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TAX CLUES: The IRS’ recent warning letters to 10,000 traders offer hints at what its forthcoming guidance on crypto taxes might say. While the letters are not guidance, they suggest the IRS might be changing its required methods for calculating the value of crypto holdings and the forms and schedules for reporting them. However, major questions remain unresolved, including how hard forks and airdrops should be treated for tax purposes. Full story
ZCASH DROPPED: The U.K. arm of Coinbase appears to be dropping support for the privacy-focused cryptocurrency zcash. According to customers, Coinbase UK is sending letters out warning people that they will need to convert their zcash (ZEC) holdings, or remove them to an external wallet, by Aug. 26. The cryptocurrency exchange gave no specific reason for the removal of the cryptocurrency. The Electric Coin Company, developer of zcash, appeared to confirm the news, saying in a tweet on Friday: “Those affected by Coinbase UK issues: this is limited to Coinbase UK only. ... No other exchanges in the UK [are] affected.” Full story
DIGITAL YUAN: An official at China’s central bank has said the institution is nearing the launch of its digital currency, Bloomberg reports. Speaking at an event in China over the weekend, Mu Changchun, deputy director of the payments unit at the People’s Bank of China, said its researchers have been hard at work since last year to complete the systems needed to support the digital yuan offering and that it is “close to being out.” Full story
BLOCKCHAIN BROWSER: A new patent application from IBM describes a blockchain-based web browser. Filed on August 6 by the United States Patent and Trademark Office, IBM’s patent is for a web browser backed by a peer-to-peer network that collects pre-specified information from web browsing sessions. Types of potentially storable session information include what websites one visits, bookmarks, task performance, geolocation, plugin installation, and security patches. One potential use-case cited is an attack on a computer’s browser. If secured by blockchain technology, a viable backup of all user information is available. Full story |
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| RANGE BREAKDOWN: Bitcoin is looking south, having dived out a four-day-long narrowing price range over the weekend. With the intraday charts now reporting a bearish continuation pattern, a drop below $11,000 looks likely. On the higher side, violation of resistance at $11,589 would invalidate the bearish view, although a weekly close above $12,000 is needed for a bull reversal. Full story |
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| | BLOCKCHAIN TV: Blockchain-powered entertainment platform Breaker is breaking into the world of TV, reports Variety. The company has nabbed the rights to a six-part miniseries called “Bad Banks” and will provide the first episode at no charge in the U.S. The series is directed by Christian Schwochow, who previously worked on “The Crown.” Until now, Breaker offered a number of film and music titles. |
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