on anti-money laundering and counter-terrorism financing policies. According to the spokesperson, ‘We have clear tax rules for people who use cryptocurrencies, and like all tax rules, these are kept under review. We also intend to update regulation to bring virtual currency exchange platforms into anti-money laundering and counter-terrorist financing regulation.’


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09 Nov

Tips to Keep in Mind When Creating Your Digital Currency Portfolio

By Daniel Zo Investing, ICO Read Comments

Judging by the recent price increases for digital currencies, more and more investors are considering the idea of getting their very own digital currency portfolio. However, as easy as it may sound, having a crypto portfolio with a high-yield potential can often be difficult if certain tips aren’t followed, and especially if investors are on a budget.

Therefore, when making digital currency investments, it is often essential to reach a perfect balance in your portfolio, by finding smart ways of diversifying it. In return, this will lead to an increase of the potential yield, while also reducing possible loses, based on market volatility.


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16 Oct

Will Malaysia End up Banning Digital Currencies Altogether?

By Daniel Zo Bitcoin, Cryptocurrency, Malaysia, Ban Read Comments

Digital currency regulation represents an issue that numerous governments throughout the world are dealing with, as the cryptocurrency ecosystem continues to evolve. In the case of Malaysia for instance, there are more and more talks about how and if bitcoin should be regulated, alongside with whether it should be banned entirely.

To put things better into perspective, reports suggest that the Central Bank is now taking a couple of cues from China, following a couple of statements that haven’t been positive towards digital currencies and possible regulation in the future. It is interesting to see how things changed, judging by the fact that in 2014, the BNM stated that: “The Bitcoin is not recognised as legal tender in Malaysia. The Central Bank does not regulate the operations of Bitcoin. The public is therefore advised to be cautious of the risks associated with the usage of such digital currency.”


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03 Sep

Ethereum Creator Signs Deal with Russian Bank for Ethereum Russia

By Daniel Zo Ethereum, Russia, ETH, Bank Read Comments

During the last couple of months, Ethereum has had its ups and downs, yet at this time, it is close to nearing $400 in value for a single token, whereas the development of smart, decentralized applications based on smart contracts is at its peak.

Recent reports indicate that the founder of Ethereum, Vitalik Buterin, has recently signed a contract with the Russian State Bank for Foreign Economic Affairs and Development (VEB), to develop a separate entity, similar to the traditional one, named Ethereum Russia. The main purpose for this development is to help enhance the country’s abilities to create, adopt and implement blockchain technology.


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