South Korea Moves to Impose Stricter Digital Currency Regulations
The South Korean digital currency task force held a joint meeting in September 2017 to discuss the introduction of stricter regulation and monitoring of virtual currencies, including Bitcoin. The task force is composed of the country’s central bank, financial regulators and cryptocurrency companies.
The meeting was attended by the Korea Fair Trade Commission and the National Tax Service, among others. Agenda items included the strengthening of user authentication procedures at exchanges and the ‘suspicious transaction reporting’ systems used at banks for deals related to virtual currencies.
In his statement, Financial Services Commission (FSC) and task force chairperson Kim Yong-beom said that cryptocurrencies are neither money, nor currency, nor financial products.
“At this point, digital currencies cannot be considered money and currency, nor financial products.”
Full story at http://bit.ly/2eYF0Io
Source: CoinTelegraph
IRS To Go After Bitcoin and Bitcoin Cash Profits, What to Expect
Recent developments lead many to Bitcoin mining and investing in Bitcoin as many tend to believe that it is a great start for investment. Regulators and tax specialists are now looking into cryptocurrencies and how they should be treated when it comes to income taxation.
Since there are currently no set guidelines and procedures as to how cryptocurrencies are being taxed, the recent split of Bitcoin and Bitcoin Cash has caused many investors to wonder whether profits from Bitcoin Cash will be considered “free cash” in the eyes of the taxman.
A recent report from WSJ explored the question and by the looks of it, it’s still a draw.
Full story at http://bit.ly/2wB7L5A
Source: CoinTelegraph
Privatix Makes It Possible to Share Unused Broadband and Get Paid in Cryptocurrency
Win-win strategy: if you don’t use your Internet connection at the moment – just sell it in a few clicks.
VPN services are widely used among Internet users from different countries, trying to either bypass restrictions or stay secured and anonymous. For such reasons, VPN is the best solution for those, who do not enjoy censorship, choosing cybersecurity and freedom instead.
And yet, current existing centralized services are still not perfect due to overpricing, selling user data and not being fully-anonymous like they claim to be.
Dima Rusakov, CEO of VPN provider Privatix and popular temporary email service Temp-Mail.org, confirms that these are the crucial issues for the VPN market. Building decentralized P2P VPN on Blockchain would change the industry of VPN, CDN and cybersecurity.
Full story at http://bit.ly/2gGVTLn
Source: CoinTelegraph
How Crypto-Tokens Work: A Close Look At Golem
Golem Worldwide Supercomputer network aims to become the Airbnb for computing, employing idle PCs all over the planet. Here's how cryptocurrency plays a role.
A computer-graphics artist who bought Golem Network Tokens to rent computing power on Golem tells her computer to render an animation. Golem determines the rendering can be completed by, say, five machines rendering for one hour each. (More likely, 100 for a minute each.) Each "idle" computer receives one GNT. This happens automatically.
The Golem Network, in its role as an Airbnb for computing-processing power, enables machines around the world to transact with each other. Excess computing power will soon be used by data scientists, companies training machine-learning algorithms and more. Golem had an ICO in November, and its tokens have already appreciated 4,425%.
GNTs aren't actually traded on the Golem Network itself. Ethereum makes it so easy to create tokens that the Golem Network (like many other networks) uses an Ethereum "smart contract" to trade GNT. The CGI artist's transactions are recorded onto the Ethereum blockchain, which updates the account balances of each computer that participated.
Full story at http://bit.ly/2gIXuAk
Source: Forbes
Sequoia, IDG to Invest in China Bitcoin Mining Giant
Sequoia Capital and IDG Capital are investing in Beijing-based Bitmain Technologies Ltd., the world’s largest bitcoin mining organization, according to people familiar with the matter.
Bitmain is raising $50 million from several venture firms to boost its profile among mainstream investors, said one of the people, who asked not to be named because the matter is private. Sequoia and the other firms also plan to provide the company with more guidance on management, the people said.
Bitmain, which produces chips and machines for mining bitcoin and operates its own mining facilities, has benefited from the rise in the currency’s market value, now about $75 billion. The startup told Bloomberg TV in August that its own valuation is “in the billions” and it’s weighing a possible initial public offering. Bitmain has said that it’s planning to produce chips for artificial intelligence and invest in mining facilities in the U.S.
Bitmain, Sequoia and IDG didn’t respond to email queries about the investment.
Full story at https://bloom.bg/2gIhiDU
Source: Bloomberg
Australian Move to Legalize Bitcoin Attracts Gold and Bullion Investor
Queensland-based gold and silver bullion dealer Paul Engeman has started trading Bitcoin, following the move by the federal government of Australia to authorize it as a legal currency.
The goods and services tax (GST) from the purchase of virtual currencies was eliminated in Australia on July 1, 2017.
According to Engeman, who serves as director of the Ainslie Bullion and Reserve Vault, he began buying and selling Bitcoin in August and his business is experiencing solid demand from both new and existing customers.
“We've sold gold and silver for 43 years now and those buyers are attuned to monetary assets and can see similar properties in Bitcoin. The fundamentals for what constitutes a monetary asset are the same – it must have intrinsic value and have a medium of exchange. Gold and silver have been the champions of the space for 5000 years, but Bitcoin has the same properties in that there's only 21 million of them and it's a slow process to digitally mine new ones."
Full story at http://bit.ly/2vFVmjB
Source: CoinTelegraph
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