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Crypto Weekly - April 12


A summary of select stories from the cryptocurrency and blockchain world during this week.

Congressmen Write To IRS Seeking Clarity On Crypto Tax Rules

A bipartisan group of members of the US Congress urged the Internal Revenue Service (IRS) to issue guidance on how digital currency transactions and investments should be reported when tax payers file their income tax return. 21 lawmakers, led by Rep. Tom Emmer, sent a letter to IRS Commissioner Charles Rettig with only a few days left for American taxpayers to file their taxes. The current guidance for taxpayers is to file each and every transaction executed when using a cryptocurrency because each transaction is considered taxable.

China Seeks To Eliminate Cryptocurrency Mining

China, which is home to major cryptocurrency mining companies, is seeking to close the mining of bitcoin and other digital currencies, according to the country's top economic planning body. The National Development and Reform Commission or NDRC unveiled a revised list of industries it wants to encourage, restrict or eliminate. In the list cryptocurrency mining has been included among sectors to be eliminated immediately. The initial list was published in 2011.

Bitcoin in short-term corrective rally after a dip below $5000

In a week that cemented its unpredictable and volatile nature, Bitcoin broke record price of the year multiple times before dropping below the recently achieved support level of $5000. Wednesday and Thursday were dramatic. The price dropped from its 2019 high of $5,422 to below the $5,000 mark within hours overnight, by around 9 percent, or $475.

Orange Launches Blockchain-based Safe.press To Fight Fake News

French telecom giant Orange announced the launch of Safe.press, the world's first digital trust label for online news secured by the blockchain. The move will help the company to fight against the spread of fake news. French start-up Block Expert developed Safe.press, a blockchain technology-based platform for mutual authentication of online news. Orange has become the first member of the consortium-based certification system.

Mozilla Firefox Adds Protections Against Crypto Mining

Web Browser Mozilla Firefox launched protections against cryptocurrency mining in its new browser versions. The features are part of the firm's Content Blocking suite of protections, aiming to protect customers from threats and annoyances on the web. In a blog post, the company said the new features are available in new Firefox Nightly and Beta versions as an option for users to turn on.

Coinbase Unveils Crypto Visa Debit Card For UK, EU Customers

Cryptocurrency exchange major Coinbase launched Coinbase Card, a Visa debit card that lets customers spend their crypto balances direct from their Coinbase account. The Coinbase Card is currently available only in the UK, but the exchange plans to support other European countries in the coming months.In a blog post, Coinbase said it is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU. The card is issued by Paysafe Financial Services Limited, which is authorized by the Financial Conduct Authority.

International Chamber Of Commerce Forms Blockchain Alliance: Forbes

International Chamber of Commerce or ICC, which is deemed to be the world's largest business organization, is forming a blockchain technology alliance, according to a report by Forbes. With the move, the organization aims to explore how to use the distributed ledger technology to continue its mission to facilitate the free flow of goods across globe. John Denton, the ICC's current secretary general, signed an agreement with the Singapore-based blockchain startup Perlin Net Group to create a new group, the ICC Blockchain/DLT Alliance.

India's TCS Pilots Blockchain-powered Cross-Border Securities Settlement

Indian IT services major Tata Consultancy Services (TCS) successfully tested a cross-border securities settlement between two central securities depositories (CSDs). TCS claims this to be the world's first blockchain-powered cross-border securities settlement between two central depositories. The transaction was executed between Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait, using cash coins on TCS's BaNCS Network, powered by Quartz Blockchain.

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