South Korea Drafting Legislation To Tax Individual Crypto Profits

Cryptocurrency and taxation laws are creating a great deal of confusion in South Korea. On Dec. 30, South Korea’s government stated that under current law, it cannot impose income taxes on individuals’ profits from transactions of cryptocurrency. This, however, contrasts with the National Tax Service’s recent imposition of an 80 billion won ($68.9 million) tax bill on local crypto exchange Bithumb Korea. On Dec. 29, The Korea Herald reported that South Korea’s local tax agency received 80 billion won ($68.9 million) in taxes from the exchange. The following day, Choi…

Another Year of Highs and Lows for Crypto

2019 may not go down as a year of breathtaking highs for cryptocurrency markets, but major strides have been made for mass adoption of digital payments and blockchain technology. A quick look at major headlines over the past 12 months highlight the shortcomings of the sector as well as the potential for cryptocurrencies to completely shake up the global payment system. One need look no further than social media giant Facebook announcing plans to launch its cryptocurrency Libra and digital wallet Calibra. The move sent shockwaves around the world and…

Mining Giant Bitmain May Lay Off Another 50% of Staff Before BTC Halving

Cryptocurrency mining giant Bitmain reportedly has plans to reduce its workforce by another fifty percent. On Dec. 2, Chinese news media outlet Wushuo Blockchain reported that Bitcoin (BTC) mining rig maker Bitmain has launched a “personnel optimization plan” that will layoff a significant portion of its employees before the next BTC halving, which is expected in May. The world’s largest producer of cryptocurrency mining machines will reportedly hold an annual meeting on January 17, and it is expected that the layoffs will have been completed before that date.  People familiar…

Bitcoin Price Falls Below $7K But Bears Yet to Break Key Support Level

Today, Bitcoin (BTC) price abruptly dropped below the $7,100 support, declining 3.35% to rest near $6,900.  For the past few days, Bitcoin price traded between $7,300 and $7,100, testing the $7,100 and $7,050 support multiple times. Therefore, for many traders, it was no surprise when the price fell below $7,100 as frequent retests of support weaken it. BTC USD 6-hour chart. Source: TradingView It’s likely that traders anticipate a bounce at $6,800 and many will watch to see if the $7,100 support flips to a point of resistance. On the…

Senior Software Developer at Ripple Quits After 6.5 Years to Focus on Coil

Evan Schwartz, senior software developer at major crypto firm Ripple announced that he is leaving the cryptocurrency company after six and a half years. On Jan 2, the software engineer took to Twitter to announce that after working 2,328 days at the blockchain giant, today will be his last. Schwartz tweeted: “After 2328 days, or just under 6.5 years, today is my last day at @Ripple. Thank you to everyone who helped make it such an exciting ride; I’ll be cheering the team on from the outside. Keep on building…

Guangdong Blockchain Financing Platform Aims to Help Small Business

The Guangdong government launched a blockchain-based financing platform Thursday that will help small companies in the region receive loans faster from commercial banks.  The government-led project is supported by Alibaba’s fintech arm Ant Financial and OneConnect, a subsidiary of one of the largest Chinese insurers, Ping An Insurance, according to a media report from Sina Finance.  The platform aims to streamline the process for commercial banks to lend funds to small businesses with more detailed and reliable profiles, including credit ratings, provided by its blockchain network.  The new platform could…

Ubisoft Might Be The First Major Games Company To Geek Out Over Blockchain

It’s already well-theorized that it’s not cryptocurrency or decentralized finance apps, but gaming that will actually drive blockchain use cases in the real world. While this has moved many smaller development companies and hobbyist programmers to release their own blockchain-driven games, distributed ledger technology’s reception among mainstay gaming companies has so far largely been neutral. A new partnership between old players But that’s about to change in the wake of Ubisoft’s partnership with Ultra, a DLT-driven gaming platform that might be fairly described as Steam on the blockchain. Users can…

Carnegie Mellon University Sees $4M Pledge to Develop DeFi Research Program

A former MakerDAO contributor and Carnegie Mellon alumnus has committed 10,000 MKR — valued at just under $4.3 million at press time — to his alma mater to develop a research program for decentralized applications. Who is giving what for what? Nikolai Mushegian announced the donation in a Jan. 1 post on his website. By his account, he already donated 3,200 MKR ($1.3 million) on the previous day and “informally committed” another 6,800 MKR ($2.9 million). In the post, the developer said that his goal for the donation is “to…

Central Bank Digital Currencies and US Dollar Dominance in 2020

With 2019 vanishing in the rear view mirror, Markets Daily is back for an insightful look into Central Bank Digital Currencies (CBDCs) and the US Dollar’s ongoing reserve status. Tune in as CoinDesk podcasts editor Adam B. Levine and senior markets reporter Brad Keoun run down recent action, track interesting longer-term trends, and highlight the best “thinking with tokens” and some of the most important crypto industry developments of the day. No time to listen? Scroll down for the transcript with full links. Having trouble with the embedded player? You…