Image Of The Day, 13 Of August: CNBC, Bloomberg, The New York Times And Others
We're presenting «the image of the day». Bitnewstoday.com has chosen only the freshest and most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important of today's stories in most indicative quotes are below!
1. $100 BILLION RISK (CNBC)It's not uncommon for those nearing retirement to become nervous about their nest egg, concerned it won't be sufficient. This has led some savers to pursue self-directed IRAs, an individual retirement account that you control with investments of your own choosing. These IRAs are often invested in real estate, private mortgages, precious metals and private company stock.
Lori Schock, director of the SEC's Office of Investor Education and Advocacy, told CNBC, «Now that some self-directed IRAs include digital assets — cryptocurrencies, coins and tokens, such as those offered in so-called initial coin offerings — we think it is important to alert investors about the potential risks and fraud involved with these kinds of investments that may not be registered».
2. RESILIENT DUO (Bloomberg)
Tyler and Cameron Winklevoss aren’t licking their wounds after the Securities and Exchange Commission rejected their proposal for a Bitcoin-based exchange-traded fund last week for a the second time.
"Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail-driven market». said Tyler Winklevoss, who serves as chief executive of Gemini. “This will change over time, but it will take time."
3. LIRA’S PROBLEM (The New York Times)
The Turkish lira keeps sliding, and that could hurt all of us. U.S. stock futures were down this morning after declines in European and Asian markets. Perhaps, even more, worrying: Beijing weakened the renminbi against the dollar, a sign that other emerging markets’ currencies could be suffering.
The Turkish central bank is responding: It has restricted sales of lira for foreign currencies. Some think Ankara could do more, though, perhaps by forming a currency board.
4. DRAGON SCAM (TheNextWeb)
The businessman Aarni Otava Saarimaa was approached by a group who sought to link him up with some hot investments: shares in a few high-profile companies and a cryptocurrency called Dragon Coin.
The gang allegedly had convinced Saarimaa and an associate that Dragon Coin was to be accepted by casinos as a legitimate means of payment. The pair was even taken to a casino in Macao to convince them to ‘invest.’Suspicions were only raised when Saarimaa saw none of the promised returns; all of the Bitcoin had been immediately sold and distributed amongst the gang.
5. UNREGULATED SERVICE BEWARE (Bitcoin.news)
US Government plans to «Aggressively Pursue» Unregulated Services
Two common complaints among crypto traders are that platforms which didn’t before are now demanding identification documents and that more venues close their doors to residents of some countries. While users naturally lash out at the companies, it is important to remember that this is often done under coercion or threat by regulators. The US government, for example, doesn’t consider itself bound by national borders in pursuing unregulated services.
«It is important to understand that these requirements apply equally to domestic and foreign-located convertible virtual currency money transmitters, even if the foreign-located entity has no physical presence in the United States, as long as it does business in whole or substantial part within the United States», - Kenneth A. Blanco, Director of the Financial Crimes Enforcement Network (FinCEN)
6. INSIDE THE KINGDOM OF SAUDI ARABIA (SAMA)
The unauthorized virtual currencies are illegal inside the kingdom of Saudi Arabia
The standing committee which was formed by the supreme decree headed by Capital Market Authority (CMA), Ministry of Ministry of Interior membership, Ministry of Media, Ministry of Commerce and Investment and Saudi Arabian Monetary Authority (SAMA). As required by the supreme decree, the standing committee works with relevant parties in order to reduce marketing for investment and trading in Forex and virtual currencies by reporting on SAMA or CMA official websites.
7. INDIAN SOLUTION (Quartz)
India’s cryptocurrency regulations will likely come by end of 2018
The long-awaited regulations for the Indian cryptocurrency ecosystem are now likely to come only by the end of the year. That’s because a finance ministry panel is still evaluating how to treat blockchain and cryptocurrencies separately. Although the Narendra Modi government and the Reserve Bank of India (RBI) had expressed their inclination to adopt blockchain, there have been misgivings on the latter.
«Blockchain is an interesting thing. We definitely want to milk it effectively for financial transactions. So all officials are really trying hard to understand how to separately use blockchain, without cryptocurrency», the official explained. «And understanding a new software takes time».
8. ALMOST $100M (The Next Web)
Cryptocurrency exit scams have conned people out of almost $100M
Chinese company Shenzhen Puyin Blockchain Group is responsible for a staggering $60 million of all thefts. The company raised funds for three different ventures – ACChain, Puyin, and BioLifeChain – neither of which materialized.
Other notable mentions include Cryptokami and NVO, both of which raised respectively $12 an $8 million before seemingly abandoning work on their projects. Cryptokami’s site is now defunct, and NVO hasn’t updated its platform since March.
9. IRS PREDICAMENTS (Bloomberg)
IRS says it’s stepping up crypto-enforcement but rules unclear
Dozens of hedge funds investing billions of dollars in cryptocurrencies don’t know if they’re calculating their taxes correctly, which may be a problem now that U.S. authorities have said they’re going to be scrutinizing virtual currencies.
Just like individual taxpayers, institutional investors that have plunged into Bitcoin, Ether, and other digital currencies are finding there are few guidelines governing their holdings, and those that exist are murky. As a result, many funds have tried to minimize their liabilities without really knowing what the rules are.
10. MINING BAN (News.Bitcoin)
Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms
Vietnamese businesses and individuals have stopped importing bitcoin mining equipment into the country since the beginning of July, according to the Ho Chi Minh City Customs Department. This follows the government’s efforts to pass a law banning the import of bitcoin mining rigs into Vietnam.
The ban was proposed because the country’s finance ministry became concerned that crypto mining rigs are «not on the list of goods banned from importation and are not subject to the list of specialized management or unsafe goods, so enterprises are easily allowed to complete the import procedures».