Daily News Digest Featured News

Friday April 20 2018, Daily News Digest

ICO
Source: CoinDesk

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United States

International

European Union

United Kingdom

Asia

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News Summary

United States

Kraken cryptocurrency exchange says it will not comply with New York inquiry (CNBC), Rated: AAA

The head of a major cryptocurrency exchange will not comply with the New York attorney general’s request for information.

“The resource diversion for this production is massive. This is going to completely blow up our roadmap!” Kraken co-founder and CEO Jesse Powell said Wednesday on Twitter.

“Then I realized we made the wise decision to get the hell out of New York three years ago and that we can dodge this bullet,” Powell said. “Ordinarily, we’re happy to help government understand our business, however, this is not the way to go about it.”

Kraken
Source: https://twitter.com/jespow/status/986700932778934273/photo/1

Crypto exchange Kraken may have to comply with New York AG’s push for transparency (MarketWatch), Rated: A

On Tuesday, the office of AG Eric Schneiderman sent a letter to 13 digital currency exchanges seeking information to better understand the industry, with the goal of increasing transparency and user protection, it said.

Jesse Powell, CEO of Kraken, said Thursday he found the exploration insulting. As scrutiny around the industry grows, most exchanges welcomed the inquiry. But not Powell.

In a tweet, the CEO called the AG’s response “tone deaf” and said the market should decide the fate of regulation.

 

Bitcoin Holds $ 8,000 Price Point Amid Warnings Fast Growth Could See Lows Return (CoinTelegraph), Rated: AAA

Bitcoin prices are holding steady today, April 19, one week after a surprise surge took the cryptocurrency up $1,000 to reach above $8,000 in the space of 30 minutes.

bitcoin
Source: CoinTelegraph

Bitcoin Headed For $ 100,000 Or $ 100? CEOs, Big Investors And Harvard Economist Predictions (CoinTelegraph), Rated: AAA

Prediction 1: Institutional investors’ money will increase Bitcoin’s price

The CEO of American Express-backed startup Abra has predicted that big investors will make “all hell break loose” in a recent interview with Business Insider. He mentioned that there is currently little large-scale institutional money in cryptocurrencies and when this changes the impact on Bitcoin’s price will be very positive.

Sharding, interoperability and formal verification

All these technological breakthroughs could arrive soon, potentially fixing the ‘Achilles’ heel’ of Blockchain, which is the above mentioned ‘trilemma’ of decentralization, scalability and security. However, since all these innovations are still not ready, the great majority of institutional investors, corporations and banks are waiting for these breakthroughs to really jump in, now they are just ‘dipping their toes’.

Prediction 2: A decade from now Bitcoin is more likely to be worth $100 than $100,000

Kenneth Rogoff, a Harvard economist has predicted that due to the volatility of Bitcoin’s price and the small number of use cases such money laundering and tax evasion mainly in his opinion, Bitcoin is more likely to be worth $100 in a decade than $100,000.

Prediction 3: Bitcoin’s price will follow a downward trend after the CME futures launch in December 2017

A popular cryptocurrency blogger predicted in a recent article that Bitcoin’s price will follow a downward trend based on the assumption that gold and silver prices have been suppressed for the last seven years, similar to other commodities after the futures market launch.

bitcoin price
Source: Bitcoin Price Index
silver price
Source: Indexmundi.com

Ex-CEO of Bankrupt Bitcoin Exchange Mt. Gox Has a New Job in Crypto (Fortune), Rated: AAA

Mark Karpelès, the CEO who presided over Bitcoin exchange Mt. Gox until it went bankrupt in 2014, has had a hard time finding work for the last four years. After all, when he announced in February 2014 that he’d lost all of Mt. Gox’s 850,000 Bitcoins, he instantly became the biggest villain of the cryptocurrency world.

And while Karpelès ended up finding 200,000 of the Mt. Gox Bitcoins—and authorities believe the other 650,000 were stolen by outside hackers—he’s currently on criminal trial in Japan for charges of embezzlement, manipulation of electronic data, and breach of trust. Initially arrested in 2015, Karpelès was held in jail for almost a year on those charges.

But whether it’s what he considers “normal” or not, Karpelès recently did land a new job—and a major one, as a C-level executive at a U.S. corporation. He’s the new chief technology officer of London Trust Media, a Denver-based company that boasts the world’s largest paid virtual private network (VPN) service.

