Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.
Hampshire Resident Arrested for IOTA Fraud: A Hampshire resident has been arrested for alleged defrauding of USD 11.4 million worth of IOTA. By offering what seemed genuine IOTA support, the unnamed 36-year-old was able to create passwords and access 85 wallets of IOTA holders. He was arrested by the UK’s South East Regional Organised Crime Unit (SEROCU).
The London Stock Exchange (LSE) is contemplating stepping into the blockchain sector. Yet, unlike other exchanges that are looking into using the technology to speed up its operations, LSE is actually selling the technology to other exchanges. The exchange has signed a deal with Hong Kong-based fintech ATOM Group to offer its Millennium Exchange matching engine for its crypto exchange, AXX Digital.
Government Amends Tax Laws: The Romanian authorities have amended its tax laws to bring the crypto income of its residents under “income from other sources” and included a 10% tax. According to the new amendment, only yearly gains of about USD 150 and above from cryptos will be taxed. Romania joins a number of European countries that have altered their laws in order to accommodate crypto gains into the tax net.
Bank Suggests Bitcoin Must Change Proof of Work: The Bank for International Settlements, a Swiss banking organization, has claimed that Bitcoin must change its current Proof of Work system as the increasing energy requirements would make the largest cryptocurrency infeasible for miners to even record a transaction in the future.
The organization further suggested that a sort of institutionalization should also be implemented for other consensus options. This has been met with sarcasm around the crypto community, as the reward block falling to zero would only increase the value of Bitcoin and concept of institutionalization means centralization, something Bitcoin is against.
Port Authority Joins IBM Shipping Project: Spain’s Port Authority of the Bay of Algeciras (APBA) becomes the latest port to join TradeLens, a blockchain platform designed to reduce paperwork and bring efficiencies to the port logistics sector. The platform is a collaboration of IBM and shipping giant Maersk.
On dry land, Spanish automobile company SEAT announced it was joining a team of blockchain operators on the Alastaria system. The company is developing its own supply chain tracking system and teaming with more than 70 companies in Alastaria, where it gains access to a network of resources from other members.
Dutch Government Recommends Stopping Anonymous Trading: The Dutch authorities have made recommendations to stop anonymous trading of cryptocurrencies in the country. The proposed law will see all exchanges applying for licenses to operate. The proposal comes from financial regulators, the Netherlands Authority for Financial Markets (AFM) and their central bank, De Nederlandsche Bank (DNB).
SAP Launches Blockchain Tracing and Tracking: German software company SAP has said it has successfully launched a blockchain tracing and tracking system for healthcare medication. The system is said to monitor and authenticate pharma products from production to sellers.
Swede Handed $1 Million Tax Bill: A Swede has just been handed a USD 1 million tax bill by the government on account for his crypto trading. The taxpayer claims the taxation is illogical and in error since the staggering bill is about 300% of what he actually profited.
Economist Stands by Claims of Government Buying Bitcoin: Heavily criticized for his statements on Russia’s plans for investing USD 10 billion in Bitcoin to bypass U.S. economic sanctions, the claimant, economist Vladislav Ginko still insists this be true. He has made other claims in the past that are still to come true and are a bit stretching on reality, such as Bitcoin achieving USD 2 million valuation in the previous year.
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