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Bitcoin News Summary – October 14, 2019

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Some of the biggest corporate backers of Facebook’s Libra currency have withdrawn from the project, dealing a major blow to Facebook’s plans for a global cryptocurrency. Visa, MasterCard, eBay, and Stripe have all followed PayPal’s lead in bowing out of the Libra Association, just prior to its upcoming inaugural board meeting. These additional exits leave Libra with no major US payment processor.

The American financial regulator has taken legal action against the Telegram company for what it claims was an unregistered securities offering. Telegram raised $1.7 billion Dollars for its TON cryptocurrency. The SEC is seeking a restraining order to prevent the release within the US of the new TON tokens.

The Internal Revenue Service in the US has updated its rules for the taxation of cryptocurrency. The newly-published guidance clarifies how tax applies to new and formerly ignored situations, such as profits from the sale of crypto, income tax on crypto, and how crypto forks and airdrops are taxed. One downside is that people now may be taxed in excess of their gain from airdrops.

And finally, the United Nations Children’s agency announced a new fund for receiving cryptocurrency donations. UNICEF is the first UN agency to accept crypto donations, which they will use to fund open source technology of assistance to young people. UNICEF will hold and disburse donations directly in crypto form – not in fiat.

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

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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