How Coinbase’s U.K. license could rescue its reputation (Payments Source), Rated: A

As recently as February, the exchange caused an uproar by inadvertently double-charging users for cryptocurrency purchases. It attributed this issue to the credit cards people used to fund those purchases, meaning the cause of the issue was beyond the exchange’s control, according to The Verge. The problem crossed borders, having been reported by customers of Canada’s Scotiabank and the U.S.’s USAA. And as of this writing, just over a thousand TrustPilot U.K. reviewers give Coinbase an average rating of 1 out of 5 stars.

Major Crypto Investors Request Token Oversight Exemption In Meeting With SEC (CoinTelegraph), Rated: A

Top cryptocurrency investors Andreessen Horowitz and Union Square Ventures urged the US Securities and Exchange Commission (SEC) to consider a cryptocurrency exemption at a private meeting, the Wall Street Journal reports April 19.

Gem Unveils All-In-One Crypto Investment App (CoinDesk), Rated: A

Blockchain startup Gem plans to launch a comprehensive platform that will allow users to track, store, trade and discover cryptocurrencies on one app.

According to Gem – which has largely focused on enterprise products for companies like Toyota and CapitalOne since its 2013 inception – its all-in-one, user-friendly solution will “bridge the gap” between veteran crypto users and industry newcomers. The platform was officially unveiled Thursday.

Long Blockchain Announces Stockholder Update (GlobeNewswire), Rated: A

LBCC’s future as a high-value, high-margin blockchain company will be driven largely by the Company’s ability to develop and customize solutions that address problems inherent in current fintech technology. To this end, on March 15, 2018, LBCC announced that it entered into an agreement to acquire all the outstanding shares of Hashcove, a UK-based company focused on developing and deploying globally scalable distributed ledger technology solutions.

Fork this: What an unprecedented court battle says about the future of cryptocurrency (MIT Technology Review), Rated: A

Nano users hoping to get their money back have taken matters into their own hands—and taken Nano’s developers to court. Their class action lawsuit, filed this month (pdf) in federal court, has an unprecedented goal: to convince a judge to order the developers to execute a “rescue fork,” a blockchain software upgrade whose purpose would be to “fairly compensate” users who lost money and “eliminate” the missing crypto-tokens.

Genuinely novel: “This is new,” says Stephen Palley, a partner at the Washington, DC, law firm Anderson Kill.

Walmart Wants to Store Payment Data On a Blockchain (CoinDesk), Rated: A

Newly published patent filings from retail giant Walmart hint at a plan to store payments data using blockchain tech.

The two applications – published on Thursday by the U.S. Patent and Trademark Office (USPTO) – both reference using a blockchain-powered platform to secure the payment data, ensuring that private information can’t be access by unauthorized parties. The same Walmart team drafted both applications, which were initially submitted on October 13 of last year.

Wall Street regulator sanctions Tezos cryptocurrency project co-founder (KFGO), Rated: A

A Wall Street regulator has suspended the co-founder of the controversial Tezos cryptocurrency project from associating with broker-dealers for two years, part of a settlement to resolve allegations that he made false statements about his side venture while working at Morgan Stanley .

Dow Jones Media Trials Blockchain With Brave Browser (CoinDesk), Rated: A

Dow Jones Media Group has partnered with the privacy-oriented browser startup Brave to experiment with a blockchain content delivery system, the companies announced Wednesday.

ImpactPPA and Earth Day Network Launch Initiative to Install 50 Clean Energy Projects by 2020 (GlobeNewswire), Rated: A

Decentralized renewable energy company ImpactPPA and Earth Day Network today announced an initiative to install clean energy systems at 50 facilities by 2020. The “50 by 50” initiative will focus on providing hybrid wind and solar installations to schools, healthcare centers, and other facilities whose work could be greatly enhanced by access to reliable energy. ImpactPPA is now accepting submissions for projects to team@impactppa.com.

Salesforce Is Getting Into Blockchain. Here’s Why That Matters (The Motley Fool), Rated: B

What remains to be seen is what the product or solution will look like. It could be as simple as integrating a payment processing system for cryptocurrencies into its current Commerce Cloud division. Or it could be a little more cutting edge, like a smart contracts system for crowdfunding or business development.

