Crypto

Reports emerging from Australia indicate that the Country's tax administrator, The Australian Tax Office (ATO) is preparing to seek out crypto traders concerning their tax obligations.  Tax Claim Goes Back Several Years A media report on Wednesday cites an ATO spokesman confirming that the agency will contact over 35,000 traders regarding their tax compliance spanning a few last years.  The Australian law regards cryptos as property subjecting them to capital gains tax. Thus trades are mandated to report all proceeds…

Reports from March 11, 2020, indicate that some members of the Facebook-led Libra Association have thrown their weight behind a rival project, the Celo Alliance for Prosperity. Bloomberg reports that the new project has the support of more than 50 members. Part of the membership consists of entities that are affiliates of the Libra Association. These include Anchorage, Coinbase Venture, and Andreessen Horowitz. The Celo Project's aims at providing humanitarian aid, facilitating payments, and enabling micro-lending through the Celo Dollar.…

On the 10th of March 2020, Liam Kovatch, the CEO of Paradigm Labs, announced the closure of the company. Paradigm Labs is a decentralized finance (DeFi) project. The company noted that the closure is because of lack of significant product-market fit and limited resources. Paradigm Labs however expressed their gratitude to their community for their support in two years of their operation. What’s Next after Paradigm Labs Closure? The DeFi  project's announcement stated that the closure will affect the broader ox…

Chainalysis, the blockchain analytic company, announced the successful deployment of its investigations solution, Chainalysis Reactor, with Bithumb Exchange.  The announcement follows the South Korean National Assembly’s vote last week in favor of amending the Special Financial Transactions Information Act. The Chainalysis Reactor is an investigation software linking crypto transactions to real-world entities. The feature allows crypto businesses and law enforcement agencies to tackle criminal activities, including fraud and money laundering on the blockchain. In this case, Bithumb will use Chainalysis…

The co-founder of Toruslabs, Zhen Yu Yong, tested positive for coronavirus after attending different Ethereum conferences. Zhen tweeted on falling ill and receiving a positive test for Covid-19. He contracted Covid-19 after attending the ETH London hackathon held from the 28th of February to the 1st of March. TorusLabs Co-founder also attended the Ethereum Community Conference (ECC), which took place in Paris from the 3rd to the 5th of March. He encouraged all those who had close contact with him…

Recently, BlockFi, a crypto lender, announced the addition of a new product feature on its platform. The crypto lender will give its users the ability to send cash to the platform through the wire. As of the 10th of March, users can now send USD wires to the BlockFi platform to buy stablecoins and begin earning up to 8.6% APY on the USD-denominated assets. The wires sent will be exchanged for Gemini Dollars (GUSD) on the platform, and the deposited…

On the 9th of March 2020, the Human Rights Foundation (HRF) announced it would begin accepting charitable donations in BTC via Twitter. HRF also revealed that it would use the BTCPayServer platform, a completely open-source program, making it impossible to censor transactions. BTCPayserver is a code. In this case, it ensures the transaction’s privacy, and it preserves the qualities of bitcoin that distinguishes it from fiat currencies. UNICEF and Save the Children Charitable Organizations, Accepts Crypto In October 2019, UNICEF…

The American-based crypto exchange company Poloniex announced a partnership with payments company, Simplex. The partnership will facilitate an easier mass access to crypto trading for Poloniex clients. A Twitter announcement announced the addition of at least 18 major fiat currencies to the exchange. Debit and Credit Card Crypto Purchase from the Poloniex Simplex Collab  Simplex is a payments company with a feature that enables the use of debit and credit cards to purchase cryptocurrencies. The partnership intends to apply this…

An announcement by the crypto wallet and exchange provider, Blockchain.com shall enable users to borrow against their holdings. The loans are available in US Dollar-denominated stablecoins against holdings of Bitcoin. All holders of Blockchain.com wallet can access these borrowings immediately once collateral is made available. While there was no specificity on which stablecoins the loans would be paid out in, there is a high likelihood it will be PAX stablecoin. This dollar-pegged stablecoin was added by the wallet last year.…