More regulatory talk regarding Bitcoin and other cryptocurrencies surfaced with a regulator calling for self regulation of the industry. The IMF has sought a global regulatory framework and China is planning to establish a blockchain standardization committee.
Here is a wrap up of the main cryptocurrency and blockchain news over the past 24 hours.
CFTC Commissioner Moots Self Regulation For Crypto Industry
While debates on the need to bring about regulations over the flourishing cryptocurrency market continue, Commodity Futures Trading Commissioner Brian Quintenz moots the idea, why not self-regulate Delivering keynote address at the D.C. Blockchain Summit in Washington, the Commodity Futures Trading Commission chief suggested that a cryptocurrency self-regulatory organization (SRO) could have an impact beyond the U.S. market, and could potentially take on global significance.
IMF Chief Urges To ‘Fight Fire With Fire’ In Crypto Dealings
International Monetary Fund Chief Christine Lagarde urged authorities around the world to develop regulatory frameworks to meet the new vulnerabilities created by the rapid growth of crypto-assets. In an IMF blogpost titled “Addressing the Dark Side of the Crypto World”, Lagarde called to “fight fire with fire” while dealing with digital currencies. “Since crypto-assets know no borders, the framework to regulate them must be global as well.”
China Mulls Blockchain Technical Standardization Committee
The Chinese government is planning to set up a standardization committee at the national level to promote the development of blockchain and the distributed ledger technology.The Ministry of Industry and Information Technology announced on its website that discussions were held regarding the establishment of a blockchain technical standardization committee, local media reports said.
BIS Urges Central Banks To Weigh Implications Of Issuing Digital Currencies
The Bank for International Settlements urged central banks to carefully study the implications for financial stability and monetary policy of issuing digital currencies. BIS cautioned that central bank digital currencies, or CBDCs, if made widely available, could pose a threat to financial stability. CBDC could allow for “digital runs” towards the central bank with unprecedented speed and scale, the Basel-based BIS said in a report compiled by its committee on payments and market infrastructures and the markets committee.
Coinbase Launches Cryptocurrency Tax Calculator For U.S. Customers
Cryptocurrency exchange Coinbase has launched new tax tools for their customers to help them calculate tax on cryptocurrency trading as per the requirements of the U.S. Internal Revenue Service (IRS), it said in a blogpost. As per the IRS guidelines for reporting digital asset gains, virtual currency is treated as property for federal tax purposes. General tax principles applicable to property transactions apply to transactions using virtual currency.
Marathon Patent Group Starts Bitcoin Mining
Los Angeles-based patent management company Marathon Patent Group, Inc. (MARA) has commenced bitcoin mining business at its new facility in Quebec, Canada. Investors apparently showed interest in the move, as Marathon shares went up 32 percent after markets opened Monday. Marathon had purchased 1,400 Antminer S9 miners from Bitmain and had leased 26,700 square feet of data center space in Quebec.
Free Crypto Coin “Airdrops” May Be The Trend In 2018
Some investors have already started seeing unexpected bulgesin their cryptocurrency wallets and this could be the trend in 2018. Customers have been delivered free crypto coins in their wallets through what is called “Airdrops”. “In certain ways people are getting free lottery tickets. There will be a tsunami of airdrops this year,” reported quoted Matthew Roszak, chairman of the blockchain advocacy group Chamber of Digital Commerce, as saying.
Binance Launching Proprietary Blockchain
Cryptocurrency exchange Binance has announced its plans to launch a proprietary blockchain that will perform a number of roles. Binance, buoyed by record profits and substantial goodwill within the crypto community, said it decided to officially launch the development of the Binance Chain.
As of 7.31 am ET on Wednesday, Bitcoin was down 3.27 percent at $8,729.70 and Ehtereum was lower by 4.22 percent at $663 on Coinbase.