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Cryptocurrency End of Day Recap

Jul 05, 2018

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  • Today, July 5th marked the Reserve Bank of India’s deadline for banks to stop interacting with companies that deal with cryptocurrencies.  Citizens in India will now only be able to purchase, sell, or trade cryptocurrencies through peer-to-peer networks.  Additionally, if someone would like to exchange a cryptocurrency for a fiat currency in India, they would have to go through marketplace exchanges.
  • In an effort to reduce tax crimes, the Internal Revenue Service (IRS) will be taking an international step to dealing with cryptocurrency-related crimes.  On July 3rd, the IRS formed a coalition called the Joint Chiefs of Global Tax Enforcement (J5) with Australia, Canada, the Netherlands, and the United Kingdom.  The agencies from these countries will conduct investigations together while sharing information to help fight the cryptocurrency-related crimes like tax fraud and money laundering.
  • Cryptocurrency exchange Binance faced rumors recently about a potential hack, which was proven to be false.  Binance was not hacked, there was simply a series of chained unconfirmed transactions of Syscoin.  A Syscoin withdrawal appeared to have created 1.2billion coins, which is much higher than the current existing supply of only 888 million coins. This issue, coupled with irregular trades made by APIs on Binance had led many people to believe that Syscoin and Binance were hacked, although they were not.
  • Treasury Secretary of Kenya, Henry Rotich, has reportedly been given two weeks by the Kenyan Parliament to make a decision on cryptocurrency regulations.  There are currently no rules or regulations governing cryptocurrency transactions and Rotich is being pressured to change this.  Within the next two weeks, Rotich will conduct research on whether or not there are cryptocurrency exchanges operating domestically within Kenya and will give a report advising the parliament on how to proceed.

Sources

https://cointelegraph.com/news/deadline-for-implementing-indian-central-bank-s-ban-on-crypto-dealings-ends

https://www.ndtv.com/business/dealing-in-bitcoins-other-cryptocurrencies-turns-illegal-as-rbi-deadline-ends-today-1878392

http://www.businessinsider.com/irs-cryptocurrency-j5-joint-chiefs-global-tax-enforcement-crypto-crime-2018-7?utm_source=markets&utm_medium=ingest

http://markets.businessinsider.com/currencies/news/crypto-insider-the-irs-wants-to-investigate-crypto-tax-fraud-2018-7-1027345400

https://www.newsbtc.com/2018/07/05/syscoin-and-binance-confusion-causes-wild-speculation/

https://news.bitcoin.com/kenya-crypto-regulation/