Tag: digital currency

Crypto needs a killer app more than a chastened Binance
23Nov By adminNo Comments
Technology

Crypto needs a killer app more than a chastened Binance

[ad_1] Here's a question few of us will ever have to answer. Would you rather have $23 billion living in the United Arab Emirates with no US extradition treaty, or sacrifice a chunk of your wealth and perhaps spend 18 months behind bars to resolve all your issues with the US Department of Justice and Securities and Exchange Commission?Binance Holdings Ltd. CEO Changpeng Zhao appears to have chosen the latter. We don't know all the details of the deal — most importantly the length of time, if any, Zhao must spend in prison — but it appears to clear the way for Binance to continue as the world's largest crypto exchange and for Zhao to keep his top-100 status on the Bloomberg Billionaires Index. I see a major risk that the deal itself, as well as the strengthened controls it will require, ...
Read More
Worldcoin says will allow companies, governments to use its ID system
3Aug By adminNo Comments
Technology

Worldcoin says will allow companies, governments to use its ID system

[ad_1] Worldcoin will expand its operations to sign up more users globally and aims to allow other organisations to use its iris-scanning and identity-verifying technology, a senior manager for the company behind the project told Reuters.Co-founded by OpenAI CEO Sam Altman, Worldcoin launched last week, requiring users to give their iris scans in exchange for a digital ID and, in some countries, free cryptocurrency as part of plans to create a "identity and financial network". In sign-up sites around the world, people have been getting their faces scanned by a shiny spherical "orb", shrugging off privacy campaigners' concerns that the biometric data could be misused. Worldcoin says 2.2 million have signed up, mostly during a trial period over the last two years. Data watchdogs in Britai...
Read More
Bitcoin Hits Highest in a Year as Crypto Rebounds From Scandals
24Jun By adminNo Comments
Technology

Bitcoin Hits Highest in a Year as Crypto Rebounds From Scandals

[ad_1] Bitcoin hit its highest level in a year amid renewed fervor for digital assets despite a slew of challenges for the industry.The original digital currency crossed above $31,013, its 2023 peak, to reach its highest level since June 2022, Bloomberg data show. The surge has brought Bitcoin to as high as $31,410 and up by almost 90% since the start of the year. Other cryptocurrencies followed suit, with Ether also rallying. It's a remarkable development — and show of resiliency — for a market that many had written off as being on the verge of extinction following a number of high-profile and high-impact scams and company fallouts that left the industry besmirched among investors. “From the ardent Bitcoiner's perspective, the token's most fundamental investment thesis is playing out: ...
Read More
Crypto Investors Get Some Answers in US Tax Form Instructions
19Oct By adminNo Comments
Technology

Crypto Investors Get Some Answers in US Tax Form Instructions

[ad_1] The IRS has given US cryptocurrency holders a bit more clarity about how to report digital assets on their 1040 income tax forms. The IRS has given US cryptocurrency holders a bit more clarity about how to report digital assets on their 1040 income tax forms, a likely precursor to regulatory guidance.In 2022 tax form draft instructions released late Monday, the Internal Revenue Service expanded how taxpayers should list their crypto transactions, including switching the verbiage from “virtual currency” to “digital assets.” “They're being a little more attuned to the terminology of the industry and being more inclusive of potential crypto transactions,” said Adnan Islam, tax partner with Marcum LLP. The additional clarity is welcome, tax professionals said, but getting guidance ...
Read More