report

Tax Office to Contact 350,000 Australians and Remind Them to Report All Crypto Profits

</header> <strong>Australian tax agents have set out to close a gap they say costs the state several billion dollars. Taxpayers who file various work-related claims and investment property deductions or declare income from sharing economy platforms such as Uber and Airbnb may be asked for explanations and receipts. Investors and traders earning income from cryptocurrencies …

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Australia Crypto Merchant Trade Sets $74K Monthly Record With BCH Capturing 97%

</header> <strong>Cryptocurrency payments in Australia, which have been growing in volume in the past few years, have recently scored another record. Crypto-based merchant trade across the country reached almost $74,000 in February according to a new report. Bitcoin cash has by far the largest share in retail crypto spending and transactions among coins accepted by …

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Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC

</header> <strong>On February 7, the blockchain analytics provider Tradeblock published a report about the upcoming <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BTC” target=”_blank” rel=”noopener noreferrer”>BTC</a> reward halving. <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BTC” target=”_blank” rel=”noopener noreferrer”>BTC</a>’s block reward is expected to halve on or around May 12, 2020, and Tradeblock’s report estimates that the cost to mine <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BTC” target=”_blank” rel=”noopener …

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Digital Remittances Reach Record High of $96 Billion, Fees Charged by Traditional Providers Open Door for Cryptocurrencies

</header> <strong>In a globalized world where labor follows capital, the remittance industry has been growing constantly in both volume and users. Traditional providers like banks and money transfer companies have been charging high fees for their services which creates opportunities for alternative digital platforms and decentralized cryptocurrencies. </strong> Also read: Russians Can Use Qiwi, Sberbank, …

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5 Mining Operations Command More Than 50% of BTC’s Network Hashrate

</header> <strong>The cryptocurrency community has been discussing mining centralization after a report was published that disclosed five mining operations command more than 50% of the <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BTC” target=”_blank” rel=”noopener noreferrer”>BTC</a> hashrate. At the time of publication, between F2pool, Poolin, Btc.com, and Antpool, the pools are hashing more than 59% of the <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BTC” …

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Cambodia Announces State Cryptocurrency as More Details Surface About China’s Digital Yuan

</header> <strong>With China still in the lead, other countries are advancing their projects to develop payment systems around central bank digital currencies (CBDCs). Cambodia, for example, has recently revealed it will mint its own coin within months. The news comes as more details about the digital Chinese yuan indicate its main purpose will be to …

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US Bank Silvergate Sees Growth in Crypto Clients, Despite Decreasing Deposits From the Sector

</header> <strong>Financial results released by two U.S. banks providing services to the crypto industry have indicated a decline in deposits from digital currency customers. However, a positive trend has been observed as well. One of the crypto-friendly institutions, Silvergate Bank, has seen an increasing number of crypto clients throughout the year. </strong> Also read: Swiss …

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Deutsche Bank Report: Digital Yuan Could Upset Global Power Balance, Plastic Will Die, Cash Survive

As China (and India) develop electronic, crypto, and peer-to-peer strategies, the epicentre of global economic power could shift. China is working on a digital currency backed by its central bank that could be used as a soft- or hard-power tool. In fact, if companies doing business in China are forced to adopt a digital yuan, …

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Companies Keep Flocking to Swiss Crypto Valley, Over 1,000 Jobs Added in a Year

</header> <strong>Crypto Valley, a fintech-friendly region centered on the canton of Zug, has been expanding to other parts of Switzerland and neighboring Liechtenstein. Despite all the challenges facing the blockchain industry, favorable regulations and improving access to banking and legal services are attracting more and more crypto companies. Their number has increased for a third …

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Low Interest Rates Provide Precarious Protection Against Crisis, World Bank Warns

</header> <strong>The latest global debt wave is the largest in the past five decades, the World Bank has acknowledged in a new report. The international institution notes that previous waves of broad-based debt accumulation lead to widespread financial crises. Historically low interest rates this time might not be sufficient to avoid the next meltdown. </strong> …

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