The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country. The People’s Bank of China (PBoC) officially announced on Friday a set of new measures to fight against crypto adoption in China, including promoting stronger inter-departmental coordination in cracking down crypto activity. 10 Chinese state authorities, including the PBoC, the Cyberspace Administration of China and the Ministry of Public Security, have established a “coordination mechanism” to prevent financial players from participating in any cryptocurrency transactions. According to the announcement, the involved authorities and …
On August 10, the United States Senate voted to pass a $1 trillion bill to revitalize America’s infrastructure. From the standpoint of the crypto community, miners in particular, the Senate’s foray into crypto legislation has been a disaster. Unless the language defining brokers in the bill is clarified, it will singlehandedly thwart the growth of a domestic industry just as it is taking off. As written, the bill allows for multiple interpretations of the term “broker.” In the English language, there is no real controversy — or ambiguity — about what a broker does. According to Merriam-Webster’s online dictionary, a …
Lawmakers in the United States have called for caution regarding implementing a proposed tax policy that could have significant implications for America’s crypto space. As previously reported by Cointelegraph, an expanded crypto taxation regime was a last-minute addition to the $1-trillion infrastructure deal currently being debated in Congress. According to the proposed amendments, tighter rules on crypto reporting requirements could provide $28 billion in additional funding for the government. However, Senator Patrick Toomey is among a group of senators who have warned of the broad language used in the expanded crypto tax policy. According to a Washington Post article, Toomey …
On June 5, cryptocurrency exchange Coinbase came under fire for its alleged efforts to sell crypto surveillance services to both the United States Drug Enforcement Administration and the Internal Revenue Service. In the days since, Coinbase representatives have made it clear that the company’s analytics services do not share any personally identifiable data with law enforcement. They claim to source all data from publicly available information. Big brother has been keeping tabs for nearly a decade Though Coinbase’s denial may contain a grain of truth, a source who has worked in compliance for crypto exchanges and Bitcoin ATM companies revealed …
A veteran Chinese regulator has told those tasked with steering the strategic development of Sichuan province to tap surplus hydropower for the blockchain industry. Jiang Yang — former vice-chairman of the China Securities Regulatory Commission — advised strategists that: “Sichuan should study further about how the province’s cheap hydropower resources can attract digital currency-related businesses.” Yang’s remarks were noted in an Oct. 30 report from South China Morning Post. Use cryptocurrency mining to absorb excess output Sichuan, located in south-western China, has a protracted rainy season and is thus the country’s biggest producer of hydropower. In 2018 alone, the province …