Ethereum 

Cryptocurrencies Used to Buy Illicit Drugs, Says White House

On Aug. 21, the White House issued two advisories regarding illicit drug purchases in the United States that contain references to the specific cryptocurrencies allegedly used as a part of this process. The advisories were addressed to various financial institutions as well as digital payments platforms. The documents state: “An analysis of sensitive financial data indicates that domestic illicit drug manufacturers, dealers, and consumers use online payment platforms or CVC to purchase precursor chemicals or completely synthesized narcotics primarily sourced from China.” White House: crypto used to pay for foreign…

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Blockchain 

Blockchain Firm TZero Adds Ravencoin to Supported Cryptocurrencies

Blockchain company tZero added Ravencoin (RVN) to the list of cryptocurrencies supported by its tZero Crypto cryptocurrency wallet and trading app. Ravencoin now supported on the tZero app TZero announced in a press release published on Aug. 20 that Ravencoin will be joining Bitcoin (BTC) and Ether (ETH) among the cryptocurrencies supported by its trading and wallet tZero Crypto app, available for iOS and Android devices. Per the release, the company submitted the updated iOS app supporting the crypto asset to the store yesterday, while the update for the Android…

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Bitcoin 

Prominent Nigerian Politician Calls for Legal Framework for Cryptocurrencies

Femi Gbajabiamila, the speaker of the Nigerian House of Representatives, has called for a substantive legal framework for cryptocurrencies in the country. According to a report by Nigerian news daily Daily Post on July 23, Gbajabiamila wants the country to develop clear regulations for digital assets so that the country does not get left behind as cryptocurrencies become more widely adopted.  Speaking at a visit by the board of the Nigerian Deposit Insurance Corporation (NDIC), Gbajabiamila said: “On the issue of cryptocurrency, I think blockchain technology is novel and coming…

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Ethereum 

Indian Gov’t Panel Recommends a Blanket Ban on Cryptocurrencies

An Indian government panel recommended a ban on cryptocurrencies, Reuters reports on July 22. Is India finally about to ban cryptocurrencies? The panel recommended to the government today to ban cryptocurrencies and impose sanctions for any dealings involving crypto assets. Reuters adds that, according to a government statement, the report and draft legislation released by the panel behind the recommendation will be examined by regulators and the government before taking a final decision. A local ban is not surprising Earlier this month, India’s Minister of State for Finance Anurag Thakur…

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Blockchain 

No Official Ban on Cryptocurrencies in India Yet

India’s Minister of State for Finance Anurag Thakur has said that there is no law in India expressly prohibiting the use of cryptocurrencies. Local media outlet Inc42 reported Thakur’s statement on July 19,  The statement came during a recent exchange between a Member of Parliament (MP) and Thakur inside of Rajya Sabha — the “Council of States” or upper house of Indian legislature. MP Dharmapuri Srinivas reportedly asked Thakur about whether cryptocurrency was actually illegal. Srinivas apparently followed up his first question on legality with others on information and enforcement,…

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Ethereum 

‘I’m All for Cryptocurrencies, I Like Competing Currencies’

Former Republican congressman and presidential candidate Ron Paul says he is in favor of cryptocurrencies and blockchain technology because he likes competing currencies. Ron Paul delivered his remarks in a “Squawk Alley” interview on CNBC on July 15. According to Paul, cryptocurrencies are a great idea, and governments should only step in to regulate the space to prevent fraud: “… I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud ……

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Ethereum 

Republic of Georgia Exempts Cryptocurrencies From Value-Added Tax

Republic of Georgia has exempted cryptocurrencies from value-added tax (VAT), as Bitcoin.com reported on July 13. Per the report, Georgia’s finance minister Nodar Khaduri recently signed a bill aimed at regulating the taxation of entities that trade or mine cryptocurrencies. The bill entered into force at the end of June. The definition of decentralized currency that the bill puts forward is reportedly the following: “Cryptocurrencies are digital assets that are exchanged electronically and based on a decentralized network. Their exchange does not require a reliable intermediary and they are managed…

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Ethereum 

President Donald Trump Tweets Opposition to Cryptocurrencies

Disclaimer: this story is breaking and will be subject to updates. President Donald Trump voiced his opposition to cryptocurrencies as a whole, Bitcoin and Libra specifically in a series of tweets around 8:15 p.m. EST on July 11. The full text of the three tweets reads:  “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…. “…Similarly, Facebook Libra’s ‘virtual currency’…

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Bitcoin 

Singapore Wants to Drop VAT for Transacting in Cryptocurrencies

Singapore plans to exempt cryptocurrencies that are intended to function as a medium of exchange from Goods and Services Tax (GST) — the local equivalent of Value-Added Tax (VAT). The news was revealed in a draft e-tax guide published by the Inland Revenue Authority of Singapore (IRAS) on July 5. The proposed exemption, if accepted, is set to take effect on January 1, 2020, and will overhaul the current system wherein the supply of digital payment tokens is treated as a taxable supply of services.  IRAS outlines that until now,…

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Ethereum 

BrewDog Now Lets You Buy Company Shares Paying With 10 Cryptocurrencies

Scottish craft beer brewery BrewDog has extended its latest crowdfunding to allow investors to buy shares in the form of cryptocurrency, the company tweeted on July 4.  BrewDog’s crowdfunding project, so-called “Equity for Punks” now accepts ten cryptocurrencies to become a shareholder. The supported cryptos include bitcoin (BTC), bitcoin cash (BCH), bitcoin SV (BSV), ether (ETH), litecoin (LTC), ripple (XRP), OmiseGO (OMG), Qtum (QTUM), Augur (REP), and 0x (ZRX), as BrewDog stated in a recent blog post. Launched back in 2010, Equity for Punks program allows investors to buy a…

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