Month: July 2019

Facebook Libra Project Already Facing Resistance, Major Hurdles Ahead

Facebook has released details of its highly secretive cryptocurrency project. The venture has stirred the crypto community and drawn interest from crypto industry stakeholders due to its market shifting potential. There have been concerns that its Libra platform will be used to gather financial information about its users. Facebook has made an effort to mollify …

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Diamonds and the Treasury Debt Ceiling: Why Nothing Has ‘Intrinsic Value’ in Economics

The U.S. Treasury Department has just issued an urgent letter requesting a lift on the debt ceiling, warning Congress of imminent financial collision in September as federal cash is running out. Though this scenario has played out many times before, it takes on special significance now in light of president Trump’s recent comments about bitcoin, …

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How US ‘Keep Big Tech Out of Finance’ Draft Bill Targets Facebook’s Libra

Facebook’s digital currency plans have caused concern among bureaucrats worldwide and members of the U.S. government seem fearful of a giant tech establishing itself as a financial institution. Prior to the U.S. congressional hearings and the upcoming G7 finance meeting, a U.S. discussion draft bill, the Keep Big Tech Out of Finance Act, hopes to …

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South African Payment Gateway Drops BTC Over Fees and Network Congestion

On July 12, South African payment gateway service Payfast announced the company is dropping bitcoin core (BTC) payments due to network congestion and high fees. Payfast emphasized that BTC has a number of limitations and design flaws which makes it an “impractical substitute for cash.” Also read: G20 Leaders Issue Declaration on Crypto Assets – …

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‘Zimdollar’ Reboot: Bitcoin Fills Liquidity Gaps as New Zimbabwe Currency Flounders

P2P bitcoin trade is surging in Zimbabwe via mobile exchange platforms like Ecocash, despite recent government efforts to curb the use of competing currencies locally. As of June 24, the reinstated Zimbabwe dollar (formerly RTGS dollar) is now the only recognized currency in the economically embattled southern African country. Finance minister Mthuli Ncube sees the …

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Bitcoin Cash Community on Bitkan’s K-Site Raises Funds for BCH Development

Last year news.Bitcoin.com spoke with the cofounder of Bitkan, Fang Yu, about the company’s K-Site project, which acts as a decentralized media outlet, micro-blog and forum with rewards. Just recently, Bitkan spoke with news.Bitcoin.com about K-Site’s growth and how the platform’s BCH community raised funds for the Bitcoin Cash Development Fund. Bitkan highlighted that the …

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The Link Between the Video Game and Crypto Industries Is Growing Stronger

The gaming sector has been growing by leaps and bounds, and its connection with the crypto industry is becoming increasingly stronger. According to the latest reports, leading video game publishers are starting to integrate blockchain and cryptocurrency components into their networks. This is to provide a better experience for both developers and users.   Some …

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A History of Violent Intervention: John McAfee Offers to Help Cuba Resist US Sanctions With Crypto

Former antivirus software guru and 2020 Libertarian presidential “hopeful” John McAfee is a controversial figure, polarizing opinion in politics and culture, and taking a bold stand against the U.S. federal government. Most recently this has involved offering to help the Cuban state develop its own cryptocurrency in the interest of avoiding U.S. interventionism in trade. …

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IRS Agents Propose Draconian Tactics to Investigate Bitcoin Users

A recently published U.S. Internal Revenue Service (IRS) slide describes alarming recommendations on how tax agents should deal with digital currency users who are not paying taxes. The slide recommends that agents question crypto users’ friends and family, comb through social media posts and issue subpoenas to make sure U.S. residents are paying taxes on …

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