Category Archives: Cryptocurrency

As cryptocurrencies gain increasing acceptance and use, tax professionals need to become more familiar with the complex intricacies of these unique assets

Cryptocurrency may be akin to digital money but its a long way from cash for tax purposes. For example, digital assets are classified as property by the U.S. Internal Revenue Service (IRS).

Traders and investors everywhere are adding cryptocurrency to their portfolios. And at tax time, they may be going to their tax professionals for advice on how to handle these assets. Tax professionals increasingly are needing to ascend a steep learning curve to provide their clients with expert advice on cryptocurrency taxes.

However, cryptocurrency tax issues dont have to be time consuming or scary and tax professionals can provide exceptional value to clients by remembering some core principles and following established best practices.

As mentioned, the IRS classifies cryptocurrency and other digital assets as property. Standard property tax rules apply, with realized capital losses or gains typically determining crypto tax liability.

The treatment of cryptocurrency like property makes it akin to real estate or stock for tax purposes. Just like you would report capital gains or losses from any property transaction, the same is required for most transactions involving cryptocurrency.

Not all crypto transactions have tax implications. Using fiat money to buy and hold cryptocurrency is generally not taxable until the crypto is traded, spent, or sold.

Tax professionals can reduce their mental load by clearly understanding which types of crypto activities and transactions can have tax consequences, such as:

Questions like, How are new crypto tokens distributed for the first time? and Whats the role of decentralized finance (DeFi) in all this? are crucial to know. Initial coin offerings (ICOs) and DeFi are both important for tax professionals to understand.

ICOs work a lot like initial public offerings (IPOs) of stock, but they may differ in their tax treatment. Receiving a crypto token via an ICO may be treated as income at the time that the token is received, or the token may be classed as a capital asset subject to capital gains tax only when sold. The tax treatment for tokens produced by ICOs varies across jurisdictions.

DeFi, on the other hand, uses blockchain technology to eliminate the need for financial intermediaries like banks. DeFi platforms support a wide range of transactions that include buying, selling, trading, lending, and earning interest on cryptocurrency. The complexity and diversification of the activities occurring on DeFi platforms can create a challenge for tax professionals, in both understanding how DeFi works and interpreting the tax implications that arise from clients DeFi transactions.

The regulatory landscape for digital assets is evolving at breakneck speed. Federal agencies in the United States are suing major industry participants and fighting over whether and which cryptocurrencies are securities. Lawmakers and regulators in the United Kingdom are making strong moves to classify cryptocurrency as a regulated asset. And jurisdictions like Hong Kong are increasingly opening up to attract more crypto and web3 businesses.

Tax professionals need to become knowledgeable about the crypto regulatory landscape and pay close attention to whats changing. Whats true today about crypto regulation can easily be false tomorrow and clients are relying on their tax professionals to know whats happening.

Fortunately, there are a few different options for tax professionals to stay well informed in this area, including subscribing to reliable news sources that focus on crypto issues, reviewing official regulatory announcements, attending cryptocurrency taxation webinars, and joining professional forums for crypto tax professionals.

How crypto transactions are taxed, how information is reported, and what penalties apply for non-compliance all have the potential to evolve as the crypto industry matures. By monitoring crypto news and trends, tax professionals can ensure that they stay on top of all changes that matter for tax.

Tax professionals can significantly enhance their understanding of cryptocurrency and crypto taxes by engaging with crypto users directly. Participating actively in one or more of the many crypto communities is a solid way to stay informed about the latest trends, tools, and challenges that matter to crypto tax clients.

To become more active in a crypto community, tax professionals could begin to use channels like Telegram, Discord, and Reddit to participate in focused crypto forums or engage in other social media discussions about crypto. Tax professionals could also attend meet-ups of crypto groups or cryptocurrency conferences, or even join or organize a crypto tax webinar.

Engaging directly with crypto users is important because it keeps your crypto knowledge fresh and may even provide new leads additional tax business.

Tax professionals wishing to streamline the accounting and reporting process for cryptocurrency taxes can opt to use crypto tax software. Using a comprehensive software tool is how many tax professionals especially those new to crypto ensure the quality and accuracy of their work.

Most of the crypto tax software on the market can perform a variety of tasks more quickly and efficiently, including allowing the user to connect with multiple blockchains and exchanges, automatically import cryptocurrency transaction data, record and track many different types of crypto transactions, and process more complex crypto transactions. User can also calculate gains and losses using appropriate cost basis methods and efficiently generate customized tax reports for their clients.

