Category Archives: Cryptocurrency

10 P.M. Weather ReportWe'll be well below average temperature-wise Wednesday, reports Chris Shaffer (2:51).WCCO 4 News At 10 - March 30, 2021

Good Question: How Will Spending Cryptocurrency Online Work?PayPal announced it will allow customers to use cryptocurrency, like Bitcoin, as a form of payment, reports Jeff Wagner (2:29).WCCO 4 News At 10 - March 30, 2021

Toddler's Life Hangs In Balance After 'Miracle' Drug DiscontinuedA Minnetonka family is fighting for the life of their 2-year-old daughter after the announcement that her "miracle" medicine will be discontinued, reports David Schuman (2:02).WCCO 4 News At 10 - March 30, 2021

Minnesota Winters Are 'Changing Pretty Quickly Before Our Eyes'Climate experts say winters are trending milder, and that impacts activates and businesses many Minnesotans love -- as well as things that are often unseen, reports Erin Hassanzadeh (2:45).WCCO 4 News At 10 - March 30, 2021

Derek Chauvin Trial: 6 Witnesses Give Emotional TestimonyDay two of the Derek Chauvin trial brought emotional testimony from people who witnessed George Floyd's final moments, reports Jennifer Mayerle (2:27).WCCO 4 News At 10 - March 30, 2021

6 P.M. Weather ReportWe've got at least another day of chill to endure, Chris Shaffer reports (2:30). WCCO 4 News At 6 - March 30, 2021

'Sunshine Personified': Friends, Family Remember Rock Climber Killed In FallAn experienced rock climber is being remembered today for how he lived his life, Susan-Elizabeth Littlefield reports (2:30). WCCO 4 News At 6 - March 30, 2021

Gov. Tim Walz. Former Gov. Tim Pawlenty Get COVID Vaccine In Bipartisan Show Of ForceTheir joint effort comes on the day anyone 16 or older in Minnesota is eligible for the vaccine, Caroline Cummings reports (1:44). WCCO 4 News At 6 - March 30, 2021

Community Leaders, Minneapolis Police Union Meet To Discuss Safety Of City ResidentsA meeting between community members and the Minneapolis Police Union is an effort to create a new beginning, Reg Chapman reports (1:52). WCCO 4 News At 6 - March 30, 2021

On Day 2 Of Testimony In Derek Chauvin Trial, Mpls. Firefighter TestifieToday, the jury heard from a Minneapolis firefighter who tried to intervene during the fatal encounter between Chauvin and George Floyd, Esme Murphy reports (2:57). WCCO 4 News At 6 - March 30, 2021

5 P.M. Weather ReportChris Shaffer reports, its over 30 degrees colder than it was on Monday, but temperatures are still going to warm (2:49) WCCO 4 News At 5 - March 30, 2021

Boys Hockey Players File Lawsuit Against Minnesota State High School LeagueA judge has ruled against nine Hill-Murray seniors who sued the Minnesota State High School League, Kate Raddatz reports (2:12) WCCO 4 News At 5 - March 30, 2021

Fridley Girl, 10, Missing And Believed To Be Driving Car Taken From HomePolice in Fridley are looking for Ava Whitfield, who they say took a black Chevy Equinox from her home on Tuesday morning (00:24) WCCO 4 News At 5 - March 30, 2021

Derek Chauvin Trial: Key Testimony From Those Who Witnessed George Floyds Final MomentsEsme Murphy reports, Darnella Frazier, the young woman who recorded the viral video of the deadly arrest, was among those who took the stand on Tuesday (2:56) WCCO 4 News At 5 - March 30, 2021

Fridley Girl, 10, Missing And Believed To Be Driving Car Taken From HomeThe Minnesota Bureau of Criminal Apprehension is seeking a 10-year-old Fridley girl who went missing Tuesday, and is believed to be driving a vehicle taken from her home. Katie Johnston reports.

