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Australian Tax Office to Tighten Crypto Tax Collection This Year

The Australian Taxation Office (ATO) is reported to be channeling its attention on taxes owed by cryptocurrency investors this year, according to Cointelegraph.
The Australian Taxation Office is an Australian government statutory agency and the principal revenue collection body for the Australian government.
The ATO will be enforcing its tax requirements this year by using 100 point checks, a security checking system long favored by the Australian government and other sectors, and also call on bilateral agreements with other countries to identify users for tax payment purposes. There are currently over 40 countries who have such agreements with Australia including the US and the UK.

Read full article at https://bitcoinnews.com/australian-tax-office-to-tighten-crypto-tax-collection-this-year/

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‘Crypto’ Movie To Explore Cryptocurrency In Nuanced And Exciting Way

Director John Stalberg Jr. is producing a film titled ‘Crypto‘ that he says will explore cryptocurrency in a nuanced and exciting way. Several famous Hollywood actors will star in the film including Kurt Russell, famous for his roles in Guardians of the Galaxy, Stargate, and the Fast and the Furious.
Also starring in the film are Beau Knapp from Seven Seconds, Alexis Bledel from Gilmore Girls, Luke Hemsworth from Westworld, Jeremie Harris from Legion, and Vincent Kartheiser from Mad Men. The director says he is overjoyed to work with such an incredible cast since it will bring this thrilling story to life.

Read full article at https://bitcoinnews.com/crypto-movie-to-explore-cryptocurrency-in-nuanced-and-exciting-way/

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Venezuela Targets Bank Accounts for Crypto Sold at “Speculative Prices”

The Venezuelan government has announced that it will start monitoring accounts of its nationals who conduct cryptocurrency transactions.
Vice President Tarek El Aissami explained that the government will start monitoring bank accounts for crypto-related transactions and will prosecute those trading them “at speculative prices,” according to Bitcoin.com.

Read full article at https://bitcoinnews.com/venezuela-targets-bank-accounts-for-crypto-sold-at-speculative-prices/

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Montana County Postpones Bitcoin Mining Suspension

Missoula county of the US state Montana has postponed ruling on a decision as to whether Bitcoin mining initiatives should be shut down, as well as the banning of any new projects. The final decision will now be made in August.
A lack of information has been cited as the prominent reason behind this deferment, as reported by CoinDesk. A public hearing held by the Missoula County Commission concluded that the limited data available was not sufficient to address all of the concerns.

Read full article at https://bitcoinnews.com/montana-county-postpones-bitcoin-mining-suspension/

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McAfee Furious over SEC Decision to Classify ICOs as Securities, Demands Debate with SEC Chairman

Infamous cryptocurrency advocate John McAfee, who is running for President of the United States with a campaign platform that focuses on cryptocurrency, is furious over the Security and Exchange Commission’s (SEC) decision to classify most initial coin offerings (ICOs) as securities. He is demanding a debate with SEC chairman Jay Clayton that would he hopes to be broadcast on CNN.

Read full article at https://bitcoinnews.com/mcafee-furious-over-sec-decision-to-classify-icos-as-securities-demands-debate-with-sec-chairman/

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Binance CEO Accuses Crypto Exchanges of Inflating Volume Statistics

In an interview with Cointelegraph, Binance CEO Changpeng Zhao discussed how some cryptocurrency exchanges are engaging in manipulation of their volume statistics to give traders the impression they have more liquidity and are more popular than they really are.
This question was asked to Changpeng Zhao in response to a recent study that found evidence through slippage analysis that OKEx was inflating its volume statistics. Cryptocurrency trader Sylvain Ribes sold USD 50,000 of cryptocurrency on Bitfinex, Kraken, GDAX, and OKEx, and found that the order book became unstable on OKEx even from this relatively small sell. Prices declined on OKEx by over 4%, proving low liquidity and lack of support in the order book.