These crypto tax software solutions can save valuable time and resources for tax professionals and their clients, as long as professionals are careful to choose crypto tax software that is reliable, secure, and in sync with current laws and regulations.

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6 things tax professionals need to know about cryptocurrency taxes - Thomson Reuters

Wrapped cryptocurrency tokens are like digital gift wrappers for cryptocurrencies. They take an existing cryptocurrency, like Bitcoin or Ethereum, and put it inside a special digital wrapper. This wrapper allows the original cryptocurrency to be used on a different blockchain.

It helps to make different cryptocurrencies work together and be used in various applications and services, even if they originally belong to different blockchain networks.

The concept of wrapped tokens is vast and complex. However, this concise explanation will help you understand them better. So, keep reading to learn more.

Wrapped tokens are like a special version of a cryptocurrency or digital asset tied to another coin or asset. They are usually one from a specific blockchain. They are called wrapped because they are wrapped around the original asset.

Now, whats the importance of wrapped tokens? Theyre essential for making different blockchains work together and for using decentralized financial services.

In other words, they let you easily use assets from one blockchain on another. Wrapped tokens can represent various things, like regular stablecoins, cryptocurrencies, and even unique digital items (NFTs).

For example, consider Wrapped Bitcoin (wBTC) on the Ethereum network. It stands for Bitcoin (BTC) and allows people to interact with Ethereum-based DeFi platforms and decentralized exchanges.

All these are achievable while the value and features of Bitcoin are maintained.

So, youve learned that a wrapped token is like a copy of a cryptocurrency from a different blockchain or sometimes just a different version of the same chain. But how do we actually wrap these tokens?

Lets take Wrapped Bitcoin (wBTC) as an example. Three types of entities are involved in creating wBTC on Ethereum:

Now that you know these three key players in wBTC, lets go through the simple process of wrapping a token:

Merchants can do something similar to get their BTC back and burn their wBTC on the Ethereum blockchain. wBTC relies on a DAO system to ensure everything is safe and decentralized.

But there are also wrapped tokens made by centralized groups or smart contracts.

Most people into DeFi suggest avoiding wrapped tokens managed by a centralized group. Why? Because a central group could, at any time, mess with the money thats supposed to back the wrapped token.

That money decides how much the wrapped token is worth. So, if something goes wrong with the money, the wrapped token can quickly lose its value.

Besides wBTC, there are lots of other wrapped tokens like wETH, wMATIC, renBTC, and wFTM. In the DeFi world, various platforms are creating these kinds of tokens. They are made to work smoothly with specific blockchain systems, helping to bring many different assets into a single ecosystem.

For example, Wrapped Bitcoin (wBTC) allows owners to use their BTC on Ethereums decentralized apps and DeFi platforms. Wrapped Ether (wETH) makes Ethereum more efficient for trading and smart contracts.

Stablecoins, like Dai (DAI), USD Coin (USDC), and Tether (USDT), can be easily used on different blockchains thanks to their wrapped versions. Some blockchains, like Polygon and BNB Smart Chain (BSC), have their own wrapped tokens, which help connect different blockchains and enable various decentralized uses.

In the ever-changing world of cryptocurrency, these tokens are vital for connecting different blockchain networks, promoting compatibility, increasing liquidity, and making cryptocurrency more accessible.

Wrapped tokens provide several benefits in the cryptocurrency and blockchain space. Firstly, they enhance cross-chain compatibility, allowing assets from different blockchains to work together in a specific ecosystem seamlessly.

This, in turn, improves access to a wider range of assets and increases liquidity.

Secondly, wrapped tokens streamline the use of assets for various functionalities. For example, Wrapped BTC facilitates the use of Bitcoin in the Ethereum DeFi ecosystem.

Also, they standardize and simplify how assets interact, making them more user-friendly.

Moreover, wrapped tokens empower users by giving them more control over their assets. These tokens significantly boost the utility, flexibility, and accessibility of crypto assets across several blockchain networks, promoting a more interconnected and dynamic cryptocurrency economy.

Wrapped tokens come with certain limitations despite their role in connecting different blockchain systems and increasing asset utility.

One key concern is centralization risk because wrapped tokens rely on custodians to hold the original assets, potentially leading to issues if the custodian faces problems.

This might affect the value and usefulness of the wrapped token. Moreover, the process of wrapping and unwrapping tokens can be complex and may involve additional costs, which could discourage some users.

Additionally, using external bridges and protocols for wrapping tokens carries security risks and requires trust in third-party systems.