Noon Weather ReportWe're looking at the possibility of a very warm Easter Sunday, Lisa Meadows reports (3:02). WCCO 4 News At Noon - March 30, 2021

Erupting Icelandic Volcano Draws SpectatorsThousands are hiking to the site of a spectacular volcanic eruption in Iceland to get a close-up glimpse of the rare sight, Ian Lee reports (1:55). WCCO 4 News At Noon - March 30, 2021

Darnella Frazier, Who Took Facebook Video, Testifies In Chauvin TrialHer testimony is audio only, as she was a minor last summer and is one of four young witnesses who judge Cahill wanted to make more comfortable, Christiane Cordero reports (4:47). WCCO 4 News At Noon - March 30, 2021

Fun Ways To Celebrate Easter, In Person Or VirtuallyJasmine Stringer shares some tips and suggestions (4:25). WCCO Mid-Morning - March 30, 2021

Levi LaVallee Talks With WCCO About Daring JumpsMinnesota Native and Red Bull professional snowmobile rider Levi LaVallee took to the skies of downtown Duluth for a series of stunts and jumps through the citys streets and harbors (3:24). WCCO Mid-Morning - March 30, 2021

Advice On Catching Up On Your Retirement GoalsDustin Smith from Wealth Enhancement Group shares some tips (3:10). WCCO Mid-Morning - March 30, 2021

9 A.M. Weather ReportEaster weekend is looking significantly warmer than the middle of this week, Riley O'Connor reports (3:09). WCCO Mid-Morning - March 30, 2021

Unresolved Arguments Could Be Shortening Your LifetimeNew research by Oregon State University shows you should wrap up arguments if you want to live a longer, healthier life (3:12). WCCO Mid-Morning - March 30, 2021

Study Reveals Encouraging Real-World Outcomes For COVID VaccinesThe Moderna and Pfizer vaccines are 90% effective in preventing asymptomatic infections according to study results (2:42). WCCO Mid-Morning - March 30, 2021

See the article here:
Good Question: How Will Spending Cryptocurrency Online Work? - CBS Pittsburgh