DLT Resolution Acquires Operating Assets of Canadian Telecom Service Provider (Nasdaq), Rated: B

DLT Resolution Inc.  (OTC:DLTI), a Distributed Ledger Technology (“Blockchain”) and Information Technology company that services the healthcare and telecommunications industries, is pleased to announce the acquisition of the operating assets of 1922861Ontario Inc., o/a Resolution Telecom.

Big Business Bullish on Crypto Careers (cryptoslate), Rated: B

IBMVisa, and Microsoft are just some of the tech and finance giants that are now actively recruiting within the blockchain space, along with established crypto industry players such as Dash and Coinbase.

This ransomware was rewritten to mine cryptocurrency – and destroy your files (ZDNet), Rated: B

Uncovered by researchers at Trend Micro, the cryptocurrency miner is said to be “distinctly similar” to XiaoBa, a form of ransomware which first appeared in October last year, leading researchers to the conclusion that the ransomware code has been repurposed to fulfil a new task.

Researchers have uncovere two variants of the cryptocurrency-mining infecter – both use a Coinhive injection and both infected .exe, .com, .scr and .pif files, as well as disabling Windows User Account Control notification.

International

$ 6.3 Billion: 2018 ICO Funding Has Passed 2017’s Total (CoinDesk), Rated: AAA

At $6.3 billion, ICO funding in the first quarter is now 118 percent of the total for 2017, a figure that might go a long way toward undermining a common perception that the controversial fundraising method will soon be extinct.

Even excluding Telegram, however, ICOs in the first quarter raised $4.6 billion, or 85 percent of the 2017 total.

ICO
Source: CoinDesk

Litecoin Courting TenX and Korbit – Just a Month after LitePay ‘Breakup’ (CoinTelegraph), Rated: AAA

Just a month after LitePay’s untimely collapse, Litecoin has teamed up with a well-known wallet platform and a large South Korean cryptocurrency exchange.

Despite the disappointment of LitePay’s demise, TenX have announced Litecoin (LTC) support in on its wallet platform while South Korea’s second biggest exchange Korbit launched Litecoin trading on 18 April.

Altcoins surge, pushing value of all cryptocurrencies to a 4-week high (MarketWatch), Rated: AAA

The value of all cryptocurrencies moved above $350 billion Thursday, with bitcoin — which accounts for more than 40% of all 1,575 digital currencies — recording back-to-back winning days.

bitcoin moves

The altcoin market continued its charge Thursday. Ether was higher by 7% at $560.61; bitcoin cash, which rose more than 15% Wednesday, was up 9.5% at $972.92; Litecoin added 4.1% to $145.73; and Ripple’s XRP remained above 70 cents, last trading at 75 cents, up 6%.

Top 4 Binance Trading Robots: Best BNB Crypto Exhange Bot? (Bitcoin Exchange Guide), Rated: AAA

Margin

Margin [Margin.de] is an easy to use an algorithmic trading tool built with a powerful trading terminal.  The development team consists of three computer science graduates, two Masters, and a Ph.D., with over 20 years of combined software development experience.

Margin currently supports not only Binance exchange, but also Bitstamp, BTC-e, PoloniexBitFinex, and OKcoin with new market plugins already in the pipeline.

The CryptoTrader

CryptoTrader [CryptoTrader.org] is a scalable cloud-based platform that offers that provides users with a comprehensive cloud-based solution that allows users to use the company’s services without any software or installation required. You can build your own trading bot in a matter of minutes and run it in the Cryptotrader.

The following are some of the amazing features of the crypto-traders’ bot:

  • Backtesting for safer trading
  • Strategy Market for selling and purchasing strategies
  • Complete protection of your data with no access allowed to third parties
  • Trade on all major cryptocurrency exchanges
  • Full automatization with up to 25 live trading bots
  • Unlimited equity amount per bot with the VIP and Premium plans

Haasbot

Currently, Haasbot [HaasOnline.com] is the most advanced automated trading software solutions currently available when compared to others, doing much of the labor with relatively minimal input required from the user. Haasbot was built by a company with an excellent reputation, known for constantly improving its software and keeping a close eye on the latest trends and customer desires.

IBM trade blockchain completes first smart contract transactions (finder), Rated: A

IBM’s “Batavia” blockchain system was jointly developed by a consortium of the Bank of Montreal, CaixaBank, Commerzbank, Erste Group, IBM and UBS. It’s an open trade platform built on the IBM hyperledger system to help automate international trade transactions and sharply reduce the costs of global trade.