Despite these drawbacks, wrapped tokens remain essential for linking blockchain ecosystems and expanding asset functionality. However, users should exercise caution and stay informed when utilizing them.

Wrapped tokens, like any digital value, need to be protected just like youd safeguard physical assets in the real world. Regarding security, nothing beats hardware wallets like Nano X, Ledger Nano S Plus, or Stax.

With Ledger wallets, your private keys and seed phrases are kept offline, ensuring no one can tamper with or access your wrapped tokens digitally.

Even though your keys are offline, you can still use a wide range of DeFi platforms through Ledger Live, a mobile and desktop app that connects with your Ledger wallet. This means you get top-notch security for your wrapped tokens without giving up the flexibility to use them on various DeFi platforms.

Establishing compatibility between various blockchains presents a significant challenge to the cryptocurrency industry. The issue arises because as more blockchains are created, the number of connections required to enable smooth asset transfers grows exponentially.

Efforts are underway to simplify and enhance the process of bridging assets across blockchains. One approach involves using a central bridge hub, which acts as a central point to which all other blockchains connect.

An example is Darwinia, a cross-chain bridge hub undergoing development on the Substrate platform. Shortly, bridges and wrapped crypto tokens are expected to remain integral components of the solution for achieving interoperability between different blockchains.

Wrapped tokens are like digital versions of real-world assets, and they play a vital role in connecting different blockchains and expanding the use of cryptocurrencies.

They offer benefits like interoperability and improved utility, but there are also risks to consider, such as centralization and regulatory concerns.

To keep your wrapped tokens secure, hardware wallets like Ledger provide the best protection while allowing you to use your assets in decentralized finance (DeFi).

So, while wrapped tokens have their advantages, being cautious and well-informed is key to using them effectively in the ever-evolving world of cryptocurrency.

You can sell Wrapped Bitcoin (BTC). It functions much like regular Bitcoin (BTC), but its wrapped in an Ethereum token, allowing it to be used in Ethereums decentralized applications and DeFi platforms. You can trade or sell it like any other cryptocurrency.

Wrapped Bitcoin is designed with security measures in place. It uses a multi-signature system, each member holding a key to secure the system.

This setup is used to create an Ethereum token backed by Bitcoin. Keyholders can collectively make decisions, including adding or removing custodians and freezing wBTC tokens in case of fraud or emergencies.

While these security features provide protection, like any digital asset, its essential to be cautious and follow best practices to ensure security.

Wrapped tokens come with some limitations and risks. These include potential centralization concerns, as they often depend on custodians to hold the original assets, introducing counterparty risk.

Additionally, wrapping and unwrapping tokens can be complex and may involve fees. Relying on bridges and protocols to wrap tokens may introduce security risks and require trust in third-party systems.

Not all assets can be readily wrapped, limiting the variety used across blockchains. Lastly, regulatory uncertainties surrounding wrapped tokens can lead to legal ambiguity, affecting their adoption and use.

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All About Wrapped Cryptocurrency Tokens Explained - The Tech Report

The fraud trial of former cryptocurrency wunderkind Sam Bankman-Fried has plunged the barely regulated and often misunderstood industry back into the spotlight, with prosecutors alleging millions of dollars in excessive spending and flat-out dishonest communications.

But, the giddy rehash of Bankman-Frieds $32 billion cryptocurrency rise and fall and the alleged malpractice of his futures exchange company FTX Trading Ltd. likely wont cause any lasting harm to the industry, according to Babson Professor Steven Gordon, who studies cryptocurrency.

Situations such as this tarnish the industry as a whole and keep people at arms length and concerned about it, Gordon said. On the other hand, theres a lot of interest by very well-established firms such as BlackRock and Fidelity, companies that do their due diligence. If those kinds of companies are interested in investing, cryptocurrency could be moving toward the mainstream.

Nevertheless, the trial holds plenty of lessons for both entrepreneurs and investors, Gordon said. Here are some key takeaways from Bankman-Frieds trial.

The trial has underscored the importance of regulatory compliance in the cryptocurrency space. Bankman-Frieds legal proceedings have brought attention to the need for clear and transparent rules when dealing with virtual currency.

Right now, its a bit like the wild west out there, Gordon said. Bankman-Fried had advertised FTX Trading Ltd. as a safe place for traders to deposit their money. Exchanges like FTX are expected to keep nearly 100% of their customers deposits in fluid investment instruments, ideally in the cyptocurrency of the deposit. Instead, Bankman-Fried allegedly used as much money as he wanted to buy everything from real estate in Bermuda to political influence.

If a company is banking your money, then it should be regulated like a bank, Gordon said.