Bloomberg

(Bloomberg) -- From his perch high above Midtown Manhattan, just across from Carnegie Hall, Bill Hwang was quietly building one of the worlds greatest fortunes.Even on Wall Street, few ever noticed him -- until suddenly, everyone did.Hwang and his private investment firm, Archegos Capital Management, are now at the center of one of the biggest margin calls of all time -- a multibillion-dollar fiasco involving secretive market bets that were dangerously leveraged and unwound in a blink.Hwangs most recent ascent can be pieced together from stocks dumped by banks in recent days -- ViacomCBS Inc., Discovery Inc. GSX Techedu Inc., Baidu Inc. -- all of which had soared this year, sometimes confounding traders who couldnt fathom why.One part of Hwangs portfolio, which has been traded in blocks since Friday by Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co., was worth almost $40 billion last week. Bankers reckon that Archegoss net capital -- essentially Hwangs wealth -- had reached north of $10 billion. And as disposals keep emerging, estimates of his firms total positions keep climbing: tens of billions, $50 billion, even more than $100 billion.It evaporated in mere days.Ive never seen anything like this -- how quiet it was, how concentrated, and how fast it disappeared, said Mike Novogratz, a career macro investor and former partner at Goldman Sachs whos been trading since 1994. This has to be one of the single greatest losses of personal wealth in history.Late Monday in New York, Archegos broke days of silence on the episode.This is a challenging time for the family office of Archegos Capital Management, our partners and employees, Karen Kessler, a spokesperson for the firm, said in an emailed statement. All plans are being discussed as Mr. Hwang and the team determine the best path forward.The cascade of trading losses has reverberated from New York to Zurich to Tokyo and beyond, and leaves myriad unanswered questions, including the big one: How could someone take such big risks, facilitated by so many banks, under the noses of regulators the world over?One part of the answer is that Hwang set up as a family office with limited oversight and then employed financial derivatives to amass big stakes in companies without ever having to disclose them. Another part is that global banks embraced him as a lucrative customer, despite a record of insider trading and attempted market manipulation that drove him out of the hedge fund business a decade ago.A disciple of hedge-fund legend Julian Robertson, Sung Kook Bill Hwang shuttered Tiger Asia Management and Tiger Asia Partners after settling an SEC civil lawsuit in 2012 accusing them of insider trading and manipulating Chinese banks stocks. Hwang and the firms paid $44 million, and he agreed to be barred from the investment advisory industry.He soon opened Archegos -- Greek for one who leads the way -- and structured it as a family office.Family offices that exclusively manage one fortune are generally exempt from registering as investment advisers with the U.S. Securities and Exchange Commission. So they dont have to disclose their owners, executives or how much they manage -- rules designed to protect outsiders who invest in a fund. That approach makes sense for small family offices, but if they swell to the size of a hedge fund whale they can still pose risks, this time to outsiders in the broader market.This does raise questions about the regulation of family offices once again, said Tyler Gellasch, a former SEC aide who now runs the Healthy Markets trade group. The question is if its just friends and family why do we care? The answer is that they can have significant market impacts, and the SECs regulatory regime even after Dodd-Frank doesnt clearly reflect that.Valuable CustomerArchegos established trading partnerships with firms including Nomura Holdings Inc., Morgan Stanley, Deutsche Bank AG and Credit Suisse Group AG. For a time after the SEC case, Goldman refused to do business with him on compliance grounds, but relented as rivals profited by meeting his needs.The full picture of his holdings is still emerging, and its not clear what positions derailed, or what hedges he had set up.One reason is that Hwang never filed a 13F report of his holdings, which every investment manager holding more than $100 million in U.S. equities must fill out at the end of each quarter. Thats because he appears to have structured his trades using total return swaps, essentially putting the positions on the banks balance sheets. Swaps also enable investors to add a lot of leverage to a portfolio.Morgan Stanley and Goldman Sachs, for instance, are listed as the largest holders of GSX Techedu, a Chinese online tutoring company thats been repeatedly targeted by short sellers. Banks may own shares for a variety of reasons that include hedging swap exposures from trades with their customers.Unhappy InvestorsGoldman increased its position 54% in January, according to regulatory filings. Overall, banks reported holding at least 68% of GSXs outstanding shares, according to a Bloomberg analysis of filings. Banks held at least 40% of IQIYI Inc, a Chinese video entertainment company, and 29% of ViacomCBS -- all of which Archegos had bet on big.Im sure there are a number of really unhappy investors who have bought those names over the last couple of weeks, and now regret it, Doug Cifu, chief executive officer of electronic-trading firm Virtu Financial Inc., said Monday in an interview on Bloomberg TV. He predicted regulators will examine whether there should be more transparency and disclosure by a family office.Without the need to market his fund to external investors, Hwangs strategies and performance remained secret from the outside world. Even as his fortune swelled, the 50-something kept a low profile. Despite once working for Robertsons Tiger Management, he wasnt well-known on Wall Street or in New York social circles.Hwang is a trustee of the Fuller Theology Seminary, and co-founder of the Grace and Mercy Foundation, whose mission is to serve the poor and oppressed. The foundation had assets approaching $500 million at the end of 2018, according to its latest filing.Its not all about the money, you know, he said in a rare interview with a Fuller Institute executive in 2018, in which he spoke about his calling as an investor and his Christian faith. Its about the long term, and God certainly has a long-term view.His extraordinary run of fortune turned early last week as ViacomCBS Inc. announced a secondary offering of its shares. Its stock price plunged 9% the next day.The value of other securities believed to be in Archegos portfolio based on the positions that were block traded followed.By Thursdays close, the value of the portfolio fell 27% -- more than enough to wipe out the equity of an investor who market participants estimate was six to eight times levered.Its also hurt some of the banks that served Hwang. Nomura and Credit Suisse warned of significant losses in the wake of the selloff and Mitsubishi UFJ Financial Group Inc. has flagged a potential $300 million loss.You have to wonder who else is out there with one of these invisible fortunes, said Novogratz. The psychology of all that leverage with no risk management, its almost nihilism.(Updates with latest bank to detail exposure in penultimate paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2021 Bloomberg L.P.

Continued here:
US Government Sees Cryptocurrency Spring Fever as Great Time to Auction Bitcoin - Yahoo Finance

Norwegian esports organisation Nordavind has announced a commercial partnership with cryptocurrency company Norwegian Block Exchange (NBX).

