• Using Bitcoin to buy everyday things, such as a burger, could trigger a tax bill from the IRS due to cryptocurrency being considered property. However, there is potential relief on the way in the form of new legislation. The last few years have seen a meteoric rise in cryptocurrency, which has been quite exciting for a lot of people. National governments have been less excited about Bitcoin and its brethren as they grope to find

    Using Bitcoin to Buy Things Could Trigger IRS Tax Bill

    | 2017/10/22 7:00 am
  • Russia has announced plans to launch a nationalized cryptocurrency called CryptoRuble, citing competitive advantage by being the first of its kind in Europe, and as state-controlled digital money in the light of an increasingly digital economy. Russia has announced, via communications Minister Nikolay Nikiforov, that the country will begin experimenting with a nationalized cryptocurrency. Exact facts are scarce, and most of the information comes directly from quotes from Nikiforov, although it is believed that once

    Russia to Issue First State-Backed Cryptocurrency ‘CryptoRuble’

    | 2017/10/17 3:45 pm
  • Famous cryptocurrency proponent and antivirus software developer John Mcaffee stated in a recent article that governments fear cryptocurrencies because they can’t tax them. Making Profits with Cryptocurrencies Cryptocurrencies have received a lot of attention from individual and institutional investors since there is a lot of money to be made. From day trading to cryptocurrency mining, there are a lot of ways to make a profit in the digital asset space. Initial Coin Offerings have become one of

    John McAfee: Governments Fear Cryptocurrencies Because They Can’t Tax Them

    | 2017/10/10 4:00 pm
  • This past week produced some mixed news for the Bitcoin community, with one win and two losses. While the Malaysian government has reportedly given the green light to legalize the use of Bitcoin within the country, the Ukrainian and Indonesian central banks have declared that they refuse to recognize the cryptocurrency as a means of payment. Malaysia Magic Malaysia’s central bank is reported to be working on developing a framework to regulate the use of

    Bitcoin Legalization Update: Malaysia, Ukraine, and Indonesia

    | 2017/09/24 3:45 pm
  • Beleaguered by so-called ‘black money’ and tax evasion, the Indian government is planning to issue its own fiat cryptocurrency according to recent news reports. Stronger Regulations It’s been almost a year since the Indian government decided to take harsh measures against “black” money and tax evasion. On November 18, 2016, the Indian government removed their two highest value banknotes from circulation, effectively removing 22 billion banknotes from the country’s monetary system. With many people fearing

    Indian Government May Issue its Own Fiat Cryptocurrency

    | 2017/09/19 6:30 am
  • CHINA BANS BITCOIN; a phrase that many people in the Bitcoin community have heard a dozen times and will probably hear it a dozen more. But for the first time, it could have some truth behind it. BTCChina has announced on Twitter plans to shut down operations by the end of the month China Rumors in Full Swing Rumors have been swirling the crypto space over the past few days about China apparently tightening its

    BTCChina Announces They Will Stop Trading by End of Month

    | 2017/09/15 12:00 pm
  • Russia’s Finance Minister announced the government’s goal of legalizing and regulating the circulation of cryptocurrencies. Unlike China, Russia will not outright ban ICOs as it plans to take full advantage of this new financial technology. Although a segment within the Russian administration has not given its backing to cryptocurrencies, most of the evidence and recent developments in the country point towards a push from Kremlin to become the world’s most powerful country on the back of its early adoption of artificial intelligence.

