Here’s what happened this week in Bitcoin in 99 seconds.
Facebook is said to be working on a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India. The company is developing a stablecoin — a type of digital currency pegged to the U.S. dollar however at the moment it is still far from releasing it.
Blockstream announced that its blockchain satellite system expanded its coverage to Asia. Most countries in the world can now sync the Bitcoin blockchain by satellite. Blockstream also announced that its satellites also now support Lightning Network payments.
A Twitter poll conducted by England’s central bank revealed that around 70% of its followers would prefer to receive a monetary gift in the form of cryptocurrency.
The UK’s tax agency, Her Majesty’s Revenue and Customs, announced new rules for how crypto assets will be taxed within the country. Briefly, the information indicates that crypto will be considered more as property or assets than as money.
Two congressmen in the United States proposed a legal change which would exclude cryptocurrencies from existing securities laws. If approved, their bill would alter the way crypto and tokens are regulated within the US.
And finally, the South Korean Prosecutors’ Office charged three executives from crypto exchange, Upbit, with fraud. It is alleged that the executives conspired to create over $225 billion in fake volume. The problem of fake volume persists across many exchanges.
That’s what happened this week in Bitcoin. See you next week.