According to the release, NBX and Nordavind will look to introduce cryptocurrency-focused bonus and loyalty programmes for players, payment portals and tournaments that provide opportunities for participants and spectators.

RELATED: Nordavind establishes partnership with SteelSeries

Steffen Willumsen, Nordavinds Commercial Director, commented: Nordavind and NBX are two brands born in the digital world, which makes us a natural fit. Both cryptocurrency and e-sports are ground-breaking in their respective segments, and also share much of the same target area. We are proud to work with such a solid company as NBX, and we are eager to see what we can achieve together in the time to come.

The integration of cryptocurrency in esports has been a growing topic within the industry, particularly as organisations look to capitalise on the digital asset through the use of NFTs (Non-Fungible Tokens) or blockchain platforms.In addition to the bonus and loyalty programmes, Nordavind will also integrate NBXs branding across its social content and clothing. In addition, both entities will collaborate on digital and physical tournament activations, such as hosting events for its community across multiple esports titles.

RELATED: Simplicity Esports to offer limited edition NFTs to esports centre members

Stig Aleksander Kjos Mathisen, CEO of Norwegian Block Exchange, commented: This was a no-brainer, it was just a question of time. Cryptocurrency is here to stay, and young people will play a major role in the next wave of adoption, with both payment mechanisms and investment opportunities. Esports and cryptocurrency are experiencing exponential growth, attracting audiences beyond just young people.

We are very pleased that we have now entered into a partnership with Nordavind, where several of the players already are familiar with NBX. Therefore the timing is perfect for reaching out to each other and together create meaningful interactions for everyone who is interested in e-sports and the money of the future.

Nordavind is not the only esports organisation to announce a cryptocurrency partnership this week. Yesterday, Simplicity Esports and Gaming Company announced a collaboration with Project Token and the University of Central Florida Blockchain Innovation Lab to sell limited edition NFTs to members of its gaming centres.

Esports Insider says: This is a huge partnership between two emerging industries, cryptocurrency and esports. It seems like the deal will boost crypto possibilities throughout the organisation, which could prove to be a valuable move. Moreover, NBXs brand will be heavily present across Nordavinds branding, which increases its reach in esports.

ESI Digital Spring | 30-31st March

Read more:
Nordavind partners with cryptocurrency firm NBX - Esports Insider

In the United States, the SEC does not regulate platforms such as Coinbase primarily because digital currencies are not considered a security.

Reuters

Cryptocurrency industry participants are warning that recent guidelines imposed by Canadian securities regulators on crypto-trading platforms could lead foreign-based platforms to block Canadian users rather than comply with the regulations.

Foreign crypto-exchange giants such as Coinbase Inc., Binance and Gemini are popular in Canada because they offer a wide range of assets and generally more favourable buy and sell rates.

On Monday, the Canadian Securities Administration an umbrella group of all 13 provincial and territorial securities regulators released guidelines compelling all crypto-trading platforms, including non-Canadian ones, to register with the relevant authorities and bring their operations into compliance.

Story continues below advertisement

It is reasonable and likely to expect that many of the big foreign platforms will not want to comply to Canadian securities legislation and will instead shut off access to Canadian investors, said Brian Mosoff, chief executive officer of Toronto-based Ether Capital Corp.

Mr. Mosoff, who is also a member of the Investment Industry Regulatory Organization of Canada (IIROC)s crypto-asset working group, said large foreign platforms can benefit local investors because they tend to be technically superior and offer exposure to a variety of innovative assets.

It is possible in the near term Canadians will be cut off from these platforms if they feel that there is no benefit to undertake the expense and time to comply with Canadian regulators.

The Globe and Mail asked several popular foreign crypto platforms that offer services in Canada, including Coinbase, Binance, FTX Exchange and Gemini, if they had begun registering with Canadian regulators or intended to. Only Coinbase responded, saying it does not have anything to share on the topic right now, but might have more to discuss in the future.

Jonathan Ip, a lawyer whose clients are predominantly blockchain and cryptocurrency companies, said Canadian investors could be left with fewer choices. The offshore platforms might say, Okay, thats nice that you have these new regulations and all, but Canada is a small market for us, so well just pack up and leave altogether, he said.

