US Rules On Recording Bitcoin Transactions Are A Nightmare
The American Internal Revenue Service (IRS) has issued an FAQ sheet to provide guidance on how US taxpayers should report their transactions in Bitcoin, in accordance with the government's recent decision to treat the cryptocurrency as property instead of money. As could probably be expected, what the US government expects for its Bitcoin-using taxpayers to remain strictly legal is an absolute bookkeeping nightmare. Here's a breakdown of the information provided in the report, creatively and memorably titled Notice 2014-21: Bitcoin transactions will be taxed as property transactions. In....
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Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has warned that the U.S. Securities and Exchange Commission (SEC) will come up with rules for token registration that will be “the nightmare that’s waiting for the crypto industry.”
Mark Cuban Foresees SEC Coming Up With ‘Nightmare’ Crypto Regulation
Billionaire Mark Cuban, the Shark Tank star who owns the NBA team Dallas Mavericks, warned in a tweet Saturday about how the SEC will regulate crypto tokens.
His warning was in response to a tweet by U.S. Senator....
Bitcoin enables transparent usage of funds through recorded transactions and verifiable crowdfunding.
While bitcoin may not be facing a "nightmare" scenario as indicated by the media, digital currency users are now paying higher-than-average fees and waiting longer for transactions to confirm due to an unknown disruptive network user. The incident has sparked a flurry of questions about the nature of the increased transaction load on the network as it comes amid the ongoing debate over scaling the bitcoin network. Known as the "block size debate", the issue has fragmented the bitcoin community into two camps: Bitcoin Core, the network’s volunteer developers, who are seeking to change to....
Recently the Australian Securities Exchange (ASX) bought a $15m stake in Digital Asset Holdings, a developer of blockchain technology. One of the main reasons is to upgrade its share registry system by using blockchain or distributed ledger technology. And it's been reported that JP Morgan Chase is also partnering with Digital Asset Holdings to trial the technology. What is blockchain/distributed ledger technology? Put simply, blockchain technology is a method of recording and confirming transactions where instead of a centralised platform, participants each hold a complete record of....
Deloitte's Netherlands branch is working with the city of Rotterdam to create a prototype for recording lease contracts on a blockchain. In conjunction with the Cambridge Innovation Center (a real estate services firm based in the US), the project will focus on developing a platform for managing housing transactions. The area is one being explored by several startups, with the Rotterdam trial representing the latest effort to bridge the real estate industry and blockchain. The first part of the process involved building a mechanism for recording lease agreements. From there, those involved....