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Crypto Weekly - May 24

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Here is a summary of select stories from the cryptocurrency and blockchain world during this week.

Cryptocurrencies pose no threat to euro zone financial stability: ECB

A study conducted by The European Central Bank's (ECB) Internal Crypto-Assets Task Force (ICA-TF) finds that the combined value of crypto assets is small relative to the financial system, and their link with the financial sector are still limited. There are no indications so far that banks in the EU have systemically-relevant holdings of crypto-assets, according to the study.

AT&T partners BitPay to accept crypto payments

U.S. telecom giant AT&T teamed up with cryptocurrency payment processor BitPay to accept online bill payments in cryptocurrencies such as Bitcoin. AT&T customers can now use the BitPay platform to pay their online bills with cryptocurrencies held in their crypto-wallets. BitPay is looking to take advantage of the expected strong growth in Bitcoin users from the current less than 10 million to more than 200 million by 2024.

SEC Sues California Resident Over Crypto Ponzi Scheme

The Securities and Exchange Commission (SEC) has filed a lawsuit against a California resident on charges of selling unregistered securities and conducting a multimillion-dollar ponzi scheme, promising investors cryptocurrency profits. It filed for an injunction against Daniel Pacheco, a resident of San Clemente, California, who allegedly raised $26 million through the scheme.

Alibaba Upgrades Intellectual Property System With Blockchain

Chinese e-commerce giant Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection, including pictures, audio and video.

Coinbase Earn Expanded To 100+ Countries

Coinbase Earn, one of the digital currency exchange's ventures that allows users to earn while learning about cryptocurrencies, has been expanded to more than 100 countries. Introduced in 2018, Coinbase Earn will require users to answer quizzes, complete tasks, and try new decentralized protocols pertaining to some cryptocurrencies. Users can sign up to Coinbase and start earning immediately upon ID verification and meeting Earn eligibility criteria.

New York Supreme Court Grants Bitfinex Stay Of Document Demands From NYAG

Cryptocurrency exchange Bitfinex, and its affiliated stablecoin issuer Tether, announced that the New York Supreme Court has granted its motion for an immediate stay of the document demands from the New York Attorney General's or NYAG office. Bitfinex and Tether, who were involved in a legal battle with NYAG, had filed a motion on the previous day to dismiss the proceeding brought by the NYAG office.

Japan Targets Crypto Exchanges As It Toughens Money Laundering Policies

Japanese Financial Services Agency or FSA is targeting cryptocurrency exchanges as it steps up countermeasures for money laundering, the Nikkei Asian Review reported. The regulator will be checking companies that offer anonymous transactions or have weak identity verification practices.

IRS To Issue Guidelines For Reporting Cryptocurrency For Tax

The U.S. Internal Revenue Service has announced that it will soon issue guidance on how digital currency transactions and investments should be reported when tax payers file their income tax return. The current guidance for taxpayers is to mention each and every cryptocurrency transaction executed as they are considered taxable.

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