As part of the new regulation, platforms that facilitate trading in security tokens or contracts involving crypto assets will have to register to become investment dealers and eventually, members of IIROC. The deadline to get in touch with regulatory authorities about being regulated is April 19, 2021.

Most of these platforms are currently required only to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), a government agency responsible for tracking and policing money laundering and terrorist financing.

Story continues below advertisement

In the United States, the Securities and Exchange Commission (SEC) does not regulate platforms such as Coinbase primarily because digital currencies are not considered a security.

We dont want to see our competitors shut down, but of course we do have the platform capacity to take on additional accounts if foreign platforms decide to exit, said Stacey Hoisak, the recently appointed CEO and general counsel of Coinsquare, a Toronto-based trading platform for digital assets.

The company and its former executives were fined $1.9-million by the OSC last July after admitting to market manipulation and retaliating against an internal whistle-blower. Regulators forced Coinsquare to register with the OSC and IIROC.

It is a costly process and time-consuming. But we are really happy to work with regulators and engage in a more collaborative process in regulating the industry, Ms. Hoisak added.

Justin Hartzman, co-founder and CEO of Toronto-based crypto exchange CoinSmart, agreed it was possible offshore exchanges will leave Canada if the cost of regulation is deemed too high relative to the market opportunity, but added that this would be a good thing for his company.

Other Canadian crypto-trading platforms also appeared to welcome the new regulatory guidance.

Story continues below advertisement

Registration does add certain significant costs in terms of registration and legal fees to complete the IIROC application process and become registered but we believe that the guidance released by the CSA yesterday is helpful as it provides further clarity around operating in our industry that we have been seeking, said Pamela Draper, the CEO of Bitvo Inc., a Calgary-based cryptocurrency exchange.

Mr. Mosoff said the new guidelines, while necessary to protect investors, are perhaps not entirely appropriate for the cryptocurrency industry. I feel sorry for everyone the regulators who are trying to understand this, the investors trying to get involved in an entirely new asset class and the platforms that are trying to be cutting-edge.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Read the original:
Concerns mount over cryptocurrency guidelines - The Globe and Mail

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is likely to be tabled in Parliament soon. While details of the Bill are not yet known, various voices from within the government have talked about imposing a blanket ban on cryptocurrencies or experimenting with them or allowing them in only limited and closely monitored scenarios.

But what is this currency thats making the world go round? To know, lets get back to basics. What is a cryptocurrency? Its a virtual currency. Every crypto-coin is a unique code, like the serial ...

Key stories on business-standard.com are available to premium subscribers only.

MONTHLY STAR

Business Standard Digital Monthly Subscription

Complete access to the premium product

Convenient - Pay as you go

Pay using Master/Visa Credit Card & ICICI VISA Debit Card

Auto renewed (subject to your card issuer's permission)

Cancel any time in the future

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.

Requires personal information

SMART ANNUAL

Business Standard Digital - 12 Months

Get 12 months of Business Standard digital access

Single Seamless Sign-up to Business Standard Digital

Convenient - Once a year payment

Pay using an instrument of your choice - Credit/Debit Cards, Net Banking, Payment Wallets accepted

Exclusive Invite to select Business Standard events

Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, March 20 2021. 06:10 IST

Read the original post:
Decoded: What is a cryptocurrency and how does a blockchain work? - Business Standard

In 2021, food retailers need to educate themselves about digital currencies and the looming reality that businesses will eventually need the ability to accept various digital currencies. Already there are currency kiosks in place capable of processing Bitcoin and 30 other digital variants.

It can quickly become overwhelming, but knowing how the currencies are mined and tracked to say nothing of blockchain and associated technologies is hardly the most important thing for food retailers in 2021, according to Chris McAlary, CEO of Las Vegas-based digital currency services firm CoinCloud.

If they wanted to go down that rabbit [hole] now, they could, but there is no reason, says McAlary, adding that one doesnt have to know how mobile phone service works at its technological core to craft a mobile marketing program.

