South Korea’s Largest Bank Unveils Bitcoin Custody Services

KB Kookmin Bank (KB), the largest commercial bank in South Korea, has agreed on a deal with blockchain venture fund Hashed and crypto exchange Cumberland Korea to offer bitcoin custody services. In January, the government-owned bank filed its trademark application for digital assets custody with the Korean Intellectual Property Office. The trademark is called Kbdac. It covers more than 20 crypto-related areas. According to a statement on August 7, KB said it predicts that the crypto industry will evolve beyond virtual currencies to include other traditional assets such as real…

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Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook

Goldman Sachs is considering creating its own cryptocurrency. Having recently appointed a new head of digital assets, the company indicated a possible collaboration with other companies, including JPMorgan and Facebook. JPMorgan has created the JPM coin and Facebook has proposed the Libra cryptocurrency project. Goldman Sachs’ Cryptocurrency Plan Global investment bank Goldman Sachs has recently appointed a new head of digital assets, Mathew McDermott, a managing director who ran the investment bank’s internal funding operations. He has now revealed that Goldman is exploring creating its own cryptocurrency, CNBC reported on…

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New Kenyan Digital Tax to Affect Crypto Platforms

Kenya Revenue Authority (KRA) has announced new regulations that compel users of digital marketplaces to pay digital tax. At a rate of 1.5% on gross transaction value, the new tax is expected to take effect on Jan. 1, 2021. According to a report, the KRA will create a special tax unit to track and tax transactions using “data-driven detection.” Still, the report notes that “at this stage, the precise meaning of a digital market place and those who will be impacted by the digital tax is unclear.” Kenya’s Finance Act…

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Reports Claim UK’s Financial Conduct Authority ‘Pressurized’ to Remove Onecoin Scam Warning

A recent episode of the popular BBC Sounds podcast the “Missing Cryptoqueen” has shown the public a very interesting view of the powerful Onecoin Ponzi. According to two witnesses the BBC interviewed, a London law firm and a reputation management company allegedly managed to get the UK’s Financial Conduct Authority (FCA) to take down a Onecoin warning. The Bulgaria-based Ponzi scheme Onecoin was once described by The Times as “one of the biggest scams in history” managing to net $4 billion from operations. The pyramid scheme has become a hot…

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Lumi Wallet Web Widget: Cryptocurrency Exchange on Your Website

Good news for those who want to upgrade their website with functional tools and features – on August 5st, Lumi Wallet Technologies launched its app web widget. Now everyone can easily embed a “mini digital wallet” into the body of their website. The Lumi Wallet Widget is a useful and interesting tool for a website. Basically, it is a real-time cryptocurrency exchange for the web page, it is simple, easy to use, and the web application is easy to install. The Lumi Wallet Widget takes up little space, brings enormous…

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Grayscale Investments’ Ethereum Trust Filed With the SEC to Obtain Reporting Status

The digital currency asset manager Grayscale told investors on Thursday that the firm has publicly filed a Registration Statement on Form 10 with the Securities and Exchange Commission (SEC) for the company’s Ethereum Trust. The recent filing is voluntary and if the SEC approves the registration, the Ethereum Trust will be the second crypto asset investment vehicle to obtain the status of a reporting company by the SEC. Established in 2013 by Digital Currency Group, Grayscale Investments has been around for quite some time now. The firm manages a number…

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Testimony From Craig Wright’s Ex-Wife Throws a Twist in the Billion Dollar Bitcoin Lawsuit

On June 30, a jury trial was scheduled for the notorious Kleiman v. Wright lawsuit on October 13. Now a recent filing from the plaintiffs notes that when Craig Wright’s ex-wife Lynn Wright recently testified, she revealed a number of interesting findings. Lawyers representing the Kleiman estate say her testimony brings the “infamous “Tulip Trust” into question and that it wasn’t a “‘blind trust’ as previously alleged.” In mid-July, news.Bitcoin.com reported on the deposition of Craig Wright’s current wife Ramona Watts and her understanding of how bitcoin private keys work.…

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Bitcoin P2P Trading Soars in India as New Exchange Launches

Bitcoin P2P trading volume in India has been growing rapidly, hitting record highs over the past weeks. Meanwhile, a new P2P trading platform has launched in India as the crypto industry awaits the government’s decision on a cryptocurrency law. P2P Trading Volume Soars in India Peer-to-peer (P2P) bitcoin trading in India has been hitting all-time highs over the past weeks. The growth accelerated after the country’s supreme court quashed the circular by the central bank, the Reserve Bank of India (RBI), in March that banned banks from providing services to…

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US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space

A bipartisan quartet of US congressmen wants the IRS taxation policy not to dissuade taxpayers from participating in blockchain token staking. These politicians believe America’s ingenuity can help drive this promising staking technology. The four congressmen are Bill Foster (D) of Illinois, Darren Soto (D) of Florida, Tom Emmer (R) of Minnesota, and David Schweikert (R) of Arizona. In their letter addressed to IRS Commissioner Charles Rettig, the quartet expressed concern that the “taxation of staking rewards as income may overstate taxpayers’ actual gains from participating in this new technology.”…

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Bitcoin Cash Difficulty Algorithm Debate Heats Up With Fears of Another Chain Split

With a touch more than three months left until the next Bitcoin Cash upgrade, crypto proponents have been witnessing a new quarrel rise after last year’s contentious Infrastructure Funding Proposal (IFP). This time around, the tensions derive from the Difficulty Algorithm Adjustment (DAA) discussion which is a conversation about replacing the network’s current DAA. Every six months the BCH community plans for an upgrade and this coming November, a number of users are concerned about another chain split. There is a lot of infighting within the community at present and…

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