It’s now been successfully trialed across a range of geographies, transportation modes, trading parties and various sized parties, to highlight Batavia’s flexibility across a range of transaction situations, BMO financial group has announced.

The initial transactions included the trading of cars from Germany to Spain, and textile raw materials for furniture production from Austria to Spain.

Enterprise Ethereum Alliance Pledges 2018 Blockchain Standards Release (CoinDesk), Rated: A

The Enterprise Ethereum Alliance (EEA) intends to release a set of common blockchain standards for businesses in 2018, one of the consortium’s leading members said Thursday.

DarcMatter To Build Alternative Investment Platform On NEM blockchain (Legal Gambling and the Law), Rated: A

DarcMatter, a global player in the alternative fund investment industry, is developing a blockchain based distributed ledger to remove opacity and inefficiencies from the global alternative investment industry. The platform will also incorporate innovative fintech solutions deemed necessary in the alternative funding space. To achieve the objective DarcMatter team plans to integrate the NEM (XEM) blockchain their platform.

Mastercard – Denouncing Cryptocurrencies While Embracing Blockchain (CoinTelegraph), Rated: A

Enter Mastercard, the global banking card provider. The company has been somewhat bipolar in their stance towards cryptocurrencies and Blockchain technology over the past few years. The card provider has held virtual currencies at a distance and CEO Ajay Banga took a stern stance in 2017, labelling cryptocurrencies as ‘junk’ in October.

Fast-forward to 2018 and not much has changed in the company’s policy towards cryptocurrencies. In March, Mastercard’s Asia-Pacific co-president Ari Sarker said the company is open to supporting national virtual currencieslaunched and operated by central banks.

JPMorgan, National Bank of Canada, others test debt issuance on blockchain (Reuters), Rated: A

JPMorgan Chase & Co (JPM.N) has tested a new blockchain platform for issuing financial instruments with the National Bank of Canada and other large firms, they said on Friday, seeking to streamline origination, settlement, interest rate payments and other processes.

 

 

 

Cardano (ADA) Markets Fuels After Binance Announces New Trading Pair (Global Coin Report), Rated: B

The announcement created a spike in Cardano’s market value and the investors have created a pump-like situation for Cardano after the announcement of expanding of trading pairs on Binance. Trading against Binance coin and Tether which is U.S dollar equivalent for traders indicates that there’s going to be an increase in the trading volume of ADA in the coming days as it already took over 5% of the total crypto market trading volume.

Zeus Exchange connects with trust management app Membrana (cryptoninjas), Rated: B

It was announced today that Membrana, a trust management ecosystem made to directly connect an investor and a trader to conclude a mutually beneficial, secure, and reliable contract will integrate Zeus Exchange, scheduled to launch in late Summer.

 

European Union

Ripple [XRP] is now a hero in Europe too – Listed on AnycoinDirect (AMBCrypto), Rated: AAA

AnycoinDirect, an exchange platform based in the Netherlands is popular for instant buying and selling of Bitcoin and other currencies. They announced earlier today about an addition of the much-requested coin, Ripple [XRP] as they tweeted with delight:

AnycoinDirect Ripple
Source: AMBCrypto

Suspected Mastermind Behind the ‘Big Bitcoin Heist’ Escapes Prison Through a Window (Fortune), Rated: A

On Tuesday, Sindri Thor Stefansson is believed to have escaped the low-security prison he was transferred to 10 days prior through a window, according to the Associated Press. He then allegedly traveled 59 miles to Iceland’s international airport in Keflavik, where law enforcement believe he boarded a flight to Sweden, the BBC reported.

Police said the plane ticket was in somebody else’s name, according to the AP, adding that he likely didn’t use a passport because he was allegedly traveling to Sweden, which is within Europe’s Schengen area.

Vitalik Buterin has no Multi-Year Plan for Ethereum and That’s OK (NewsBTC), Rated: A

In a recent interview, it became clear the “face of Ethereum” has no plans for this project other than a few months ahead at a time. So far, this hasn’t hindered the project’s chance of success.

New Ethereum Recovery Proposal Heralds Some Interesting Changes (The Merkle), Rated: A

That may come to change in the near future thanks to EIP 867. This particular proposal aims to introduce a Standardized Ethereum Recovery mechanism which would allow for blockchain-based modifications to deal with funds being lost, stolen, or unspendable due to technical issues.