The trial underscores the importance of investor awareness and due diligence when entering the crypto market. Gordon, professor of information systems at Babson, said he uses Coinbase, which is a public company that operates out of New York. The Empire State requires cryptocurrency exchanges to abide by strict regulations in order to operate there.

Right now, there is very little regulation, so youve got to be ultra careful about how you invest in cryptocurrency, Gordon said. You want to be sure that you invest in companies that have good controls in place. Also, FTX was not a public company. And, unfortunately, if you invest in a private company, their books arent public, so youre always taking a risk.

Bankman-Frieds trial has led to discussions about ethical business practices not only within the cryptocurrency industry, but for all entrepreneurs.

This is a reminder that even in a rapidly evolving industry, ethical behavior remains paramount. Entrepreneurs and organizations in the cryptocurrency space must prioritize ethics and integrity to gain trust, Gordon said.

Entrepreneurs should scrutinize every aspect of their business operations, partnerships, and investments. Conduct background checks, verify information, and ensure complete transparency in all dealings. Failing to do so can lead to serious legal and reputational consequences.

I think from the standpoint of being an entrepreneur, the lessons are clear. There are plenty of temptations that they might face if they dont have enough experience and their company is growing rapidly, Gordon said. They might be tempted to take some shortcuts here and there. Thats why they have to maintain control of their assets. They need a set of strong internal controls, and they have to follow those controls. You cant willfully bypass them.

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Tagged Faculty, Technology, Commentary, VC & Investing

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What Entrepreneurs Can Learn from the Cryptocurrency Fraud Trial ... - Babson Thought & Action

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Cryptocurrency has become a popular payment method in several sectors. Leading actors in online banking, video gaming and other essential transactions now accept cryptocurrency payments. Fortunately, online casinos have caught on to the crypto payment trends and are leveraging these crypto options to offer seamless payment solutions. This review explores an overview of cryptocurrency and its influence on modern online gambling options.

Before we go too far, lets deal with the basics.

If you have ever been confused about the nature of cryptocurrency, dont worry; we have all been there. The idea of a virtual currency is easy to grasp, but cryptocurrencies are not that simple.

Cryptocurrency is a digital payment system that runs on encrypted algorithms. The encrypted nature of crypto coins makes them alternative currencies and a secure virtual accounting system. This means that cryptocurrencies are not only convenient for making payments, but they are also safe from fraud or third-party influence.

Being a secure and anonymous payment option makes cryptocurrency appealing to sectors that need unrestricted payment options. Video games and other online gaming platforms are quick to adopt different crypto coins because they offer faster payment options with anonymity, lower fees, and better security. On the other hand, players are thrilled with how seamless payments can be with them.

There is no doubt that online casinos have taken over the gambling industry. A punter that test casino with free spins no deposit Australia 2023 enjoys the convenient gaming experience and simple design. Most online casinos attract players with large collections, intuitive interfaces, and abundant game promotions. However, fast and safe payment options remain one of the biggest selling points of online casinos.

Online gambling has gone through different payment evolutions. These betting sites have explored bank transfers, internet banking, credit cards, e-wallets and finally, we are down to crypto options. Crypto coins stand out among these payment options because they are faster, safer and more convenient.

Crypto works like other payment methods. However, it is simpler because players can make deposits and withdrawals without going through third parties. Crypto options like Bitcoin, Ethereum, Litecoin, Dogecoin, and USDT are popular payment options in several online casinos. Registered players can make crypto payments without the long KYC (Know Your Customer) requirements. Players can pay from their crypto wallets or any other credible crypto transactions portal. The good news is that casinos that allow crypto payments dont demand impossible personal information.

The popularity of cryptocurrencies in online casinos comes from the security and other benefits players get from this alternative payment method. Lets explore the leading advantages of crypto coins in online gambling.

The convergence of cryptocurrency with online gambling has resolved one of the biggest iGaming challenges. Many players worry about fairness in online gaming and suspect that the casinos and game providers may be cheating them. But cryptocurrency takes care of this challenge.

Blockchain in cryptocurrency ensures accountability in the transactions, and that technology now applies in crypto-based casinos. Betting sites that accept crypto coins also provide provably fair games developed using Blockchain technology. These provably fair game options allow players to review game history and confirm that the games were fair. These games have become the hallmark of credible gaming, but they are only available in crypto-based casinos.

Payment speed is a leading condition when considering an online casino. Players want their deposits and withdrawals to reflect instantly, which is impossible. Different factors, including the limitation of the financial institution, can extend the processing time. Fortunately, cryptocurrency does not have this limitation.

