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A de minimis tax exemption in the new crypto legislation would let crypto gains under $600 occur without being reported to the IRS. The recently reintroduced Token Taxonomy Act (TTA) will create a de minimis tax exemption for crypto transactions under $600, according to the executive director of Coin Center, Jerry Brito, at Consensus 2019 on May 13. The de minimis tax exemption stipulates that if a crypto owner experiences a capital gain up to $600 of crypto, then that owner is not required to report the gain to the Internal Revenue Service (IRS), the United States’ tax authority. Brito notes that this situation parallels how small gains on foreign currencies were treated prior to a de minimis proviso that was introduced in the 1990s by Congress. Before then, if someone purchased foreign currency to take a short vacation in another country, any capital gains experienced over the course of holding that currency would technically have to be reported. Brito added that one could technical..
The development was revealed during president and CEO Hong Yuan Zhen’s keynote speech at Samsung’s Real 2019 event. The president and CEO of Samsung SDS — an IT and consultancy subsidiary of the South Korean tech conglomerate Samsung Group — has revealed the firm is including blockchain as one of the key technologies for its “Digital Transformation Network.” The development was revealed during president and CEO Hong Yuan Zhen’s keynote speech at Samsung’s Real 2019 event in Seoul on May 8. In a press release accompanying the event, Samsung outlined that its Digital Transformation Framework aims to leverage technological solutions in support of digital innovation for sectors such as manufacturing, marketing/sales and management systems, among others. Among its declared core competencies in terms of technical and industry know-how, the firm listed blockchain technology under the canopy of “innovative technology and platforms” — alongside artificial intelligence (AI) and internet of thin..
South Korea’s central bank mentions CBDCs in its annual payment settlement report and announces a blockchain trial later in 2019. South Korea’s central bank has included a summary of research on central bank digital currencies (CBDC) in its 2018 annual payment settlement report issued Tuesday, March 26. The development of distributed ledger technologies (DLT) and crypto assets has fueled a debate over CBDCs, especially after Uruguay and Tunisia issued their own, the report reads. The Korean central bank had also conducted its own research on CBDCs while it was considering launching one earlier in 2018 — an idea that was later put aside. The report included tests of blockchain-based solutions: generally speaking, the Korean experts believe that crypto assets can be widely used if their stability and efficiency are further improved. The report focuses on the fact that CBDCs can be used not only for transactions between different financial institutions, but for micropayments as well, whi..
Switzerland will host the Swiss Blockchain Hackathon in June 2019, with the partnership of major firms like PwC. Switzerland will host the Swiss Blockchain Hackathon later this year in a bid to help companies find real-life applications of blockchain technology, according to an announcement published on Feb. 27. The three-day event is reportedly organized by Switzerland’s six leading blockchain and IT organizations — Trust Square, Bitcoin Association Switzerland, CV Labs, Crypto Valley Association (CVA), Swiss Blockchain Federation and swissICT — and will take place from June 21 to June 23, 2019. Per the announcement, the hackathon is designed to facilitate the deployment of blockchain across a wide range of industry sectors and help find the technology’s tangible applications and business models. The event reportedly aims to attract around 200 industry players both from Switzerland and other countries. Major tech and finance companies are partnering with the event including Accenture..
The new Samsung Galaxy S10 features a storage system for private keys for blockchain-related systems. The new Samsung smartphone, the Galaxy S10, will include storage for private cryptocurrency keys, according to an official press release on Feb. 20. Samsung announced the launch of its new phone today in Seoul, San Francisco and London, which includes the Samsung Knox function. Per the press release: “Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.” Ahead of the S10’s release, rumors abounded regarding the phone’s possible configuration and support for cryptocurrency wallets and DApps. Last month, images surfaced that allegedly portrayed a “Samsung Blockchain Keystore” on the Galaxy S10. The reportedly leaked photos featured an Ethereum (ETH) wallet option in the “supported cryptocurrencies” list. No such wallet was mentioned in today’s press release. Samsung is ..
A recent survey has revealed that some Amazon shoppers would be comfortable buying an Amazon-branded cryptocurrency. Shoppers of e-commerce giant Amazon would like to be able to purchase a wider variety of products, including cryptocurrency, according to a recent report published by a financial portal Investing.com. In the course of the survey, Investing.com reportedly surveyed over 1,000 Amazon shoppers in order to discover ordering frequency and the trust level customers have in the company. Notably, the survey polled customers on what products they are comfortable buying under an Amazon brand. When asked what kind of products they feel comfortable buying under the Amazon brand, 12.7 percent of the respondents named cryptocurrencies. Other hypothetical Amazon-branded products included medical marijuana (13.5 percent), prescription drugs (9.3 percent), computers (72.9 percent), coupons and deals (10.6 percent) and even healthcare (15.3 percent). Shoppers were allowed to pick more tha..
Citigroup, Nasdaq, and Galaxy Digital are reportedly among several firms to invest $20 million in Symbiont, a blockchain firm that offers smart contracts for capital markets. Citigroup and Nasdaq are among a group of firms investing $20 million dollars in Symbiont.io Inc, Bloomberg reports on Jan. 23. Other investors reportedly include Mike Novogratz’s crypto-focused merchant bank, Galaxy Digital Holdings. Symbiont’s blockchain and smart contract platform, Assembly, will be applied in capital markets. The offering purportedly allows financial institutions to share and verify data, and uses smart contracts to accelerate settlement times for syndicated loans and streamline mortgage bond markets. According to Bloomberg, Symbiont will use the funds to work on private equity, mortgages, data management, and syndicated loans. Nasdaq will also examine new opportunities to use Assembly with clients that want to tokenize assets or use smart contracts. Symbiont CEO Mark Smith told Bloomberg in ..
China’s Hurun Research Institute has released a catalogue of the richest individuals in the country, listing cryptocurrency entrepreneurs among others. The annual Hurun China Rich List, a catalogue of individuals in the country with a net worth over 2 billion yuan ($209 million), has listed several crypto entrepreneurs among China’s financial elite, according to a release published Oct. 10. The Hurun Research Institute released the 2018 Hurun China Rich List of the richest individuals in the country, with at least 13 entrepreneurs whose business is related to cryptocurrency mining and trading. The ranking includes such industry players as Micree Zhan Ketuan, co-founder of computer chip manufacturer of and software firm Bitmain Technologies, in the top 100 richest people in China, with an estimated wealth of 29.5 billion yuan ($2.4 billion). The next richest crypto entrepreneur is Bitmain co-founder Wu Jihan, taking the 204th place, with a personal worth of 16.5 billion yuan ($2.3 bill..
Time Magazine has put a blockchain startup from Ghana in its “Genius Companies” list for 2018, along with such companies as Apple, Netflix and SpaceX. American journal Time Magazine has included a blockchain startup in its recent top 50 “Genius Companies 2018" list, published Thursday, October 4. In putting together the list, the magazine asked their editors and correspondents to name "businesses that are inventing the future." Influence and success were among the criteria for the choice. Bitland, a blockchain startup based in Ghana, joined the list along with giants like Apple, Netflix, SpaceX and Domino’s. As Cointelegraph reported earlier, Bitland, founded by Ghana native Narigamba Mwinsuubo, uses blockchain to register local land. Bitland cooperates with local authorities to help record property rights in a decentralized, immutable format. Ghana is not the first African country to take on land property issues using blockchain. In August, the Zambian government announced its partne..