Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continFacebooent by continent and country by country.
The United States
New report submitted to SEC shows transparency issue with cryptocurrencies: A new comprehensive report submitted to the SEC by Bitwise shows that transparency is expected to remain a big issue with cryptocurrency exchanges.
The move comes after the recent issue of fake volumes was highlighted by the SEC after it started investigating several Chinese exchanges in the country including Binance and Bitfinex. While the report does raise some valid points, it remains to be seen what kind of influence it will have on SEC’s attitude towards many exchanges operating in the US.
Rhode Island introduces blockchain proposal: American state Rhode Island’s government has reportedly issued a new proposal to implement blockchain technology within the state. The news was reported by Forbes business journalist Andrea Tinianow and according to his claim, the government issued a Request for Proposals (RFP) for a Proof of Concept (PoC) for blockchain implementation to be more efficient, transparent, accurate and business friendly.
According to Elizabeth M Tanner, Director of Rhode Island’s Department for Business Regulation:
“…WE WANT GREATER INTER-CONNECTIVITY BETWEEN GOVERNMENT, BUSINESS AND OUR CITIZENS… WE NEED BOLD IDEAS TO MAKE GOVERNMENT BETTER.”
However, the positive attitude towards blockchain doesn’t translate towards more readily acceptability of cryptocurrencies as well. The state is still lagging behind in that regard.
Binance begins closing down US accounts: Binance is beginning to close its services for its US-based clients and has now stopped registration of new accounts as well as disallowing existing users to deposit more btc and money into their accounts.
The move comes after the SEC increased crackdown against cryptocurrency exchanges that are not handling their businesses in a transparent manner (allegedly). The move was put forward in an updated user agreement on its platform. While the trading is off, US customers may still be able to trade on the exchange using a simple VPN.
Facebook stablecoin project to go ahead despite concerns: The facebook stablecoin project now known as Libra is proceeding further despite several challenges and uncertainty growing around the project. Despite an unusually sluggish start and the announcement of partnerships with Visa, Mastercard and several other big players in the transaction world, early reports suggest that the tech giant is still far from a major undertaking in the field.
The Facebook coin project attracted a lot of interest from crypto and conventional sectors alike but there is a lot that needs to be understood and declared about the latest project before it can be called a successful one.
Google claims it did not shut down CCN: A Google representative has denied that the website’s updated search algorithm was used to target specific websites including previously popular ccn.com. The latest news from CCN showed that the website was hit hard by a Google search engine update that reduced its traffic by 90% and such that it will have to shut down.
Some believe that Google’s stance against crypto was at display for minimizing search traffic for cryptocurrency related content.
Tax agency believes the risk of non-compliance by crypto users is high: The Canadian Revenue Agency (CRA) has suggested that tax non-compliance by crypto users in the country is significant and this statement may be used to clamp down on the traders and general users of the industry.
According to the CRA:
“WE HAVE LEARNED THAT THERE ARE SO MANY TYPES OF CRYPTOCURRENCIES AND CRYPTOCURRENCY BUSINESS ACROSS CANADA AND THAT THE RISK OF NON- COMPLIANCE IS HIGH WHICH REINFORCES THE IMPORTANCE OF COMPLIANCE WORK IN THIS MARKET SEGMENT”
It remains to be seen what kind of response can be expected from the tax agency.
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