Blocksquare Launches ICO for Blockchain Based Real Estate Platform (Crowdfund Insider), Rated: A

Blocksquare, a blockchain-based online real estate platform, has opened its Series A initial coin offering (ICO). This first crowdsale has been capped at $300,000 and a price of $0.25 USD due to market volatility, according to the company.

Cryptocurrencies could see a ‘springboard’ bull market in Q2 2018 (Business Insider), Rated: A

Eyeing what he describes as “springboards for a cryptocurrency bull market in Q2” this year, analyst Jacob Pouncey from the bank’s SaxoStrats in-house team of strategists queried whether crypto-assets were “entering a new cycle”.

“The inflow of institutional capital to the cryptocurrency market due to the increase in regulation and investor protection could lead cryptocurrencies to a positive quarter.”

Denial-of-Spending and Inflation Bugs Found in Several Cryptocurrencies (Bleeping Computer), Rated: A

A team of academics has identified an issue with the Zerocoin protocol, along with two security flaws in libzerocoin, the software library used for building actual cryptocurrencies around protocol.

Researchers said they found these three issues to affect at least five cryptocurrencies based on Zerocoin, each in varying degrees. The five are SmartCash, Zoin, Zcoin, Hexxcoin, and PIVX.

The four-man team of academics from Saarland University and the Friedrich-Alexander-Universität Nürnberg-Erlangen in Germany, have published their findings in a research paper titled “Burning Zerocoins for Fun and for Profit.”

serial number unforgeability
Source: Saarland University and Friedrich-Alexander-Universität Erlangen-Nürnberg

Read the full report here.

ICO Investors Aren’t Laughing at Crypto Founder’s Publicity Stunt (Bloomberg), Rated: A

A day later, Savedroid is back, but investors are almost as angry now as when they thought their money was gone.

Investors who thought the Frankfurt-based Hankir had run off with millions of dollars raised in an initial coin offering were left with little legal recourse and could only hope it was a hack or a publicity stunt. Some were already tracking him down, with cryptocurrency website Crypto Briefing saying the beach in the photo he posted was in Egypt.

Hankir went on to explain that this was a ploy to raise awareness about ICO scams.

United Kingdom

Barclays explores cryptocurrency trading options (CoinGeek), Rated: AAA

Rumors have begun circulating that Barclays has been sending out feelers to its clients in an effort to gauge whether there is enough of a market for Barclays to get into the game. Barclays is said to be considering a cryptocurrency desk, and has been making inquiries of its customers, including its hedge fund operators and strong investors. If Barclays does pull the trigger, it would become the first major bank in London with its foot in the cryptocurrency door.

In a statement that Barclays provided to Bloomberg, spokesman Andrew Smith said, “We constantly monitor developments in the digital currency space and will continue to have a dialog with our clients on their needs and intentions in this market.”

Lendo Closes Successful Pre-ICO Ahead of Time (CoinTelegraph), Rated: A

Following the conclusion of negotiations with a regulated lending partner to reserve the entire remaining allocation of tokens in the pre-ICO, Lendo has today announced that it has closed the pre-ICO sale ahead of schedule.

Right on target to launch its ICO crowdsale on the 28th April, Lendo is looking to distribute a further 390 million ELT tokens, which will enable Lendo to turn their vision into reality. The ELT tokens are issued in conformance with the ERC223 standard. The tokens will be sold at a starting price of $0.20 per token.

Brits pessimistic about cryptocurrencies, survey shows (The Next Web), Rated: B

A survey conducted by D-CYFOR, a UK-based market research company, has shown that as many as 93 percent of Britons have heard of Bitcoin — an increase of 2 percent from the poll conducted in January by the same company.

But, the increased awareness has not translated into increased trust for the apex cryptocurrency.

32 percent of the surveyed people feel that Bitcoin’s price will decrease in the next 6 months, while 29 percent believe that it will collapse and be worthless.

China

 

Chinese Gaming Company To Use Verge As In-game Currency (Legal Gambling and the Law), Rated: A

Eventually, the cryptocoin was dumped in the market. In the past two days, Verge had lost more than 30% to trade at $0.07. However, XVGWhale, a big Verge investor, who acts more or less the PR of the company, has tweeted yesterday that Morefun, a Chinese gaming company, is interested in partnering with Verge to create an in-game XVG wallet.

Under the partnership, Verge will be the in-game currency for all their iPhone and Android games.

