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The chairman of China’s Blockchain Service Network (BSN) Development Alliance Shan Zhiguang, and his colleague, insisted in a recently published op-ed that virtual currency is “undoubtedly the largest Ponzi scheme in human history.” However, they have said the “value of blockchain technology should not be ignored because of virtual currency.” Opinion Piece Claims 90% of … Read more
A virtual currency cannot be circulated in the market as a currency, therefore a vehicle sale contract wherein parties agreed that the buyer would pay with a privately issued digital currency is invalid, a Chinese court has ruled. The court asserts that a virtual currency does not have the same legal status as national fiat … Read more
Chinese authorities in Rong County recently said they have prosecuted eight individuals accused of being the masterminds behind the Magic Data Chain (MDC) pyramid scheme. The pyramid is thought to have handled transactions with a total value of over $147 million. Virtual Currency Pyramid Scheme Authorities in China’s Rong County, Zigong City, recently prosecuted eight … Read more
An op-ed article published in the state-backed Chinese publication Economic Daily, has suggested that the recent crash of the Terra blockchain’s LUNA and the de-pegging of the UST stablecoin vindicate the Asian country’s decision to ban crypto-related activities. In the article, the author names the interest rate hikes by the U.S. Federal Reserve and the … Read more
Chinese authorities continue to crackdown against bitcoin miners after they seized 49 second-hand Bitmain ASIC Antminers from unnamed individuals that recently attempted to smuggle in the devices using falsified documents. Devices to Be Disposed of in Accordance With Regulations Huangpu Customs of China’s Guangdong Province has said it seized 49 used bitcoin (BTC) miners from … Read more
Students in a South Korean college are earning crypto mined from the energy generated from their excrement. Go to Source Powered by WPeMatico
The United States Department of Justice (DOJ) says it has seized cryptocurrencies worth $24 million after receiving an official request from the government of Brazil. The seizure stems from an ongoing investigation into the $200 million cryptocurrency scam that may have defrauded tens of thousands of Brazilians. The authorities in Brazil say the scammers duped … Read more
Close to a year ago last July, the U.S. Internal Revenue Service (IRS) revealed it would be sending ‘soft letters’ to suspected American cryptocurrency owners advising them to pay their taxes. Now according to the Taxpayer Advocate Service, a subsidiary of the IRS, the soft letters undermined the rights and protections of American taxpayers. The … Read more
Japanese tax laws aren’t ready for investors to declare their digital assets just yet, according to top government officials Go to Source Powered by WPeMatico
Despite the coronavirus pandemic and the resulting financial crisis, at least 10 countries have made announcements regarding cryptocurrency regulation since our last regulatory roundup. They include Japan, Malaysia, Singapore, China, Spain, Germany, India, the Philippines, the U.S., and South Korea. Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed Regulations … Read more
