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Crypto News Today #46

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Welcome to the ICO craze (read scam) of 2020, it goes by a different name called DeFi.  

No, we are not saying DeFi is a scam, we are saying that there are a lot of scams going in the name of DeFi.

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We wrote an article on people getting Yammed and it went bonkers on Reddit – do check it out. It is a stark reminder for the crypto community on how the FOMO exploiters take new forms.

We thought that reminder is worth repeating before we got on with our news.

International Monetary Fund (IMF) explains cryptocurrency

There are risks of using cryptocurrencies and it’s quite volatile BUT if we can mitigate those risks, this could be the change the way we transact…that was the core message of the video posted by the IMF explaining cryptocurrencies.  Every crypto enthusiast should watch this short video to see how the ‘rhetoric’ is changing from ‘cryptos are for the crooks’ to ‘cryptos could change the way we transact’.

River Financial brings Bitcoin to Hawaii

Hawaii has been on the sidelines for Bitcoiners, but no more.  River Financial announced that it has become the first digital assets company to participate in Hawaii’s state sponsored sandbox.  Company issued a statement: “We are incredibly excited to bring the best of Bitcoin to the residents of Hawaii, many of whom have long awaited this day. River Financial’s participation in the DCIL regulatory sandbox program will play a crucial role in shaping the State’s long-term regulatory framework for digital assets.”  ‘River Financial is the first regulated financial institution to legally provide cryptocurrency services to Hawaiian residents.’

Citi and Consensys use blockchain to Commodity trading

End-to-end blockchain solutions to commodities trade financing is becoming a reality because of komgo (an initiative by Consensys).  Citi, one of its members, shared the way komgo is shaping the future of commodity trading and how blockchain is solving issues that used to take weeks into mere hours.  One of the quotes shows the power of Blockchain: “reduced the time to issue a digital letter of credit from an average of 10 days to 1 hour.”

IRS brings digital currency question to the front page

On the 2019 US tax returns, the IRS asked a question about digital currencies in one of the schedules.  It was quite unassuming but it was there.  On the 2020 US tax returns, the IRS is bringing the same question to page 1 so that people know how serious the IRS is about the whole issue.  In a draft Form 1040 released by the IRS, the question about digital currencies stares at the taxpayers on the front page.

Form 1040 US Tax

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Fidelity backed BC Group gets Tentative Licensure Approval in Hong Kong

Fidelity backed BC Group’s OSL Exchange got a tentative license in Hong Kong to offer digital asset trading services.  According to Reuters, “Hong Kong’s markets regulator has agreed in principle to issue a license to cryptocurrency firm OSL Digital Securities, a unit of Fidelity-backed BC group, the company said in an exchange filing on Friday.

China’s Blockchain Service Network could use Stablecoins

Blockchian Service Network (BSN) stated in a tweet that it will never issue a cryptocurrency of its own or be associated with a crypto project, however, there is a possibility that it will make use of stablecoins on its network.  We surmise that this will be Digital Yuan and not other currencies like Digital dollar.

The dialogue around the blockchain and cryptocurrencies is changing from that of ‘anti-social’ to ‘society changing’ and we are witnessing it in real time.

You can see the news chronicles from 2017 to now to see how we have come through ups and downs.  It’s all in one place (and free) for you to relive the most important news in the crypto space.

Thank you for reading and sharing this article. We appreciate you.

We have been tracking the most important news in blockchain and crypto space since 2017. You can check out all the chronicled news here.  

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