Whats more vital is that all age groups are using digital currency the companys largestconsumer group by volume is women age 45 and older and that the transaction technology is quickly gaining legitimacy in the financial world. In addition, payment services such as PayPal are enabling digital currency transactions. No doubt, food retail consumers will one day expect such options while buying groceries.

Thats not the only positive change, according to McAlary. Compliance has caught up, he says about digital currencies in general. Any company like us has to follow a KYC process. KYC is an acronym for know your customer, and such processes require financial services providers to verify that their customers are indeed legitimate, in hopes of preventing fraud and other illegal activities.

For now, though, the main intersection between food retail and these forms of paymentinvolves the location of digital currency ATMs or, as CoinCloud calls them, digital currencymachines (DCMs) inside supermarkets, which are themselves becoming centers of bankingactivity. Those machines in turn draw traffic into stores and are paving the way for moreadoption of digital currency in the food retail space.

Mass adoption is here, says McAlary, referring to the companys base of 1,500 machines in 45 states. Its no longer underground. There are a lot of different use cases for these digital currencies, not just investing, but payment and smart contracts and gaming.

Further evidence of mass adoption is evident from the growing partnership between Coinstar and Coinme. The companies said last December that their installed base of Bitcoin-enabled kiosks had surpassed 5,000 locations.

The fast-moving expansion of Bitcoin-enabled Coinstar kiosks means that more Americans than ever now have the power to invest in digital currencies and stake their claim in the future of money even on a quick trip to the grocery store, notes Neil Bergquist, CEO of Seattle-based Coinme.

Meanwhile, CoinFlip says that it grew its ATM network from 441 ATMs in January 2020 to more than 1,400 by the end of that year, with locations in 45 states. The Chicago-based company adds that it saw an average 48% increase in the amount per customer transaction in 2020. According to CEO and founder Daniel Polotsky, a single machine can bring in from 100 to 200 people into a store who otherwise wouldnt visit it. Whats more, food retail stores get a cut of that business.

As digital currency continues to gain ground, food retailers should, at the very least, startplanning their moves by treating Bitcoin and its competitors as another form of alternativepayment.

Do your homework and understand on a higher level how it works, advises CoinClouds McAlary, directing retailers to blogs run by companies such as his. If they are not thinking about it now, they are probably going to be left behind.

The rest is here:
The Grocer's Guide to Cryptocurrency - Progressive Grocer

Geltrude & Company founder Dan Geltrude provides insight into how cryptocurrency is taxed.

The phenomenon of underground cryptocurrency and its economic boom is raising questions as to how, or if, earnings are taxable.

Geltrude & Company founder and CPA Dan Geltrude explained to Cavuto: Coast to Coast Thursday that if crypto earnings areconsideredcapital gains, then they must be filed as such on a tax return.

Every time you use, lets say, Bitcoin, youre actually potentially triggering a taxable transaction, he said. Because when you use that Bitcoin if youre getting value greater than what you paid, what the basis was, its like a stock. You now have a gain and its taxable. So its got to be reported.

BITCOIN HITS $60,000 IN RECORD HIGH

According to Geltrude, the Internal Revenue Service (IRS) is hot on the issue. The Fraud Enforcement Office has launched Operation Hidden Treasure in search of unreported income in the form of transactional cryptocurrency.

1040 tax return forms for 2020 now question taxpayers if they have transacted in cryptocurrencies, Geltrude added, and prompt a signature under penalty of perjury.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

For Americans who have been paid in cryptocurrency, Geltrude explained thosetransactions becomea basis as would any other form of payment.

When you got paid, its no different than getting paid by credit card or cash, so whatever profit you had in the transaction, you pay there, he said.

Now youve received the Bitcoin, now you have to track what your basis is as of that transaction. Because when you go to use the cryptocurrency, you are creating potentially another taxable event. Its going to be nuts!"

CLICK HERE TO READ MORE ON FOX BUSINESS

Excerpt from:
How will cryptocurrency earnings be taxed? - Fox Business

Paris, March 17, 2021 -Governments might look askance at bitcoin, but it does not mean they do not want to cash in on its soaring value and France is set to pocket nearly $30 million from its first-ever action of the cryptocurrency, a minister said on Wednesday.

