Spanish City Lebrija Launches Local Virtual Currency ‘Elio’ as Form of Stimulus

The city council of Lebrija has created a virtual currency ‘Elio’ that can only be used for payments made to small and medium businesses, according to a report by Diario de Sevilla. Read more: Spain’s Second-Largest Bank Will Soon Launch Crypto Services: Sources

$200 Million Brazilian Crypto Fraud Scam: The US Seizes $24 Million Worth of Digital Currencies

The United States Department of Justice (DOJ) says it has seized cryptocurrencies worth $24 million after receiving an official request from the government of Brazil. The seizure stems from an ongoing investigation into the $200 million cryptocurrency scam that may have defrauded tens of thousands of Brazilians. The authorities in Brazil say the scammers duped… Continue reading $200 Million Brazilian Crypto Fraud Scam: The US Seizes $24 Million Worth of Digital Currencies

10 Countries Actively Regulating Cryptocurrency Despite Global Crisis

Despite the coronavirus pandemic and the resulting financial crisis, at least 10 countries have made announcements regarding cryptocurrency regulation since our last regulatory roundup. They include Japan, Malaysia, Singapore, China, Spain, Germany, India, the Philippines, the U.S., and South Korea. Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed Regulations… Continue reading 10 Countries Actively Regulating Cryptocurrency Despite Global Crisis

Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Card Points, Flyer Miles Could Be Virtual Currency

While its well-known that the revised Schedule 1 form for U.S. taxpayers now contains a question about cryptocurrencies, what is lesser discussed are the legal ramifications this may have for filers who answer incorrectly. The vague nature of the yes or no inquiry has one tax expert doubting the constitutionality of the question, urging all… Continue reading Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Card Points, Flyer Miles Could Be Virtual Currency

US State Wants to Legally Seize Unclaimed Cryptocurrencies Left at Custodians

The U.S. state of Illinois has advanced a bill to consider unclaimed cryptocurrencies at custodians abandoned after five years. The coins will then be liquidated and the proceeds remitted to the State Treasurer. The cryptocurrency owners will have no recourse against the custodians or the state. Also read: US Lawmaker Introduces Crypto-Currency Act of 2020… Continue reading US State Wants to Legally Seize Unclaimed Cryptocurrencies Left at Custodians

50 Companies Back New Cryptocurrency Project Competing With Facebook’s Libra

Some members of the Libra Association are now backing a rival project called Celo, which has its own blockchain and cryptocurrency. Over 50 major companies have pledged their support, each pursuing a diverse set of use cases. The project claims that the combined reach of all members exceeds 400 million people. Also read: Bitcoin Legal… Continue reading 50 Companies Back New Cryptocurrency Project Competing With Facebook’s Libra

US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine

A U.S. congressman from Arizona has introduced the Cryptocurrency Act of 2020 while under coronavirus quarantine. The bill clarifies which federal agencies regulate which type of crypto assets. “It’s crucial that America remains the global leader in cryptocurrency,” the lawmaker said. Also read: Bitcoin Legal in India — Exchanges Resume INR Banking Service After Supreme… Continue reading US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine

US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets

The U.S. Department of Homeland Security has revealed a cryptocurrency intelligence program aimed at identifying unlicensed crypto businesses using P2P sites, online forums, and darknet markets. These areas have consistently presented “a significant challenge to law enforcement” and the Financial Crimes Enforcement Network (FinCEN). Also read: Regulatory Roundup — Trump’s Cryptocurrency Proposals, IRS Changes Rule,… Continue reading US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets

Regulatory Roundup: Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash

In this roundup, we cover numerous cryptocurrency regulatory developments in the U.S., including President Trump’s crypto proposals, testimonies by the Federal Reserve chairman and the Treasury secretary, a crypto-friendly SEC proposal, and the IRS changing a crypto tax rule. We also cover China quarantining yuan bills, its central bank filing 84 digital currency patents, 40… Continue reading Regulatory Roundup: Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash

84 PBOC Digital Currency Patents Show the Extent of China’s Digital Yuan

The People’s Bank of China (PBOC) has reportedly filed 84 patents relating to its plans to launch a digital currency. The patents reveal the central bank’s plans which include integrating digital currency wallets into existing retail bank accounts. The potential for the Chinese central bank digital currency to achieve scale from the get-go has put… Continue reading 84 PBOC Digital Currency Patents Show the Extent of China’s Digital Yuan