Bitcoin News Summary – March 30, 2020

Binance exchange is bringing a new crypto debit card, called Binance Card, to market. While the card currently exists virtually, it will soon be available in plastic form. The card can be funded with either Bitcoin or Binance’s own exchange currency, Binance Coin. The card will be issued by Visa, making it usable just about everywhere in the world, whether on or off-line.

Major crypto exchange, Bitfinex, dropped numerous minor altcoin trading pairs from its platform. While no altcoins were delisted entirely, 87 different trade combinations: for example, the market for exchanging Euro for Verge, have been discontinued.

Software giant Microsoft recently filed a patent for a new type of blockchain. Like Bitcoin, it uses Proof of Work mining but instead of machines performing the work, the human mind and body is the source of hashpower. By connecting participants to biosensors, Microsoft’s design can monitor human energy expenditure related to specific tasks. This human energy takes the place of electrically-powered mining equipment.  

KB Kookmin Bank, the largest bank in Korea, is about to launch a custody service for both Bitcoin and Ethereum. Their new platform, titled KB Digital Asset Custody, has not yet announced a firm launch date but it’s expected this year. In another sign of increasing mainstream financial integration, more than 40 German banks have applied to offer similar custodial services. Remember though; not your private keys, not your crypto!

Before we conclude, this week’s “Bitcoin quick question” is are cryptocurrency transactions taxable?

The answer to this question really depends on where you live and pay taxes. Most countries today that have acknowledged Bitcoin as an investment vehicle have clear tax regulations regarding gains made through investing in Bitcoin or other cryptocurrencies.

If you’ve bought, mined or traded cryptocurrencies you may be subject to capital gains tax or income tax if this is your main occupation. It’s best to talk to a tax consultant in your area that is familiar with cryptocurrency taxation.

If you want to learn about how certain countries tax Bitcoin, take a look at the link in the description.

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That’s what’s happened this week in Bitcoin. See you next week.

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