News of the week

DEA: Illegal Activity is no Longer Bitcoin’s Primary Use

A DEA special agent and Cyber Investigative Task Force member, Lilita Infante, has reported that the use of Bitcoin in illegal activities has decreased a lot. The ratio of legal to illegal activity in Bitcoin has flipped. Five years ago almost 90% of it was used illegally. According to the new report, now it’s only 10%. The agent added that “doesn’t mean criminals stopped using Bitcoin”, and that the government has ways of tracking the cryptocurrency.

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Australia Gets First Solar-powered Crypto Mining Facility

Data center operator DC Two and cryptocurrency firm D Coin are planning to build a “behind-the-grid data center” in Collie, creating the first solar-powered mining operation in Australia. Hadouken Pty Ltd. will assemble the large solar farm with specific zones for crypto-mining. DC Two is expecting to have the project ready within the next year.

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Ukraine Plans to Gather 5% Tax on Cryptocurrency

The draft of the bill seeks to collect the tax only on trades into fiat or on purchasing goods and services. The mining won’t be touched. The bill is created by Oleksiy Mushak and a number of representatives from the crypto world. The tax expected to pass next year and will be added to the mandatory Ukraine’s ‘military charge’ of 1.5%.

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Everipedia’s Blockchain Is Now Live

 

Wikipedia Competitor startup Everipedia announced the launch on Thursday. This platform will give users its IQ tokens for adding or editing articles. Developers assume that this model will ensure that the project won’t rely on ads or donation. Also, the decentralization will help the platform to be “uncensorable”. The site is built on top of the EOS blockchain platform.

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Thailand Expects Huge Growth of Cryptocurrency Industry

According to Thailand’s Securities and Exchange Commission, the industry will have a huge leap in the country with about 50 ICOs and 20 exchanges are showing interest for a digital asset license. In May, Thailand put a new law in place to control and regulate cryptocurrency with the intention to prevent money laundering, tax evasion, and fraud.

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Bank of China Will Increase Investments in Blockchain

The commercial, state-run Bank of China is about to invest more in fintech. The Bank of China’s CIO has revealed plans to further investments in the blockchain, the Internet of Things (IoT) and fintech. The bank will finance more than 1 percent of the bank’s operating annual income (about $71 trillion) and will complete the construction of a cloud computing, big data, and artificial intelligence platforms. CIO added that Bank of China has been using blockchain technology in data sharing, cross-border payment, digital currency, digital bills.

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