Alarming Tax Letters, Bitcoin Sponsors, Mining Chaos in Abkhazia + More News

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Get your daily, bite-sized review of Cryptoasset and Blockchain-related news – investigate the stories flying under the radar of today’s crypto news.

Crypto tax messages

  • U.S. crypto traders claim to have received alarming letters with incorrect calculations about crypto-related undeclared taxes. Crypto tax software company CryptoTrader.Tax said that it has been “contacted by dozens of people” in the “last two days,” the communications from the Internal Revenue Service (IRS) asking a recipient to pay $ 127,000 in taxes and fines – despite the fact that it claims to have suffered losses of $ 2,000 in the period for which it was taxed. Although the communications include “suggested charges,” the company said the user was “not alone” when they received similar IRS CP2000 communications.
  • Lithuanian Tax Service, the State Tax Inspectorate said In February 2020, Bitcoin (BTC), Ethereum (ETH) and Monero (XMR) were sold to the value of 6.4 million euros. This was the first time the agency sold seized crypto assets.

Crypto Adoption News

  • Bitcoin Core contributors John Newbery and Mike Schmidt were launched edge, an independent non-profit organization in support of open source development for Bitcoin and related technologies. Brink will support established developers through a scholarship program and involve new employees through a scholarship program said. The human rights foundation, Square crypto, Twins and octopus among the first sponsors of the organization.
  • Leading South Korean commercial bank Shinhan received a crypto patent from the Japanese Patent Office, reported Paxnet. The patent relates to a credit-related device that can issue, manage, and sell cryptoassets to credit card-accepting shops and other outlets. The device uses blockchain technology and is compatible with mobile payment apps developed by Shinhan. The bank operates the Tokyo-based company Shinhan Bank Japan Subsidiary with headquarters in Tokyo and branches in Osaka and Fukuoka.
  • The Australian fintech company STAX said it carried out a $ 3.7 million initial public offering for the fishing company West coast aquaculture (WCA). STAX said WCA should start trading at Sydney Stock Exchange (SSX) this week, claiming that just over 89% of the IPO funding was paid in the stablecoin tether (USDT), the rest in fiat AUD. In a press release, STAX wrote“This is the first company in Australia to raise IPO funds through cryptocurrency.”
  • CertiK, an end-to-end cybersecurity solutions provider, has announced the launch of CertiKShield, a decentralized, membership-based plan to reimburse lost or stolen crypto assets on a blockchain network. CertiKShield membership allows applicants to receive a refund if their crypto is lost or stolen from their protected accounts, according to an emailed press release.

Mining News

  • All kinds of crypto chaos are breaking out in the South Caucasian state of Abkhazia. Weeks after the government lifted a general ban on crypto mining, power outages and blackouts were reported in the region. Parliament intervened Per EADaily, with MPs voting for a resolution in which the government reintroduces its ban on crypto mining to ease the burden on the electricity grid. But the chaos threatened to continue reported von Finanz.ru – The country’s ex-finance minister Adgur Ardzinba issued a rebuttal of several reports claiming he was an active crypto miner. According to the reports, Ardzinba operates “one of the largest crypto mines in the country”.

Block Chain News

  • Japan Mitsui Sumitomo Insurance has signed a business cooperation agreement with China Shanghai Insurance Exchange With this, the organizations will jointly bring blockchain technology-based solutions to the market in order to simplify trade-related insurance dispensing processes in the Chinese market. Per Jiemian. The Japanese company operates a China-based insurance subsidiary. And the companies say the new offering will initially offer cargo insurance that will mitigate the risks associated with damage during the transportation process. However, the new offerings, developed in collaboration with Chinese regulators, will soon be rolled out to other trade-related insurance areas “in the near future”.

Exchange messages

  • The Hong Kong-based crypto exchange Fusang has confirmed that the China Construction Bank The (CCB) branch in Labuan, Malaysia has stopped issuing RMB bonds to be made tradable on the Bitcoin (BTC) exchange. After an initial suspension in the 11th hour, “until further notice”, Fusang announced that the CCB, one of the largest commercial banks in China, had decided to pull out. The exchange shared a CCB communication that is, it will “not proceed” with the emission. The bank is believed to have been concerned with the way the proposed issuance was reported in the domestic and overseas media – and quickly moved away from Bitcoin and crypto.
  • OKEx has confirmed that withdrawals will resume before November 27th Start Compensation and reward programs, including one-time payments in proportion to users’ assets and transaction terms, commission discount cards, and contract fee incentives every Friday starting December 4th.