The world of cryptocurrencies is present every day. There isn't a day that there is no news about these popular virtual currencies. Its market and investment constantly increase. When it was created the first cryptocurrency, Bitcoin, not many people trusted in its operation. However, after a decade since its birth, it has become one of the most used payment methods. As well as a method to generate capital, because many people invest in them.
We have already mentioned that their use has multiple benefits and that one of them is that the person who invests in them can increase their capital as well as keeping it. In addition, it’s a good choice if the global economy worsen again, since you will have a backup for your money. In fact, the creation of virtual currencies emerged as an alternative to the traditional physical money because of the financial crisis that began ten years ago.
Every day there are news on cryptocurrencies. Then we are going to show the ones that have been published in recent times.
5 recent news on cryptocurrencies
- « Chinese traders in Russia prefer Tether for cross-border payments to China », August 2, 2019 - Crypto World Journal
Before going to the article, we will explain what "Tether" is. Tether is a way by which companies and customers reach cryptocurrencies, and it is based on the blockchain technology. The Tether Limited Company sustains the Fiat currencies that are most used. An example of these coins are the euro and the dollar. Using blockchain technology, this company keeps its virtual tokens, called "Tethers". The difference between Tethers and a cryptocurrency as Bitcoin is that the first are kept by credit currency reserves.
This article is about how Chinese traders working in Russia opt for the use of the digital Tethers as a payment method for the agreements or business carried out in their own country, China.
According to Crypto World Journal, that spoke with come Chinese operators, the total number of Tethers that China's enterprises buy can reach the 30 million dollars. One of the offices that buy more Tethers is Huobi, located in the Russian capital.
- « Messaging via Blockstream’s Satellite: Lightning’s Killer App? », July 29, 2019 – Bitcoin Magazine
The mobile application Lichtening Networks is a system of pay channels that facilitates the use of cryptocurrencies as a form of payment. This App allows you to send as well as receive virtual currencies. I.e. you can buy in companies that allow it.
The fact is that now customers can communicate with each other via Blockstream’s Satellite. Twitter is a social network where this activity has begun. Some users have come to create small blogs, lotteries or simply write messages that reflect on cryptocurrencies and their use in society.
- « IRS warns crypto holders: dodge tax and we'll hand out stiff punishments », July 27, 2019 - The Guardian
The Internal Revenue Service, whose headquarters are in Texas, a few days ago got in touch, via letter, with some contributors who suspected that they do not report all income obtained from the use of virtual coins.
IRS urges those taxpayers to modify the error and declare their income. In addition, the letter includes some other aspects, for example, the rules that the recipients have follow to report the income that has not been declared. The letter also has some degree of intimidation, since it warns them that if they don’t do what they are asked, they will have legal consequences.
- «What is Libra? All you need to know about Facebook's new cryptocurrency», June 18, 2019 – The Guardian
This fourth article on cryptocurrencies features Libra, the cryptocurrency which Facebook aims to launch. Its future is still uncertain because the regulation needed, according to some experts, is delaying. It is estimated that its launch will occur soon.
After the intentions of Facebook regarding their cryptocurrency was published, plenty of criticism emerged. Some U.S. Senators talk about the little privacy of users and the spread of misinformation that social networks offer. In addition to judging the origin of the monopoly of the project.
- « Senate Banking Committee to Hold Hearing on Crypto Regulation », July 24, 2019 - Coin Desk
The news is about the intention that the Senate Banking Committee had to come together to hold a hearing which main aspect to comment were regulatory frameworks that are intended for virtual currency, as well as the blockchain technology.
They also announced that the meeting would bring together experts that would report as witnesses: Circle CEO Jeremy Allaire, representing the Blockchain Association; Rebecca Nelson, a member of the Congressional Research Service specializing in international trade and finance; and Mehrsa Baradaran, a law professor at the University of California Irvine School of Law.