The sale was of more than 600 coins seized as part of an investigation and were valued at more than $30 million based on current market prices.

Held online by the Kapandji Morhange auction house, the sale attracted nearly 1,600 bidders.

"It's a sale that will raise 24 million euros ($29 million) in proceeds for the government", the minister of public finances, Olivier Dussopt, told the television channel, BFM Business, at the end of the auction.

When preparations got underway in September, bitcoin was trading around $10,000, far from the $60,000 it struck over the weekend, putting the sale of 611 coins in an altogether different league.

When bidding began at 9:00 am (0800 GMT), the starting price stood at 23,250 euros per coin, but most of the coins sold for around 40,000 euros apiece, more or less in line with the current market price minus exchange rate rates and commission.

No information has been disclosed about the provenance of the bitcoins as the legal process is underway.

If the defendant wins, they'll receive the funds from the auction minus commissions paid to the auction house.

Otherwise, the French state will pocket any money not awarded by the court to victims or charity.

France is far from the first to auction cryptocurrencies, with the United States doing so in 2014, followed by Canada, Australia, Belgium and Britain, according to the auction house.

Entrepreneurs are a high-risk group whenever the markets catch a cold. Heres how they invested to keep themselves, and their companies, in the pink of health.

Jyotsna Uttamchandani, Executive Director, Syska GroupIf I had to stress about investing in something this year, it would be health. A gym, at this point, is accessible to us on our smartphones. We can always do group exercise classes online or even group challenges for steps with our friends. From a business point of view, investing in AI solutions to drive productivity will be a year-round focus. It will prioritise product sales, optimise our pricing, and provide seamless forecasting.

Gautam Das, CEO, Oorjan CleantechI have participated in almost 50 marathons, including an 87-km comrade run. Spending time outdoors running, doing yoga or meditation, swimming or playing a sport is how I invest in my mental and physical well-being. Good health is the biggest wealth. I believe in financial investments in new ventures that create value and jobs. Success and money are the by-products.

Dhruvil Sanghvi, CEO, LogiNextIn 2021, I am going to double down on efforts to maintain good health by regular exercise and meditat ion. For our employees too, we are envisaging more ways for people to invest in their mind and body. As for wealth, I actively help upcoming technology entrepreneurs with mentorship and angel investments. Ill be expanding horizons here to build more pathbreaking global companies from India.

Ameera Shah, MD, Metropolis HealthcareLife is all about tradeoffs. Keep a mental and emotional balance and deal with your anxiety in a positive way. Regular exercise and spending quality time nurturing myself and my family are some of my priorities. On wealth, for those investing in markets, it is better to be diversified and to stay liquid. For entrepreneurs, there needs to be a strong back-up plan. Wealth-creation is a process, but solving customer problems and impacting lives positively is the true purpose.

Read more here:
Cashing in on bitcoins: French government to pocket $30 mn from first-ever cryptocurrency auction - Economic Times

Businesses dealing with crypto assets can now obtain bespoke licences offered by the DMCC Crypto Centre in Dubai.

The DMCC freezone and Government of Dubai Authority on commodities, trade and enterprise signed an MoU with the the Securities and Commodities Authority (SCA) to establish a regulatory framework for businesses offering, issuing, listing, and trading crypto assets in DMCC.

Working closely with DMCCs onboarding teams, the SCA will issue approvals for crypto-related businesses seeking to establish themselves in DMCC.

The SCA will subsequently regulate the crypto activities in line with their policies that were introduced in October 2020 to develop an integrated ecosystem for the crypto and blockchain industries.

In 2020, DMCC launched DigitalSugar, a blockchain-enabled trading platform for sugar, and the Agriota e-Marketplace, an agri-commodity trading and sourcing platform that uses blockchain to help bridge the gap between millions of rural farmers in India and the UAEs food industry.

In line with DMCCs #digital strategy, we have signed an MoU with @sca_uae to provide a regulatory framework for crypto-related businesses to operate through @dmcccrypto in Dubai. Read more: https://t.co/IoHN5TJT1G pic.twitter.com/mqEAGQSc0O

DMCC (@DMCCAuthority) March 20, 2021

The latest MoU with the SCA is expected to promote the development of blockchain applications in Dubai.