Crypto coins are unregulated digital currencies, excluding them from the usual banking or finance institution challenges. Crypto transactions are strictly between the player and the casino, making it a direct interaction with no delay. The transactions dont require long processing times like other payment options. The only delay you can experience with crypto transactions is the time it takes to reflect withdrawals in your crypto wallet.

We have stated earlier that cryptocurrency runs on a cloud-based encryption algorithm. Blockchain remains the most secure data encryption with hash functions and a vast computing range. Blockchain stores crypto coins as code, blocking all unauthorised access.

This cloud encryption also protects data by securing the players identity. Only the casino and the player would have access to the payment information, and they cannot share these details with third parties.

While cryptocurrency has become the most encouraged payment method in online interactions, it still has some notable limitations. Here are some prevalent downsides to using crypto coins in online casinos.

Like other currencies, crypto coins are subject to market factors like demand and supply, affecting their values. However, the challenge here is that the value of cryptocurrency changes faster than other currencies. Crypto prices are volatile and change without notice. This price change may sometimes be in the players favour, but that rarely happens. Players may lose money if the value of their cryptocurrency drops after they have made their deposits.

Cryptocurrency is a decentralised payment method, and this feature protects it from government regulations. The lack of oversight has benefits like anonymity and lesser transaction fees discussed earlier. Unfortunately, it also makes cryptocurrencies unacceptable in some countries.

Most governments have laws against cryptocurrency because they cannot regulate its distribution or value. Gaming and betting punters in these countries may have some challenges acquiring cryptocurrencies because they have to go through illegal crypto traders before they can get crypto coins.

Crypto coins have found their way into the online gambling sector, offering a comfortable payment solution to players. It is safe to state that crypto is the future of online casinos, and this post covers everything you should know about cryptocurrencies and online casinos.

*This article was paid for Cryptonomist did not write the article or test the platform.

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Exploring the Convergence of Cryptocurrency and Online Gambling - The Cryptonomist

In 2023, the crypto terrain pulsates with fervor, thanks to a confluence of established juggernauts and vibrant entrants. ApeMax, a recent addition, is at an interesting juncture, encapsulating the allure of meme coins, innovative tokenomics, and a noteworthy presale. While stalwarts like Bitcoin and Ethereum persist in being pivotal, the emergence of tokens such as ApeMax suggests a diversifying crypto panorama. Lets journey through these intriguing cryptocurrencies, their trajectories, and the narratives they weave.

Bitcoin: Pioneering the decentralized cryptocurrency space, Bitcoins legacy remains unparalleled. As of November 2021, Bitcoin reached an impressive all-time high of $68,789.

ApeMax: A synthesis of meme coin charm and novel tokenomics, its Boost-to-Earn system, coupled with a rapidly expanding presale, positions ApeMax in a unique spotlight.

Ethereum: Anchoring decentralized applications, Ethereums influence in blockchain is undiminished. Between its inception in August 2015 and its pinnacle, Ethereum surged by over 1700x.

Dogecoin: From its meme origins, Dogecoin has evolved into a significant cryptocurrency, highlighting the sectors unpredictability. Its market cap has soared beyond $8.4 billion.

Shiba Inu: Amplifying the meme coin narrative post-Dogecoin, its strategic initiatives and community fervor maintain its relevance. Shiba Inu witnessed an astounding 8,300,000% growth from August 2020 to its zenith in October 2021.

Ripple: Aiming to revolutionize cross-border transactions and buoyed by strategic alliances with financial powerhouses, Ripples significance in the crypto story remains in flux.

Pepe Coin: A fresh face in the crypto arena, Pepe Coins trajectory is impressive, achieving a $1 billion market cap shortly post-launch.

ApeMax is more than meme aesthetics. Its unique attributes and systems present a fresh perspective in the meme coin domain. Beyond traditional staking, ApeMax empowers its holders to boost entities they like, melding potential rewards with decentralized engagement.

>> Visit the ApeMax website to Learn More <<

ApeMaxs presale captures the attention of eligible early birds seeking out new coins. Presales herald new tokens, granting eligible individuals an opportunity to obtain tokens before broader accessibility. ApeMaxs is doubly distinctive, with both early token acquisition and the introduction of an innovative crypto coin.

ApeMaxs differentiators earmark it as a significant contender:

Innovative Staking: Its Boost-to-Earn transcends conventional staking paradigms. It lets stakers boost entities they like, forging a decentralized engagement landscape with potential staking rewards.

