This week has been particularly interesting as talk on government regulation continues. Facebook’s Libra Project also faced major drawbacks this week as support for the project diminishes and as regulatory bodies warn again illicit use of crypto assets.
Visa, eBay, MasterCard, and Stripe announced that they are dropping out of the Facebook Libra Association and the stablecoin project. This follows PayPal’s withdrawal from the project last week as the companies fear that the project may harm their relationships with regulators. It is claimed that the companies withdrew hinting that Facebook exaggerated claims that regulators were comfortable with Libra.
Looks like the taxman might want to know how much you’re really worth in crypto. This follows an added question to the 2019 United States Internal Revenue Service (IRS) tax form which requires you to report any virtual currency acquisitions either through receipt, sale, or exchange of any virtual currencies.
FC Bayern Munich has become the latest football club to announce blockchain-based digital merchandise to boost fan engagement. The merchandise will take the form of digital player cards and collectibles that allow fans to build virtual squads and play each other wtih outcomes derived bases on current form and historical data. More clubs are expected to follow suite.
A new .crypto domain registry on the Ethereum blockchain has been launched that allows users to connect any cryptocurrency address to their domain. A .crypto domain will be able to accept any cryptocurrency payment, it will be uncensored and will be owned in perpetuity upon payment.
The crypto markets continue to leave much speculation among industry stakeholders with the Bitcoin price moving haphazardly throughout the week. From a low of $7, 700 to a high of $8, 800 within five days, Bitcoin has consistently failed to hold a significant level with speculation of a future downside action being proposed.
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