    Kremlin For The Win? Russia To Regulate Cryptocurrency Markets

    | 2017/09/09 9:00 pm
  • Now fully exposed as a fraudulent pyramid scheme, Italian authorities have labeled OneCoin a Ponzi scheme and imposed a fine of  €2.5 million for the company to pay. While Hungary and other countries have merely banned or taken OneCoin to court, Italy has stepped up and become one of the first countries to take a hardline stance against the company. This seems to be the first instance where a government, in this case, Italy’s, acting

    Italy Labels OneCoin a Ponzi Scheme, Levies €2.5 Million Fine

    | 2017/08/11 10:15 pm
  • Exactly one week ago, the SEC issued a report concluding that certain token sales could be considered securities, and hence were subject to regulation. Today, the Monetary Authority of Singapore (MAS) issued a similar statement, clarifying that, in some cases, Initial Coin Offerings (ICOs) were essentially equivalent to securities, and should fall under the same regulatory procedures. I can’t help but feel slightly responsible. After all, just five days before the SEC report was published,

    ICO Haven Sent Packing; Singapore follows SEC Lead to Regulate Securities-type Token Sales

    | 2017/08/01 5:15 pm
  • The SEC has officially published a report wherein it describes the potential risks of Initial Coin Offerings (ICO) and Decentralized Autonomous Organizations (DAO). The DAO Report The U.S. Securities and Exchange Commission published a report on July 24, that details its investigation into the DAO project. The DAO (Decentralized Autonomous Organization) was founded by the German startup Slock.it UG. On June 16, 2016, the DAO project was hacked and the attackers were able to steal 3.53

    SEC Issues Warning for ICO Issuers and Investors

    | 2017/07/26 2:00 pm
  • The South African Reserve Bank(SARB), has officially announced its plans to experiment with cryptocurrency and Bitcoin regulations. Adopting Digital Currencies Back in February 2017,  the South African Reserve Bank discussed the possibility of issuing a digital currency based on the blockchain technology. The SARB was actively observing countries that had issued their own digital currency. To date, Tunisia was the only country that had officially launched a digital currency based on blockchain technology, the eDinar. The SARB

    South African Reserve Bank Planning to Test Cryptocurrrency Regulations

    | 2017/07/22 6:30 pm
  • In a contentious ongoing case between the IRS and Coinbase, a user of the exchange was granted the right to contest the governmental agency’s sweeping call for private information. In a scathing 12-page report, A Federal Judge has said that the Internal Revenue Service’s desire to exclude those affected by the probe into Coinbase “makes no sense”. Magistrate Judge Jacqueline Corley added that the scope of information the IRS is seeking is unprecedented and ridiculous.

    Judge Slams IRS, Allows User to Challenge Case on Coinbase

    | 2017/07/21 12:00 pm
  • incidents of People are increasingly being arrested in the U.S. for selling Bitcoin via online sites such as localbitcoins.com. With the recent surge in the public’s interest in Bitcoin and cryptocurrency as a whole, the United States government is sitting up and taking notice of something that many officials once dismissed as a passing fad. As a result, a disturbing trend has begun to emerge. Law enforcement agencies are arresting and charging people with a crime

    Convictions, Jail Time On The Rise In The U.S. For Selling Bitcoin

    | 2017/07/19 3:30 pm
  • A man who can only be identified by his anonymous digital wallet address has renewed concerns that many regulators have over a new breed of cryptocurrency millionaires. How do they tax, and monitor illegal activities, of masked cryptocurrency users? An Instagram post that sparked these concerns again read: I get many private messages asking how much ether I have. […] One of the cool things about Ethereum is that all wallets around the world are transparent

    Mystery Ethereum Millionaire Has Regulators Fuming Over Cryptocurrency Anonymity

    | 2017/07/16 1:00 pm
  • A new report by the European Commission explains that criminal organizations would like to use cryptocurrencies but, they don’t because they don’t have the necessary technical knowledge to do so. Criminals and Virtual Currencies On July 4th, the European Commission published a report that describes in detail the potential use of virtual currencies for illegal activities. The report indicates that criminal and terrorist organizations could use virtual currencies to finance their activities and launder their revenue. While

    EU: Virtual Currencies Difficult to Use for Criminals

    | 2017/07/10 1:00 pm
  • New Hampshire bill HB436 will exempt “persons using virtual currency from registering as money transmitters”, the first legislation of its kind in the United States. New Hampshire Embraces Bitcoin New Hampshire Governor Chris Sununu took his state motto to heart when he signed HB436 into law, exempting Bitcoin from the state’s money transmitter regulations. The measure was passed on June 2nd, and will go into effect on August 1, 2017. The bill follows the passage of the ominously-named HB666, which

