IRS vs Coinbase: Massive Implications for Bitcoin, Digital Currencies
The recent Internal Revenue Service request to Coinbase, seeking records of customers who purchased virtual currency from 2013 to 2015, has led to a flurry of media attention both in the U.S. and worldwide. This action affecting America’s largest Bitcoin exchange — arguably the most comprehensive sweep of virtual currency for the purpose of identifying....
Related News
A retail CBDC or an indirect one? Synthetic? An API approach? How central banks implement digital currencies will have seismic implications.
Congratulations, virtual currency world-New York wants to expressly regulate you! That's how important Bitcoin and other digital currencies have become in recent years. And as we know, what happens in New York's financial world often has implications for the wider world. All the recent attention New York has paid to virtual currency is raising many important legal questions, with potentially profound implications. This article will offer a brief survey of just some of them. A Cryptic History of Money. Bitcoin is the latest and best known in a long line of digital currencies. The basic....
According to Jerome Powell’s conference calendar, the CEO of Coinbase, Brian Armstrong, met with the Federal Reserve chairman and former House of Representatives Speaker Paul Ryan to speak about the implications of digital currencies. The meeting’s details are unclear but most of the discussions seemingly revolved around the construction of an American central bank digital currency (CBDC) and countries that are already ahead of the game. Coinbase CEO: ‘China’s Digital Yuan represents a Threat to US Reserve Currency Status’ The Federal Reserve wants to build a....
A new report from the British Banking Association reveals that the increasing popularity of digital currencies, especially bitcoin will continue to threaten the traditional banking system. UK Banking Report considers Bitcoin as a Threat. The latest UK Banking Report - A section of The Digital Disruption, is dedicated to digital currencies, specifically about its implications on the perception of value transfer and the impact on the traditional banking system. The section on cryptocurrencies reports that digital currency is increasingly becoming a ubiquitous challenge to the established....
There are a variety of reasons consumers should be wary of developments surrounding central bank digital currencies.