Transparent Tokenomics: In a realm yearning for transparency, ApeMaxs lucid tokenomics engender trust and curiosity.

Presale Momentum: The accelerated traction of ApeMaxs presale accentuates its burgeoning stature in the young crypto and top new presale domain.

While Bitcoin and Ethereums ascents are legendary, meme coins like Dogecoin and Shiba Inu underscore that significant growth can emerge from unanticipated avenues. Pepe Coins swift rise and the ongoing intrigue around new token presales, such as ApeMaxs, highlight the enduring enthusiasm and innovation in the crypto sphere.

The crypto tapestry is intricate, interweaving established luminaries like Bitcoin and Ethereum with vibrant novelties like ApeMax. As ApeMaxs presale garners traction, its distinctive features and presale dynamics underscore that the crypto narrative remains in flux. Engaging with crypto necessitates well-informed discernment, caution, and a comprehensive grasp of its inherent risks and volatilities. Note: this article does not proffer financial guidance. The volatile nature of cryptocurrencies implies potential risks, and its essential not to overspend. Crypto engagement may not resonate with everyone. Acquiring ApeMax tokens is subject to territorial restrictions. Exclusions encompass the USA, Canada, among others. Always reference the official ApeMax site for a full list of restricted nations and prerequisites before proceeding.

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New 100x Crypto Coins | Fastest Growing Cryptocurrency and New ... - Analytics Insight

The US Treasury Department has imposed sanctions on nine individuals of the Palestinian Islamist group Hamas and a Gaza-based cryptocurrency exchange in an effort to stem the revenue flow to the group.

The department announced on Wednesday that the sanction targets Hamas senior officials and other members managing assets in a secret Hamas investment portfolio, as well as the virtual currency exchange used for money transfers and other purposes.

The department said in the announcement that in addition to the funds Hamas receives from Iran, the group's global portfolio of investment generates a large amount of revenue through its assets worth hundreds of millions of dollars.

It added that companies in Sudan, Algeria, Turkey, the United Arab Emirates and other countries managed the funds under the guise of legitimate businesses.

It said the designations are part of the US continuous efforts to "root out Hamas's sources of revenue."

US Treasury Secretary Janet Yellen said in the announcement, "We will continue to take all steps necessary to deny Hamas terrorists the ability to raise and use funds to carry out atrocities and terrorize the people of Israel."

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US imposes new sanctions on Hamas members, cryptocurrency ... - NHK WORLD

Oct. 17, 2023

The most brutal thing about these scams is it preys on your vulnerability. By necessity, when you're in the dating pool, you have to open yourself up to meeting new people and experiencing new things. And that's part of how these kinds of scams work, says Joel Khalili, crypto and tech reporter for Wired. Photo by Shutterstock.

A recent online dating scam called pig-butchering is tricking people into giving away big bucks via cryptocurrency.

President Biden heads to the Middle East on Wednesday. Hell have to walk a fine line of supporting Israel, while advocating for humanitarian needs in Gaza.

Hamas Oct. 7 attack on Israel has been compared to 9/11. Is Israel risking a similar outcome with plans to march into Gaza to destroy the terrorist group?

In the 1980s, RJ Reynolds and Phillip Morris bought Kraft and Nabisco, pumping their food with sugar, fat, sodium, and other additives that made people crave them.

What comedy shows to watch this season? Consider Our Flag Means Death, Gen V, Shrinking, and Bobs Burgers, says one critic.

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Online dating apps are colliding with cryptocurrency and human ... - KCRW

The accounts of 80 popular cryptocurrency influencers, each with more than 8 million followers, have been removed from one of Chinas most popular social media apps, as Beijing maintains its tight grip over crypto activities.

The Weibo accounts, which promoted cryptocurrencies, had breached eight regulations in China covering areas such as marketing, internet safety, telecommunications, trade and finance, Weibo Finance said in a statement on Tuesday.

The Beijing-based firm said it would continue to receive complaints from users and initiate investigations on illegal virtual currency trading information in accordance with local laws.

The account suspensions follow a major nationwide crackdown on crypto speculation in August 2022, when the Cyberspace Administration of China (CAC) ordered the removal of 12,000 crypto-related accounts on websites including Weibo and search engine Baidu, and 51,000 social media posts promoting virtual assets.

At the time, the CAC said it would continue to strengthen its crackdown on illegal securities activities that exist on those platforms and strictly uphold related rules.

The latest closure of crypto-related Weibo accounts is part of a wider cleansing of online information by the company, which said it dealt with more than 140,000 accounts involved in spreading false or harmful information.

