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1  Alternate cryptocurrencies / Altcoin Discussion / Russian Lawmakers Pass Bill to Treat Cryptocurrency As Property on: July 27, 2020, 10:30:22 AM
On Wednesday, July 22, Russian lawmakers passed a bill that gives legal status to cryptocurrencies like Bitcoin. After its third and final hearing, the legislators approved the the Digital Financial Assets (DFA) bill.

The bill also received major backing from Anatoly Aksakov, a senior lawmaker who currently heads Russian parliament’s financial markets committee.

Citing the actual report, local news publication Tass reported that the law recognizes digital assets “as an aggregate of electronic data capable of being accepted as the payment means… [but] cannot be used at the same time to pay for any goods and services”.

The new law gives Russian a legal approval to buy and hold Bitcoin and other cryptocurrencies for investment purpose. However, the law comes with a caveat that “Possession of digital currency, its acquisition and transfer by legal means are allowed only if declared”.

It further adds that digital currencies “can be issued, purchased and sold and registered within the framework of special information systems” and “systems and their operators shall conform to Russian laws and stand filed in a relevant register kept by the Bank of Russia.”

It means that the Russian central bank has an important role to play in the regulation of digital currencies. “The central bank will have the right to determine features of digital assets accessible by qualified investors only,” reported Tass.

Another limitation with the new crypto law is that Russians cannot use Digital currencies for making daily payments of goods and services. Thus, it clearly bans them from having an existence in Russia’s mainstream financial markets.

Russian lawmaker Mikhail Uspensky said that the law will come into force in January 2021. “The only thing outright prohibited is taking crypto as payment for goods and services, which was the Bank of Russia’s principal premise. But buying a cup of coffee for bitcoin is still a kind of exotic thing anyway,” he added.

He also noted that the current bill draft is a midway between the conservative central bank and the cryptocurrency community. “They decided only to mention cryptocurrency in the bill so far and prohibit using it as a payment, but postpone deciding on more important issues, like the criminal cases [related to crypto], crypto OTC businesses, and so on,” he said.

2  Alternate cryptocurrencies / Service Discussion (Altcoins) / Crypto Exchange Coinbase Could Go For A Stock Market Listing This Year on: July 13, 2020, 11:06:13 AM
With the cryptocurrency market continuing to make progress over the last decade, popular crypto exchanges and companies continue to expand their services in the crypto space.

In one such move, popular cryptocurrency exchange is now mulling for a stock market public listing ahead this year. Citing sources familiar with the matter, Reuters reported that Coinbase can opt for a listing as early as this year. This will make Coinbase as the first U.S. crypto exchange to go public, said people familiar with the matter.

Of course, Coinbase will mandatorily need to go through all the regulatory process and seek approval from the U.S. Securities and Exchange Commission (SEC). In case, Coinbase gets a go ahead from the SEC, that would set a new benchmark and encourage other crypto companies and advocates to join the mainstream financial market.

The sources added that Coinbase could proceed for a listing later this year or early next year. However, they added that these plans are subjected to change ahead. Coinbase has not disclosed any of its intentions to go public so far. But the sources said that the company has been in active hiring of law firms and investment bankers.

On the other hand, the SEC has been much critical about cryptocurrencies while strongly insisting that many of them actually fall under the category of securities. When it comes to public listing, Coinbase is one among many of those first companies to do so.

Over the last year and two, Coinbase has also put major focus on offering institutional products and services to its clients. The company has also managed to get the necessary regulatory approval to handle services like the institutional-grade cryptocurrency custodial solutions.

After its last fundraising in 2018, Coinbase valuations stood at $8 billion. Sources familiar with the matter said that Coinbase might opt for a direct public listing instead of going through the traditional route of opting for an IPO.

In a direct listing, the company doesn’t sell additional new shares as in case of an IPO. Besides, all the existing investors have some lock-up restrictions on when they can divest their holdings after the public listing.

Coinbase is one of the world’s largest global cryptocurrency platforms in the market with over 35 million active users.

Source: WorldCoinIndex News
3  Alternate cryptocurrencies / Altcoin Discussion / IRS Demands Robust Tracing Tools for Privacy-centric Crypto Coins on: July 08, 2020, 09:43:00 AM
Investors holding privacy-centric digital currencies could soon be on the radar of the U.S’s top-most tax agency, the Internal Revenue Services (IRS). The IRS is now looking for tools that can trace privacy-centric digital currencies and some other off-chain transaction protocols like the Bitcoin Lightning Network.

In a pilot program initiated by the IRS Criminal Investigations Division, the agency issued a request for information (RFI). In the RFI document, the IRS explains:

"This RFI is associated with a pilot IRS Criminal Investigation Division (CI) program. CI Cyber Crimes is requesting information about systems that will allow developers and testers to conduct investigative research of distributed ledger transactions involving privacy cryptocurrency coins (e.g., Monero (XMR), Zcash (ZEC), Dash (DASH), Grin (GRIN), Komodo (KMD), Verge (XVG), and Horizon (ZEN)); Layer 2 off-chain protocol networks (e.g., Lightning Network (LN), Raiden Network, Celer Network); Side-chains (e.g., Plasma and OmiseGo); and tracing challenges following the integration of the Schnorr Signature algorithm.”

The IRS is looking for an interactive prototype with a graphical interface that lets it club transactions from a single user and help the associate “user distributed addresses with distributed ledger addresses” of any criminal suspects.

Besides, the IRS wants that the prototype should be able to disclose the suspects’ distributed ledger addresses. The prototype should do this by using open-source intelligence data allowing agents to share data between concerned agencies and export data to different file formats.

The RFI explains that acquiring applications to allow an investigation to more easily trace privacy coins and other protocols that provide anonymity to illicit actors would allow investigations to be more effective, as well as facilitate a higher level of deterrence by making it harder to conceal criminal activity. It also provides an investigative efficiency that is currently limited.

The IRS said that it already has a few investigative cases deployed to trace transactions. Speaking about the Layer 2 protocols like the Raiden and the Lightning Network, the IRS said "even though Layer 2 protocols have been dismissed by many in the investigative support community, there is clear evidence that this is a growing network.”

As crypto use and popularity continue to grow, the IRS is having a close watch on the new developments. The IRS has asked prospective bidders to submit their responses by the 14th of July.

Source: WorldCoinIndex
4  Alternate cryptocurrencies / Speculation (Altcoins) / Todays Winners and Losers on: July 01, 2020, 08:15:06 AM
Todays Winners and Losers on WorldCoinIndex. There are still opportunities to make money with cryptocurrencies. Cloudbric which is ranked #370 on WCI has a 24volume of $482,21K.

5  Alternate cryptocurrencies / Speculation (Altcoins) / Nobody talks about Bitcoin Diamond on: June 23, 2020, 08:23:17 AM
I noticed that nobody discuss Bitcoin Diamond. According to WorldCoinIndex Bitcoin Diamand has been rising since March this year. Today the price even breached $0.75.

What is the future of Bitcoin Diamond? Will it become as popular as the top 10 coins?

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