Through this agreement with the SCA, DMCC is expanding its current range of crypto assets licences, which perfectly complement the existing business licence options. In early 2020, we signed an agreement with CV VC and CV Labs, a Swiss Government-supported initiative that will bring the worlds leading blockchain and cryptographic technologies ecosystem to Dubai. This agreement also builds the foundation for our future partnerships in the crypto space and is a major step in the launch of the DMCC Crypto Centre, which we will bring to the market in the near future, said Ahmed bin Sulayem, executive chairman and CEO of DMCC.

Read: Dubais DMCC registered 2,025 companies in 2020

As we continue to make strides within the crypto and blockchain space, DMCC is making it easier for crypto and blockchain businesses to set up and operate in Dubai. Cutting-edge technologies are at the forefront of our strategy and they will play an instrumental role in driving increased trade through Dubai in the future.

By working with SCA, we are able to extend the centralised supervision of the crypto market to our business district in the heart of Dubai, bolstering its standing as a hub for crypto assets.

In related cryptocurrency news from the region, the Central Bank of Bahrain (CBB) recently issued cryptocurrency exchange, CoinMENA, with a Crypto Asset Services Company License Category 2. CoinMENA is Sharia-compliant exchange, certified by the Shariyah Review Bureau. CoinMENAs services will initially be available to residents of Bahrain, the UAE, Saudi Arabia, Kuwait and Oman.

Read: Central Bank of Bahrain licences Sharia-compliant cryptocurrency exchange CoinMENA

Follow this link:
Cryptocurrency businesses can now open offices within DMCC freezone in Dubai - Gulf Business

Six people were arrested in FBI raids in New Hampshire Tuesday as part of a crackdown on an allegedly unlicensed cryptocurrency exchange business based in Keene, authorities said.

Federal prosecutors say the New Hampshire residents operated a virtual currency exchange, in which people exchange cryptocurrency like Bitcoin for fiat currency like the U.S. dollar, but did so in violation of federal laws and rules that prevent money laundering. Some of the accused allegedly tried to hide the scheme as a religious institution.

Some of the accused "engaged in substantial efforts to evade detection of their unlawful virtual currency exchange scheme by avoiding answering financial institutions questions about the nature of the business and misleading financial institutions into believing their unlawful virtual currency exchange business was instead a religious organization receiving charitable contributions," according to the U.S. Attorney for the District of New Hampshire's Office.

In-depth news coverage of the Greater Boston Area.

All six of the people arrested in coordinated raids in Keene, Manchester, Nashua, Derry and Alstead face conspiracy to operate an unlicensed money transmitting business charges, prosecutors said. Some are facing wire fraud, money laundering and financial crimes charges.

Bitcoin and other crypto-currencies are all the rage, but what exactly are they, and how do they work?

Among the people arrested were Keene residents Nobody, who tried to run for mayor in 2019, and Aria DiMezzo, a Libertarian who secured the Republican nomination for sheriff of Cheshire County last year as a Satanist anarchist, according to The Boston Globe. DiMezzo lost in the general election.

Also arrested were Ian Freeman, a 40-year-old from Keene; Colleen Fordham, a 60-year-old from Alstead; and Renee Spinella, 23, and Andrew Spinella, 35, of Derry, prosecutors said.

It wasn't immediately clear if they had attorneys who could speak to the charges; they were due to appear before a federal judge Tuesday afternoon.

Their cryptocurrency exchange business, which wasn't named in a news release, started in 2016 and has exchanged over $10 million for virtual currency, prosecutors said.

Cryptocurrencies like Bitcoin and Ethereum have been gaining value in recent years as people find new ways to use them, as well as because of speculating on an expanding market. Their value is derived from their scarcity -- a set amount of Bitcoins exist, for example -- and the transparency they provide, since each transaction is recorded on a public ledger called the blockchain.

But the regulatory status of cryptocurrency remains in flux.

Read more from the original source:
FBI Arrests 6 Over NH Cryptocurrency Business - NBC10 Boston