In September 2021, 10 top government agencies in China jointly declared a broad range of cryptocurrency-related activities as illegal financial activities.

However, activities related to virtual assets continue to exist in China, with some operating in a legal grey area.

Still, the government has remained steadfast in cracking down on cryptocurrency mining, which involves intensive energy consumption.

Prosecutors recently brought one of the countrys largest miners of the open-source, public cryptocurrency Filecoin to court, charging four executives with crimes including organising and leading a pyramid scheme involving more than 600 million yuan (US$82 million).

Additional reporting by Lilian Zhang

Link:
Chinas Weibo banishes 80 prominent crypto influencers - South China Morning Post

As one of the tastylive network's producers, Ryan Sullivan fields questions from listeners calling in to the live show all day long. Do you have a finance or trading question for our research team to answer in this column? Send it to ryan.sullivan@tastylive.com

Today's question was inspired by Crypto Conversations:

There are different views on whether cryptocurrencies, like Bitcoin, might harm traditional money systems. Your opinion might depend on your understanding of cryptocurrencies, their growth potential, and their effect on central banks and monetary policies.

Some people think cryptocurrencies could disrupt central banks' control over money, causing financial instability. Others believe they can coexist with traditional finance, helping those without bank access and speeding up transactions, though this poses regulatory issues.

Some see cryptocurrencies as a tool for financial innovation, capable of changing finance and inspiring the creation of digital currencies from central banks. Others see cryptos as risky investments, which do not threaten traditional systems but could cause instability if a bubble bursts. Lastly, some worry that cryptocurrencies could damage the control a country has over its money, especially in places with weak currencies.

With such a wide array of views, it can be beneficial to gain insights from industry professionals. One such expert, Ilya Spivak, the head of global macro at tastylive, shares his unique perspective on the matter. Let's delve into Spivak's perspective on cryptocurrencies and their potential impact on traditional monetary systems.

Since their emergence in the wake of the 2008 global financial crisis, cryptocurrencies have struggled to convince a broad-enough coalition of believers to accept that they are truly a form of money. To take up that role, these new digital assets must deliver on three key functions.

They need to be effective at being:

Bitcoin and its ilk can be said to broadly achieve the first of these, though there are lingering questions about their efficiency, accuracy, and transparency relative to existing national fiat currency systems. The latter two are problematic. Crypto volatility and murky, uneven regulation undermine both.

It isnt difficult to understand why.

Consider the U.S. dollar. It is backed by the faith and credit of the U.S. government. That is far weightier than it sounds. The creditworthiness of the United States is underpinned by the largest and richest tax base in history. The country is also the worlds strongest military power.

This makes the U.S. overwhelmingly unlikely to default, while possessing all the might needed to incentivizeand, if push comes to shove, compelthose in its debt to pay up.

It is small wonder that the U.S. Treasury bond is the default risk-free asset for international financial markets while the greenback is used to settle over 80% of global monetary transactions, according to data from the Bank of International Settlements (BIS).

Such a scale means that the dollar is unrivaled in its liquidity, enabling it to absorb large capital flows without much volatility. It also encourages the development of deep, sophisticated financial markets where the multitude of participants demand robust and predictable regulation. These benefits are self-reinforcing, making for even greater scale.

Bitcoin and other cryptocurrencies lack these qualities by design because they were expressly conceived to enable transactions outside the reach of governmental oversight. Not surprisingly, they have been devilishly difficult to regulate.

This means that securing the level of trust needed for overwhelming adoption is ever elusive, which undermines liquidity. Which, in turn, keeps volatility uncomfortably high for something wanting to be money rather than a jumpy, speculative vehicle. This amounts to the U.S. dollars virtuous self-reinforcement dynamic in reverse.

All up, cryptocurrencies have little scope to become viable alternatives to national fiat-based systems. However, the blockchain and smart contract technology at their root enables a potent challenge to traditional financial intermediaries, like banks and credit card companies.

If national monetary authorities like the Federal Reserve can use it to create and efficiently manage vast digital payment systems without an army of private-sector middlemen, they will be able to cut them out of the loop and deal with customers directly.

This process is already underway. The Fed, the European Central Bank (ECB), the Peoples Bank of China (PBOC) and many others have made no secret of working on digital versions of their fiat currencies, the so-called CBDCs (central bank digital currencies) or govcoins.

When these become operational, the financial institutions left out of the equation will have to figure out how to keep customers cash on their books. That is likely to mean slashing prices for services and bringing premium offerings like tax advice and financial planning to the mass market. The alternative might lead to obsolescence and extinction.

