Blockchain & Crypto Week In Review
Welcome to our Ferrum Network media digest. Here we will provide you with regular updates on developments from the blockchain & cryptocurrency sphere.
Here is a rundown of the last week:
UK Tax Agency Publishes Detailed Guidance for Crypto Holders: The United Kingdom’s tax agency has just released a comprehensive explanation of how it sees crypto assets and how individuals may be taxed on their holdings. Her Majesty’s Revenue and Customs, the government agency responsible for collecting taxes and overseeing other aspects of the nation’s coffers, explained that Wednesday’s report specifically focuses on how individuals possessing crypto assets might be taxed, but does not outline the tax scheme for tokens held by businesses or for business purposes. Read more.
De Nederlandsche Bank Aims to Regulate Digital Currency Firms, Mandates Them to Get Licenses to Operate: De Nederlandsche Bank — the Dutch Central Bank — want to put digital currency firms and their operation under check. The bank wants to regulate digital currency firms by mandating them to acquire licenses for them to carry out their operations. The bank is embarking on this quest in order to curtail money laundering. Read more.
UAE and Saudi Arabian central banks to jointly launch a cross-border Cryptocurrency: It’s confirmed. The United Arab Emirates (UAE) and Saudi Arabia will work on cross-border digital currency. The exact date when it would be issued is still unknown but we know one thing, the digital currency is not targeted at consumers. It’s strictly for banks. Read more.
Major South Korean city to build Blockchain-enabled virtual power plant: South Korea’s government will spend 4 billion Korean won (KRW) (about $3.5 million) to set up a blockchain-enabled virtual power plant (VPP) in the city of Busan. Read more.
The Trader Who Nailed the Bitcoin Top Just Covered His Short: Just as the euphoria surrounding Bitcoin was peaking last December, Mark Dow decided to short the leading digital currency. Almost a year to the day, and after a more than 80 percent decline from its record high price, Dow has closed out the trade. “I’m done. I don’t want to try to ride this thing to zero,” Dow said. “I don’t want to try to squeeze more out of the lemon. I don’t want to think about it. It seemed like the right time.” Read more.
Coinbase to Pay Users to Try Crypto Assets: How do you get people to try out cryptocurrency when the market is in a prolonged slump? You can try giving it away. That’s what the makers of a little known digital currency, known as ZRX, are doing. In an initiative announced on Wednesday, users of the popular crypto exchange Coinbase can earn a few tokens of ZRX by watching videos and taking quizzes. Read more.