Bithumb R&D Center, IRS Regulations, and Other Weekly Cryptocurrency News

| January 10, 2020 9:57 am PDT

The past week has been very dynamic, as the price of Bitcoin has been moving up and down. It even surpassed $8,200 at one point but has fallen under $8K since. Naturally, the other popular coins have followed a similar pattern during that period.

According to most experts, we should see bullish tendencies in the next couple of weeks, but you never know with crypto.

I won’t focus on the price here but on interesting news and events from the crypto world in the past week, including the IRS regulations regarding cryptocurrency.

Oldest Thai Bank Partners With Ripple for Cross-Borders Payment System

I like to start on a positive note, so the first highlight will be related to an important announcement from Thailand. Siam Commercial Bank, or simply SCB, the oldest bank in the country, has launched the demo version of a mobile app that’s designed to provide fast and cheap cross-border payments.

SCB is working with Ripple on the project that should make life easier for all customers of the bank that want to fulfill international transactions.

I have no doubt that this crypto project will be a huge success, and I expect more banks to follow suit in the near future. Whether it’s Ripple or another blockchain tech, there are plenty of crypto platforms out there that have the potential to change the future of the payments industry for good.

Bithumb Launches a Research and Development Center

Investing in the development of blockchain and crypto is crucial for the future of the industry. The South Korean exchange Bithumb is obviously aware of that. Bithumb has announced the launch of a dedicated Research and Development center.The focus will be on providing new solutions and improving the existing ones. I believe that more successful companies from the sector will soon open their own divisions with the same purpose, and that should benefit the crypto world.

The IRS Might Knock on Your Door If You Don’t Report Your Crypto Transactions

The next one is targeted towards our readers from the United States. Most people think that crypto transactions could go unreported, but that might not be the case. It seems that the IRS might be after you, so be careful.

Many exchanges and similar platforms might actually be pressured to disclose your information. If that’s the case, the IRS could apply legal penalties, and in extreme circumstances, you might be subject to criminal investigations.

I strongly recommend that you consider reporting your crypto transactions to avoid any potential issues.

China Will Launch Its Blockchain Network in April

You probably have the feeling that I mention China in every single one of my weekly crypto recaps, and you are absolutely right. The country has been extremely active recently, and a new important announcement was released several days ago.

The Asian giant has been testing a state-wide Blockchain-Based Service Network (BSN) since November, and the system will be launched in April.

This would be a huge step towards the development of China’s own cryptocurrency, and I’m pretty sure we will see it live by the end of 2020.

I still don’t know what to think about it, but I guess time will tell if that’s a positive or negative crypto development.

Bitcoin’s Popularity Explodes in Iran

We all know that traditional assets and currencies are extremely vulnerable during critical times and political uncertainty. That’s exactly the case in Iran nowadays, after the US hit General Qasem Soleimani recently.

The country has responded by launching missiles against US bases. Most of the globe is wondering if World War III is coming, and I imagine that the people from Iran don’t feel secure right now.

One of the consequences of the crisis is that the popularity of Bitcoin has exploded there. Many Iranians probably see the cryptocurrency as one of the best ways to store their money right now, and that’s a smart decision.

While I hate the circumstances that led to this, it’s still a positive sign for cryptocurrencies in general. They are a true alternative to fiat currencies in times of crisis.

Turkey Will Try to Regulate Crypto Transactions

I think it was clear that 2020 will be a year in which plenty of governments around the world will try to regulate and legislate cryptocurrencies in one way or another. One of the examples is Turkey, as the country’s Capital Markets Board plans to try and regulate all crypto transactions.

The institution is working on a guideline at the moment, and it’s yet unclear how the procedure will work. I don’t think that the government will be as successful as expected, as tracking crypto is not the easiest task in the world.

Final Words

That’s what caught my attention from the crypto world this week. If you think there were other noteworthy highlights, feel free to share them in the comments section below.

And if you’re interested in using your crypto for online gambling, check out our guide here.

Jerry Summer

Jerry Summer has a wide-ranging interest in gambling and the gambling industry. He's made a living out of both playing poker and betting on sports.

The English Premier League and the NBA are among Jerry's primary areas of expertise. He's knowledgeable about many other sports, too, along with poker and several casino games.

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