Ilya Spivak, tastylive head of global macro, has 15 years of experience in trading strategy, and he specializes in identifying thematic moves in currencies, commodities, interest rates and equities. He hosts Macro Money and co-hosts Overtime, Monday-Thursday. @Ilyaspivak

Ryan Sullivan is an active options and forex trader and programming producer for the tastylive network.

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Is Cryptocurrency a Threat to Traditional Monetary Systems? - tastylive

In the ever-evolving landscape of digital currencies, there is a growing demand for an authoritative, global outlook on crypto regulation.

As we stand on the precipice of an era-defining shift in the financial world, the potential for significant changes in the way we deal with cryptocurrencies like XRP cannot be understated.

Stay updated with the latest XRP news to understand the impact of regulatory changes on your investments.

Before we delve into the regulatory changes and their implications, lets understand what were dealing with: cryptocurrencies have rapidly infiltrated the mainstream consciousness due to their inherent advantages over traditional financial systems; the ease of use, speed, privacy, and independence from conventional intermediaries make digital currencies an enticing alternative.

But with great power comes great responsibility with their unique features, cryptocurrencies have also brought about new challenges that traditional financial systems are not equipped to handle.

Issues such as market volatility, lack of consumer protection, and potential misuse for illegal activities have increasingly become a cause for concern.

Regulators worldwide have woken up to the challenges and opportunities presented by cryptocurrencies; however, their responses have been as diverse as the countries they represent while some nations have been encouraging, others have been cautious, resulting in a fractured global stance towards crypto regulation.

A unified approach to regulation is necessary to ensure the safe and sustainable growth of the global crypto market; in light of this, the call for a global regulatory framework has gained momentum.

A collective approach could bring stability to the market, enhance investor protection, and deter the misuse of these innovative financial instruments.

XRP, developed by Ripple Labs, has been a significant player in the digital currency world and an essential topic in recent XRP news, but it has also been under regulatory scrutiny, especially in the United States.

The global shift towards cryptocurrency regulation has considerable implications for XRP; if the new regulations can offer clarity on the status of XRP (a topic hotly debated as to whether its a security or a currency), it may improve market sentiment towards XRP, thereby bolstering its value and acceptance.

Still, the regulatory shift isnt all rosy for XRP more robust regulations might bring more intensive scrutiny to XRP and its operations.

The possibility of restrictive measures could impact its market standing and price dynamics; thus, staying informed through XRP news is crucial for investors and market participants.

The concept of crypto regulation is not a set-in-stone idea; instead, its an ever-evolving landscape shaped by technological advancements and global acceptance of cryptocurrencies.

The charm of decentralization that cryptocurrencies offer also presents a regulatory challenge finding a middle ground between maintaining the core principles of cryptocurrencies and imposing necessary regulations will be a vital part of future discussions.

Apart from investor protection, the focus of these discussions will likely include issues such as cybersecurity threats and the environmental impact of cryptocurrency mining.

Regulatory shifts dont only impact individual cryptocurrencies like XRP but also shape the global crypto market.

Uniform regulations can level the playing field, create fair competition, and promote market integrity, though they can also stifle innovation if not carefully crafted.

Regulations can boost investor confidence by offering more transparency and security they can also encourage institutional participation, leading to greater liquidity in the market.

Conversely, stricter regulations may cause a market contraction, at least in the short term, due to heightened scrutiny and possible limitations on crypto operations.

The era of global regulatory shifts in cryptocurrency is upon us, and the landscape is set to evolve at a rapid pace; investors and market participants must be proactive, keeping abreast with the changing regulations, which can significantly impact the value of their digital assets.

Following the latest XRP news and updates on other cryptocurrencies is a vital part of this proactive approach; in the crypto world, being knowledgeable is not just about wielding power its also about protecting yourself from potential pitfalls.

The ongoing global regulatory shifts in cryptocurrency will significantly impact digital assets like XRP and the broader crypto market.

As we move forward, regulatory clarity will become an increasingly important factor, influencing the sustainability and success of cryptocurrencies.

Understanding and navigating these changes is crucial for all stakeholders involved in this dynamic market.

Despite the challenges and uncertainties, the promise of cryptocurrencies remains high the journey ahead is likely to be exciting, albeit challenging, signaling a new era of financial innovation.

And as we navigate these changes, keeping informed through resources like XRP news will be the guiding light leading the way.

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Global Regulatory Shifts in Cryptocurrency: Impact on XRP and ... - The European Business Review