 | | | | | | Dear subscribers, I hope you are all well. Yesterday, I informed our paid subscribers that Inside Bitcoin will be changing its name to reflect the fact that I cover a lot from the industry that isn't always Bitcoin-related. For that reason, you'll notice that today's newsletter has been changed to Inside Cryptocurrency. Last week, I sent a note out to our Inside Libra readers to inform them that from today they would no longer be receiving their Inside Libra newsletters...so welcome readers, and I hope you enjoy today's newsletter. Going forward, I'm keen to get more insight from industry professionals, whether that's in the form of interviews, Q&A's, or spotlights on founders and CEO. For those who haven't subscribed yet to my newsletter, you can do so here, where you can read these interviews and find out more about what's going on in the space. Rebecca |  |     | | | 6. Australian crypto investors are set to receive a warning from the Australian Taxation Office (ATO) in the coming weeks to "remind them" of their tax obligations. The ATO is in the process of contacting 350,000 individuals, either by letter or email. According to an unnamed ATO representative, investors in crypto should ensure that they have kept good records when they buy, sell, and trade cryptocurrencies to make it easier at tax time. In 2019, the ATO published its guidance on the taxation of crypto, defining them as taxable forms of property. In April, it published its Data Matching Protocol for cryptocurrency, which according to the spokesperson, enables the ATO to "obtain cryptocurrency transaction data from currency exchanges on taxpayers who have bought and sold cryptocurrency." -NEWS.COM.AU |  | | | | | 8. Huobi Group has announced the launch of its new mobile application, Huobi Lite, available on iOS and Android. As per an announcement from the company, the new application will enable users to trade crypto with fiat such as the U.S. Dollar, the Vietnamese Dong, the Malaysian Ringgit, the Hong Kong Dollar, and the Chinese Yuan (RMB) via various payment methods, including credit cards. The app currently supports Bitcoin, Ethereum, Tether, Huobi Token, EOS, Bitcoin Cash, XRP, Litecoin, and HUSD; however, it plans to add more in the future. Ciara Sun, vice-president of global business at Huobi, said: "By reducing the barrier to entry and catering to both beginners and veteran traders, we're vying for mainstream adoption across the globe, especially in underserved markets like Southeast Asia." -HUOBI BLOG |  | | | | | 10. Bitcoin can still be a safe haven, according to analysts. Following the outbreak of coronavirus, global markets have taken a plunge amid fears of a worldwide recession since the 2008 financial crisis. Saudi Arabia's decision to increase oil production to push Russia and the U.S. out of the market hasn't helped matters either. Yet, while Bitcoin has often been seen as a safe haven in times of economic stress, over the weekend prices across the crypto market dropped in line with traditional markets. Despite this, though, analysts believe this was to be expected and that safe havens are something investors go to after a storm, not during it. According to Matthew Graham, CEO of investment firm Sino Global Capital, "in times of extreme stress markets go haywire, models break, and traders are left with their instincts." Highlighting the stockpiling people in the U.K. are doing in response to the coronavirus, digital economist Paolo Tasca, founder and executive director of the University College London Centre for Blockchain Technologies, said: "People don't know what to do and they panic and draw liquidity from the market. [Bitcoin is] anti-cyclical so it should behave like a safe haven," adding that during this "short period of hysteria, it's likely that we'll see a lot of volatility." -DECRYPT |  | | | | | This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Edited by Beth Duckett, staff writer at Inside. | | | | | | | |