Read full article at https://bitcoinnews.com/binance-ceo-accuses-crypto-exchanges-of-inflating-volume-statistics/

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Irish Crypto Use up 300% in 4 Years

A poll conducted by Amarach Research and Red Flag has found that 120,000 Irish citizens now own cryptocurrency, up 300% in four years. The study also found that 180,000 Irish citizens have traded or used Bitcoin at some point and that public sentiment in Ireland towards Bitcoin is shifting from suspicion to curiosity.

Read full article at https://bitcoinnews.com/irish-crypto-use-up-300-in-4-years/

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Russians Race to Pay Crypto Taxes Before Government Legislation

It has been reported that Russian taxpayers are now declaring their crypto earnings prior to Duma legislation being passed in the country.
Many European countries are currently tackling their tax laws in the light of the increasing popularity of cryptocurrencies and a rapid rise in digital currency adoption.

Read full article at https://bitcoinnews.com/russians-race-to-pay-crypto-taxes-before-government-legislation/

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Bitcoin Futures Contracts Expiration Possible Cause of Market Volatility

The head of research at Fundstrat Global Advisors, Thomas Lee, says the expiration dates of future contracts may be a cause of market volatility and may be part of the reason Bitcoin’s price slid this past week.
Chicago Board Options Exchange (CBOE) Bitcoin futures contracts for June expired on 13 June 2018, and that same day Bitcoin dropped as low as USD 6,100 on Bitfinex. Lee says that Bitcoin drops on average 18% in the 10 days leading up to monthly futures contract expirations. So far there have been six future contract expiration dates since Bitcoin futures launched on CBOE in December 2017.

Read full article at https://bitcoinnews.com/bitcoin-futures-contracts-expiration-possible-cause-of-market-volatility/

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The technological age must develop superior technology so that it can have advantages over other currencies

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Russia Will Keep Crypto Legal, Renaming Them ‘Digital Rights’

The head of State Duma Financial Market Committee for the Russian government, Anatoly Aksakov, has confirmed that drafts of legislation are being prepared to regulate cryptocurrency activity in Russia. Cryptocurrency will remain legal in Russia, but will be renamed ‘Digital Rights’. The legislation could be passed and adopted by the Russian Duma on 29 July 2018.

Read full article at https://bitcoinnews.com/russia-will-keep-crypto-legal-renaming-them-digital-rights/

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Chinese Bitcoin Tycoons’ Battle of Words Over BTC 30,000

Chinese entrepreneur Chen Weixing has got himself in hot water after accusing a fellow national “Bitcoin tycoon” of misrepresenting the truth over raising Bitcoin funds, writes Coindesk.
Chen, CEO of an app-development firm called Fun City, is a known blockchain enthusiast, having invested in a long list of Chinese blockchain projects, including Qtum and Tron, and exchange operators such as Binance and Huobi, according to Quartz. He made news in 2015 when he announced a ride-sharing project with Yang Jun, co-founder of Chinese group deals app Meituan.

Read full article at https://bitcoinnews.com/chinese-bitcoin-tycoons-battle-of-words-over-btc-30000/

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SEC Says Bitcoin, Ethereum Not Securities Due to Decentralized Nature

The director of the Securities and Exchange Commission (SEC) division of corporate finance, William Hinman, has announced that Bitcoin and Ethereum will not be regulated securities and are, therefore, not under the jurisdiction of the SEC.
This follows an announcement from SEC chief Jay Clayton earlier in June 2018 that Bitcoin was not a security, making Bitcoin and Ethereum the only cryptocurrencies that have gotten the all-clear from the SEC.

Read full article at https://bitcoinnews.com/sec-says-bitcoin-ethereum-not-securities-due-to-decentralized-nature/

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Ex-Trump Strategist Bannon: Bitcoin is Disruptive Populism

Stephen Bannon, the former chief strategist for President Donald Trump of the United States, says Bitcoin takes control back from central authorities and that is disruptive populism. He has invested a “good stake” in Bitcoin, and his investment business Bannon & Company has been meeting with cryptocurrency investors and hedge funds to discuss initial coin offerings.

