Crypto market sentiment improved at the start of the week and Bitcoin price remained above $7,000, after it took a beating over the past several days. Morale was boosted by news that two Wall Street giants George Soros and the Rockefeller family backed venture capital firm are eyeing cryptocurrencies and blockchain. In other news, a Twitter handle @Bitcoin, which was posting tweets favouring Bitcoin cash has been suspended. Crypto exchange Coinbase is trying to get registered with the US Securities watchdog. And Salesforce is apparently planning a blockchain product.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the past few hours.
George Soros, Rockefeller Venture Capital Arm Betting On Cryptocurrencies
Prominent investor George Soros, who called cryptocurrencies a bubble in January, is planning to trade the same, Bloomberg News reported. The Soros Fund Management has reportedly received internal approval from Soros’ $26 billion family office to trade cryptocurrencies. Elsewhere, the Rockefeller family’s venture capital arm, Venrock, revealed investment in the decentralized network of video applications called the PROPS Project and a strategic relationship with an advisory-focused cryptofund, CoinFund.
Twitter Account @Bitcoin That Promotes Bitcoin Cash Suspended
Twitter handle @Bitcoin, which is said to promote Bitcoin Cash (BCH), has been suspended and subsequently deleted, reportedly following users’ complaints. A post on sub-Reddit /r/Bitcoin said, “Twitter has finally suspended the compromised ‘@Bitcoin’ account.” According to Roger Ver, a crypto entrepreneur and major proponent of Bitcoin Cash, the suspension of the account is the death of free speech. As per reports, Twitter’s decision was after a large number of complaints from Twitter users, who could be Bitcoin supporters.
Salesforce Planning Blockchain Product
Cloud computing company Salesforce is working on a blockchain product, co-founders Marc Benioff and Parker Harris revealed in an interview to Business Insider’s Julie Bort. The company plans to announce a blockchain and cryptocurrency solution by late September, when its enormous annual customer conference Dreamforce will be held in San Francisco.
Coinbase In Talks To Register With SEC: Report
Coinbase, a leading cryptocurrency exchange, is trying to register as a licensed brokerage firm and electronic-trading venue, the Wall Street Journal reported citing people familiar with the matter. The move comes as regulators tighten the noose around the cryptocurrency industry. Officials from Coinbase have reportedly held talks with the Securities and Exchange Commission regarding registration.
Pakistan Central Bank Asks Banks To Refuse Services To Crypto Community
Close on the heels of India slapping a ban on banks from dealing with cryptocurrency investors and firms, Pakistan’s central bank also announced a similar move. The State Bank of Pakistand declared that cryptocurrencies were not legal in the country. The bank also warned that using cryptocurrencies to transfer funds outside Pakistan would be prosecuted.
South Africa To Apply Normal Income Tax Rules To Cryptocurrencies
Normal income tax rules will continue to apply to cryptocurrencies and affected taxpayers must declare cryptocurrency gains or losses as part of their taxable income, the South Africa Revenue Service said. The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued, the agency said in statement, adding that failure to do so could result in interest and penalties.
As of 8.02 am ET on Monday, Bitcoin was down by 5.04 percent at $6,742.01 and Ethereum was lower by 1.22 percent at $395.86 on Coinbase.
by Jyotsna V