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Using gunshot sound effects at an outdoor music festival when memories of last year’s Las Vegas concert massacre are still fresh is simply unacceptable, critics told Eminem after his Saturday night set caused panic at the Bonnaroo music festival in Tennessee. Witnesses say some fans screamed, ducked, or dropped to…
Brody Jenner is a married man after tying the knot at an island resort … and then the party was ON!!! Brody got hitched to his longtime girlfriend, Kaitlynn Carter, Saturday on Nihi Sumba — an exotic island off the coast of Indonesia — and it…
In a move that sharply escalates trade tensions with America’s closest allies, the Trump administration said Thursday it would allow steep tariffs to take effect on imported steel from the Europe Union, Canada and Mexico.
Despite European officials’ last-ditch pleas as well as repeated vows of…
Roseanne Barr is partly blaming Ambien for the tweet that led to her show’s cancellation, but the maker of the insomnia drug quickly retorted that “racism is not a known side effect.”
Hours after ABC axed her show for her offensive tweet about former Obama advisor Valerie Jarrett — and quickly…
Harvard researchers say five things will help you live longer, and the list isn’t all that surprising: exercise, eat a healthy diet, maintain a healthy body weight, don’t drink too much, and don’t smoke. More surprising is just how much of an effect those five combined factors have on longevity—…
Bitcoin in Brief continues with the second day this week of mostly FOMO news. The biggest economy in the world faces the tax man today, as the United States and its crypto enthusiasts must atone for the sin of last year’s gains. Economists and market bulls are insisting that this fact caused dramatic sell offs, leading to haircuts across the board. Bulls believe, after today, prices ought to soar.
Tom Lee on Crypto Tax
Once again, we get another chance to test the predictions of a much cited financial professional. We’re once again focusing on crypto’s favorite guru, Tom Lee of Fundstrat.
He was seen recently on Fast Money, making his case for why the ecosystem should prepare itself for the potential of incoming cash tsunamis, as this year’s US tax deadline is upon us today. It is estimated americans owe the tax man as much as $ 25 billion. The panel doesn’t just accept Mr. Lee’s prognostications, and instead makes him work a little to better flesh out why he continues to say what he does. If you’re a bitcoin core proponent, these five minutes will be comforting.
They Pay You
Assuming after-tax price spikes, you’re going to need a hot wallet to store your bitcoin cash. After you’re done installing the Bitcoin.com Wallet, check out the I Pay You idea. Gift cards are gaining in popularity among enthusiasts, for a variety of reasons, and this wallet seeks to capitalize and grow that trend.
Supporting both bitcoin core and bitcoin cash, the company claims average minimum fees of 3 cents, the ability to send payments through Twitter and email, your own bitcoin address, same day turnaround, with the intriguing notion of buying gift cards for them (they’ll pay you). “Sell bitcoin and bitcoin cash at any time and receive USD funds in your bank account. We support all banks and credit unions in the USA via ACH transfer,” the company website promises.
You ever come across a cry for help, and instantly you find yourself almost humming? Prominent initial coin offering investor (and some say, shill), Ian Balina, claims to have been hacked for a loss of something like $ 2 million USD. Hmmmmmm. I’ll just leave this here.
It had to happen, right? A tweet explained, “After months of private Alpha, we are pleased to announce the official release of the public Beta version of the project previously [known] as ‘Bitcoin Fetus.’ Codename: ‘Bitcoin Baby.’ Notable changes: autonomous breathing, more modular design.” They’re not kidding.
And what would Spring be without a good cleaning! The following briefs don’t really follow a theme, but are worthy of mention: Jeffrey Tucker convinces popular podcaster to accept crypto; the New York Times’ Nathaniel Popper is having none of the hype surrounding Coinbase’s latest acquisition; Bitcoin Core continues to receive good-natured ribbing; when it comes to bitcoin cash, Satoshi Dice is killing it; crypto enthusiasts are jockeying to show adoption all over the world; and hopeful signs appear in Venezuela as Localbitcoins continues its charge. We’ll see you again, here, tomorrow.
Would you use a wallet like I Pay You? Let us know in the comments section below.
Need to calculate your bitcoin holdings? Check our tools section.
As the Trump administration barrels ahead with its plan to apply stiff tariffs on imported metals starting Friday, governments and businesses across the globe are in a fog as to what is happening and are bracing for at least a short-term hit because of what many criticize as the administration’s…
Last week, Malaysia’s new Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policy guidelines specifically addressing cryptocurrencies came into effect. The new regulations compel Malaysian virtual currency exchanges to mandate KYC adherence, including the collection of ID documentation.
New Malaysian AML/CFT Guidelines for Cryptocurrencies Aim to “Increase […] Transparency”
Bank Negara Malaysia’s stated policy objective is to “ensure that effective measures are in place against money laundering and terrorism financing risks associated with the use of digital currencies,” in addition to “increas[ing] the transparency of digital currency activities in Malaysia.”
The new policy guidelines assert that “Promoting greater transparency in the use of digital currencies serves to protect the integrity of the financial system and strengthen incentives to prevent their abuse for illegal activities”
The legislation came into effect on February 27th, with Bank Negara Malaysia stating that it “[took] into account feedback received during the public consultation period on the exposure draft released on 14 December 2017.” The bank added that the feedback it received “mainly focused on the obligations imposed on digital currency exchangers, including businesses providing intermediary services involving cryptocurrencies.”
Malaysian Cryptocurrency Exchanges to Implement KYC Requirements
The policy document states that Malaysian cryptocurrency exchanges “are required to conduct customer due diligence on all customers and the persons conducting the transaction when the reporting institution establishes business relationship with customer and when the reporting institutions have any suspicion of money laundering or terrorism financing.”
The regulations mandate that Malaysian virtual currency exchanges collect the full name, address, and date of birth of all customers, in addition to ID documentation. The policy document also states that “any person offering services to exchange digital currencies either from or to fiat money, or from or to another digital currency is subject to obligations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001″.
Bank Negara Malaysia reaffirmed that virtual currencies are not recognized as legal tender in Malaysia. As such, the bank stated that “digital currency businesses are not covered by prudential and market conduct standards […] applicable to financial institutions regulated by” Bank Negara Malaysia.
Do you think that governments will be successful in attempting to increase the “transparency” of the cryptocurrency economy? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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A Russia-ordered “humanitarian pause” has gone into effect to allow civilians to leave a rebel-held enclave near Damascus but there were no immediate signs of any corridors set up for people to use.
Some Federal Reserve policymakers raised concerns last month about the potential for higher inflation and financial instability because of stronger economic growth triggered by the recently enacted tax cuts, according to an account of the meeting released on Wednesday.
Early signs that the effects…