Read full article at https://bitcoinnews.com/ex-trump-strategist-bannon-bitcoin-is-disruptive-populism/

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Bitcoin Oversold, Could Rebound Soon from Lowest RSI Since August 2016

The Bitcoin relative strength index (RSI) on Bitfinex, one of the largest USD to Bitcoin exchanges, is at its lowest point since August 2016. Such a low RSI could indicate that the market is oversold and might be ready for a price rebound, based on past Bitcoin market behavior after RSI hit such low levels.

Read full article at https://bitcoinnews.com/bitcoin-oversold-could-rebound-soon-from-lowest-rsi-since-august-2016/

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How to Properly Secure Bitcoin by Controlling the Private Key

Bitcoin’s popularity and use has grown astronomically since it was first released in 2009; now there is over USD 100 billion invested into Bitcoin with several billion USD of trading volume. However, most people do not take the proper steps to ensure that they fully control their Bitcoin by controlling the private key.
One of the key beneficial attributes of Bitcoin is that it gives control of money to its owner, as opposed to banks which can seize or freeze money at any time at their discretion. However, one does not fully control their Bitcoins unless they control their private key. This is an aspect of Bitcoin many users are unaware of, often resulting in mistakes and loss of funds.

Read full article at https://bitcoinnews.com/how-to-properly-secure-bitcoin-by-controlling-the-private-key/

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Bulgaria to Monitor Crypto Market with Focus on Regulatory Steps

Bulgaria has announced that it is to begin monitoring cryptocurrency and ICO activities in the country through its government watchdog, according to Cryptovest. The focus of Bulgaria’s Financial Supervision Commission (FSC) will be securing a safeguard against illegal activity such as money laundering and fraud connected with cryptocurrency.
As reported in Bitcoin News over the past few days, Bulgaria seized a massive BTC 213,519 in May currently worth around USD 1.4 billion, making the country a substantial holder of the currency. The total would reportedly be enough to pay off a quarter of Bulgaria’s national debt.

Read full article at https://bitcoinnews.com/bulgaria-to-monitor-crypto-market-with-focus-on-regulatory-steps/

Video https://www.youtube.com/watch?v=FOXBO8iPSh4

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American Express Latest Blockchain Patent Application to Provide Payment Evidence

An application released last week by the US Patent and Trademark Office shows that multinational financial services corporation American Express (AmEx) is seeking to patent a blockchain payment system.
Patent details
The application details a blockchain-based system to aid financial transactions, specifically in terms of confirming transaction totals and merchant identities. It would also encrypt the proof-of-payment details using the blockchain’s public key, maintaining this on a first blockchain node.

Read full article at https://bitcoinnews.com/american-express-latest-blockchain-patent-application-to-provide-payment-evidence/

Video https://www.youtube.com/watch?v=ULOtKajk9ms

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AidCoin’s Robert Robinson: Trust the Blockchain and Boost Trust in Charities

The charity sector has been experiencing a steady decline of public trust in the United Kingdom. Figures from the UK’s Charity Commission show a downward trend since 2014, with a fall in confidence corresponding with increased media scrutiny on charities, a lack of trust with how donations are spent and the lack of knowledge about where those donations go.
One charity in the UK decided to partner with a blockchain solution to remedy the situation and there are more similar collaborations seeking to leverage blockchain innovations such as transparency and efficiency to revive flagging trust in the charity sector.

Read full article at https://bitcoinnews.com/aidcoins-robert-robinson-trust-the-blockchain-and-boost-trust-in-charities/

Video https://www.youtube.com/watch?v=IzANsn5iEiU

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A Snapshot of Top 10 Cryptocurrencies by Market Cap

Market capitalization in cryptocurrency is one of the most common points of reference for newcomers when trying to familiarize themselves with some of the most used or popular cryptocurrencies. In general, market cap combined with daily trading volume can be used as an indicator of how popular a cryptocurrency is and how much money is invested in it.

Read full article at https://bitcoinnews.com/a-snapshot-of-top-10-cryptocurrencies-by-market-cap/

Video https://www.youtube.com/watch?v=6ruLrnB8Hwc