Australia

Ripple: We’re here to replace SWIFT, not partner with it (finder), Rated: AAA

A SWIFT partnership will never happen, Ripple says. It simply has nothing to offer.

It was invented decades ago, and despite maintaining many institutional applications has an impressive range of downsides and deal-breaking limitations by modern standards. The clearest is that’s it’s extremely expensive for individuals. The customer needs to pay the fees for each bank that messages each other along the way. Many of those banks don’t actually need to be involved, but are anyway. These costs make it impossible to send small payments through the SWIFT network, and almost impossible to accurately predict how much money will actually arrive at the final destination.

In a recent interview with TFX, Ripple’s global head of strategic accounts, Marcus Treacher, said outright that a Ripple-SWIFT partnership would almost certainly not be happening. Firstly, he said, the two groups are currently focused on relatively different markets and transaction types. Secondly, the advent of distributed ledger technology (DLT) coupled with SWIFT’s relative lack of innovation, is likely to see SWIFT’s demise in the relatively near future.

How a Brisbane-based startup protects global initial coin offerings from hackers (Business Insider), Rated: B

Brisbane-based cyber security company Entersoft has successfully helped launch and protect $US1 billion of initial coin offerings to the world market without a single hack or lost token value.

According to some estimates, more than $US400 million has been lost from ICO hacks since 2015.

Asia

Another top crypto exchange plans on issuing its own coin (crypto-lines), Rated: AAA

Another top crypto exchange, Bithumb, has hinted at plans to develop their own coin. Bithumb is the largest crypto exchange in South Korea and occupies the fifth slot globally. ‘Bithumb coin’ will be the name of the coin.

Monacoin: Japan’s First Native Cryptocurrency — Next Big Thing Or Next Beta-Max? (Forbes), Rated: A

What many people don’t know is that Japan does have its own indigenous cryptocurrency, Monacoin, which began almost as a joke in 2013.

Monacoin currently has a market capitalization of roughly $220 million (1 Monacoin=$3.74) but last December its value surged to more than a billion dollars, trading at almost $20 per Monacoin.

T-BOT Micropayment Cryptocurrency Token? (BitcoinExchangeGuide), Rated: B

T-BOT is a new cryptocurrency company focused in the content creation industry. It promises to enable its users to have complete control over their financial management and give both the creators and the consumers a platform that works well. Its goal is to facilitate investments, management of finances, operations and personal purchases of content.

The focus of T-BOT is to be a platform that can be useful for micropayments, especially in the context of image and video content providers, as there are a lot of platforms that are only interested in written articles.

Canada

The First Publicly Traded Company Focused Solely on Ethereum Begins Trading (CoinJournal), Rated: AAA

The Canadian corporation Ether Capital (NEO:ETHC), the first publicly traded company focused solely on the Ethereum network, has announced in a press release that their shares will begin trading on Thursday, April 19th.

CoinField, the Canadian Cryptocurrency Exchange, Adds 10 New Coins in 2018 (GlobeNewswire), Rated: A

CoinField has announced today that the updates to its platform have been completed, allowing the exchange to introduce at least a total of 10 new coins to its already impressive portfolio. Majority of the new coins will be available for trade in Canada for the first time however the final list of coins will be announced in May 2018.

Latin America

Brazil To Allow Funds To ‘Indirectly’ Invest In Cryptocurrencies (Forbes) Rated: AAA

The Comissão de Valores Mobiliários, which acts as Brazil’s equivalent of the Securities and Exchange Commission in the United States, will publish guidance advising fund managers on the extent to which they can participate in global cryptocurrency markets without running afoul of local regulators, according to the Folha de S. Paulo – Brazil’s largest newspaper.

The document will lay out the rules and procedures that fund managers must abide by when becoming involved with cryptocurrency, such as disclosing these activities to potential investors as well as the value proposition for becoming involved in the first place.

Africa

Why SARS is potentially wrong about Bitcoin and cryptocurrencies in South Africa (BusinessTech), Rated: AAA

SARS recently issued a statement explaining its views on the tax treatment of cryptocurrencies. In summary, SARS states that cryptocurrencies are not to be treated as currency for tax purposes, and that the normal tax principles should apply to cryptocurrencies as if they are intangible assets.

The reasons provided by SARS for the view above are that (a) cryptocurrencies are not official South African tender and (b) are also not widely used and accepted in South Africa as a medium of payment or exchange, Lessing said.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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