    Regulation Exemption for Bitcoin Becomes Law in New Hampshire

    | 2017/06/08 5:00 am
  • According to IndieSquare Co-founder Koji Higashi, new regulations in Japan, which will make Bitcoin an official form of payment (starting today April 1), may do more harm than good for the fledgling industry in the country. Japan to Introduce Own ‘Bitlicense’ Following the disastrous demise of the infamous Japanese exchange, Mt. Gox and the arrest of its CEO Mark Karpelès, regulators in the country decided to introduce regulations for Bitcoin. The regulatory framework has been in the works for over

    Japan’s New Bitcoin Law Could Do More Damage Than NY BitLicense

    | 2017/04/01 9:00 am
  • The law, the U.S. Constitution, and the world of technology are locked in a triple threat steel cage match, literally, as a man in Philadelphia has been in jail for 17 months, and will remain in jail, due to his use of encryption on his personal computer. File Encryption and the Fifth Amendment A former Philadelphia police officer, Francis Rawls, is mired in a legal problem that is testing his convictions and his freedom, according

    Philadelphia Man Jailed for 17 Months Over Encryption of Files

    | 2017/03/21 3:10 pm
  • If the SEC approves the Bitcoin ETF in March, the money floodgates into Bitcoin will fly wide open and Bitcoin price is expected to skyrocket. But regardless of what the decision may be, you can expect a trading frenzy either way and here’s how you can play it. SEC to Decide on Bitcoin ETF A decision by the Securities and Exchange Commission (SEC) whether to approve the Winkelvoss Bitcoin ETF (COIN) is scheduled for Saturday, March 11th. SEC controls

    How to Profit from the SEC Decision on The Winklevoss Bitcoin ETF

    | 2017/02/20 4:00 am
  • Bitcoin supporter Mark Calabria from the Cato Institute has been selected to serve as Chief Economist for Vice President Mike Pence. Bitcoin-Supporter to Advise Mike Pence The Vice President of the United States, Mike Pence, has selected a well-known libertarian and Bitcoin advocate, Mark Calabria, as his chief economist. Having also previously worked for the Senate Banking Committee, Calabria is best known as the former director of financial regulation studies at the Cato Institute. He is also an

    VP Mike Pence’s New Chief Economist is a Bitcoin Supporter

    | 2017/02/13 8:00 am
  • One more nation, South Africa, is making the first step of migration to a fully digital economy, speaking about offering their own national digital currency based on blockchain technology. South Africa Looks to Digital Currency There are many advantages to nation-states, both stated and unspoken, to head in the direction of a national digital currency. The chief executive of the South African Reserve Bank (SARB) said that this would include more inclusion and economic reach,

    South Africa Latest to Consider Creating National Digital Currency

    | 2017/02/04 8:00 am
  • Mexico’s biggest cash cow is under siege as Donald J. Trump threatens to tax or halt remittances to the country in order to pay for his border wall. Western Union Shares Dive Following Trump’s executive order to start building the southern border wall issued on Wednesday, markets are already taking into account the possibility of a tax on remittances from the U.S. to Mexico. This is already being felt by such remittance giants as Western Union whose shares dropped 2.44% today. As a

    Trump’s Mexico Feud Creating a Perfect Storm for Bitcoin Remittances

    | 2017/01/27 8:00 am
  • After a successful trial, China is one step closer to becoming the first country in the world to issue its own blockchain-based virtual currency. However, it will probably be a far cry from its open-access, transparent and immutable counterpart, Bitcoin. China: ‘YuanCoin’ Trial a Success Following the rise in popularity of the first blockchain-based currency in the world, i.e. Bitcoin, the People’s Bank of China (PBOC) is getting closer to issuing its own, albeit centralized, government-backed sovereign digital

    China Trials Its Own ‘Bitcoin’ But Here’s Why It Will Probably Suck

    | 2017/01/26 11:30 am