Crypto market is mixed as five US Congress members call on the IRS to issue clarified and comprehensive cryptocurrency tax framework
Sep 20, 2018
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- According to an unnamed source familiar with the matter, several large Russian banks have expressed strong interest in working with the cryptocurrency and blockchain industry during a closed-door meeting at the Moscow Exchange. The unnamed source told Russian news outlet, RBC, that cryptocurrency demand in Russia is very high, but banks cannot meet the demand due to a lack of clear regulation. Earlier this week, Russian officials met with Japanese regulators to discuss cryptocurrency regulation.
- After US crypto exchange, Coinbase, rebuked claims in a report by the New York Office of the Attorney General, crypto exchange Kraken has done the same. Kraken tweeted today that, “We must... object to the highly unprofessional/malicious implication that because we did not respond to the voluntary information request, we *might* be operating illegally. We told you we don’t operate in NY.” Meanwhile, Coinbase challenged claims that 20% of its exchange’s trade volume came from its own staff, saying the figure was “misreported.”
- Bitfury Group announced Wednesday that it has developed a new, more efficient Bitcoin mining chip. According to CEO Valery Vavilov, Bitfury’s application-specific integrated circuit (ASIC) chip, “offers the strongest performance among Bitcoin mining chips and is unparalleled in efficiency.”
- Engima, a startup that seeks to bring privacy to public blockchains, announced it is delaying the launch of its protocol on Ethereum’s Mainnet. The team conducted a beta test of Engima on Ethereum’s Testnet this Summer and had plans to launch on Mainnet by the end of 3Q2018. However, the team has delayed the launch to better fit its developmental roadmap.
- Five United States congress members have released a joint open-letter to the Internal Revenue Service (IRS), calling upon the IRS to issue clarified and comprehensive cryptocurrency taxation guidance. The lawmakers also added that while the IRS has made a point to remind citizens of current crypto tax laws and enforce said laws, the IRS' failure to issue more robust crypto tax framework severely hinders citizens’ ability to meet their obligations.
- Japan’s National Police Agency released a report today detailing that 60.503 billion yen (USD$540 million) in cryptocurrencies were stolen in the first half of 2018. The total number of thefts is about 158, triple the amount recorded over the same time period in 2017. The largest single crypto hack ever recorded occurred this year in Japan when crypto exchange Coincheck was hacked and robbed of 58 billion yen (USD$520 million) in January.
- Litecoin (LTC) creator, Charlie Lee, came to the defense of LTC while facing bearish traders and hedge funds attempting to short the coin. Lee took to Twitter to defend LTC, arguing that, unlike many altcoins, LTC’s protocol is incredibly secure and solutions like the Lighting Network will support LTC in scaling.
- The Royal Bank of Scotland’s blockchain team has jumped ship in order to start a blockchain “venture studio”, called Chorum. Head of the team, Richard Crook, revealed in an interview with CoinDesk that the team will continue to work closely with the Cordite, a token project on R3’s Corda platform that the team developed while at RBS.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio