##Venezuela Opposition Blocked from Using Bitcoin to Pay Health Staff

 

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An initiative to send $17 million to Venezuelan healthcare workers is struggling because the exchange to move the funds has been blocked in the country since 2018.

In brief

Venezuela’s opposition has launched a project to get $17 million to healthcare workers in the country using crypto exchange AirTM.

But the project is struggling due to the website being blocked in the country.

Venezuelans are slowly but surely finding ways to access the funds.

Millions of dollars aimed at helping healthcare workers in crisis-stricken Venezuela cannot enter the country because the cryptocurrency exchange helping the project has been blocked.   

An initiative was launched last week by main opposition leader, Juan Guaido, to unlock frozen Venezuelan government funds and transfer them to the South American country. The project, Heroes of Health, hopes to send $17 million to 62,000 underpaid healthcare workers in a bid to help them fight the spread of COVID-19. 

But the exchange supposed to help the movement of funds, AirTM, said that the project is struggling to take off because users are unable to access the website, according to an Associated Press report. 

AirTM uses a digital wallet connected to banks and blockchains in order to send money abroad. It has become popular in Venezuela—which has the world’s highest inflation—in recent years as people try to get dollars or crypto into the country. 

The exchange has been blocked in the country since 2018, but users have found ways of using it, primarily VPNs. 

Now, though, when it is most needed, healthcare workers are struggling to access it. 

At the time of writing, a new website with a different address appeared to pop up, helping healthcare workers access the funds, Venezuelan citizens informed Decrypt

The exchange has been blocked in the country since 2018, but users have found ways of using it, primarily VPNs. 

Now, though, when it is most needed, healthcare workers are struggling to access it. 

At the time of writing, a new website with a different address appeared to pop up, helping healthcare workers access the funds, Venezuelan citizens informed Decrypt

##Blockchain Now Powers Parts of China’s Social Credit System

 

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Data sharing of social credit scores across provinces is now possible thanks to Remin Chain, a permissioned blockchain product from Hangzhou’s Hyperchain Technology.

In Brief:

China's social credit system is getting an upgrade thanks to blockchain.

Right now the system is siloed along provincial borders, meaning data is not transferred when someone moves from province-to-province.

While many perceive blockchain to be a tool for popular liberation, it's being used in China to increase state monitoring of individuals.

The public opinion monitoring arm of China’s social credit system is getting an upgrade that will allow it to share data across platforms and provinces using blockchain technology. 

According to a report from state-run media, “Remin Chain,” from Hangzhou’s Hyperchain Technology, will be integrated into the People’s Daily Online Public Opinion Monitoring Center—the government apparatchik responsible for monitoring and analyzing every comment made online by China’s 800 million netizens. As the name implies, the center is run by People’s Daily, one of the mouthpieces of the Communist Party. 

China’s social credit system is a complicated leviathan. On one hand, it’s not exactly the Black Mirror-esque ‘Big Brother’ Orwellian system that everyone imagines. On the other hand it does attach a real ID to everyone’s online handle so that social media users with a history of “problematic” comments can be identified and dealt with. 

Up until now, there hasn’t been a nationwide “social credit” scoring system that ties online comments to a credit-bureau-like score that dictates the ability of people to access real financial credit. 

Instead, most of this system is run at the provincial-level, on separate platforms built by different tech companies. The provinces track everything from local infractions, parking tickets, and payment history on rent and debt—along with online comments—as a way of generating a score. In theory, scofflaws and political dissidents can hop from province to province for a fresh start. 

Remin Chain’s ‘Super ID’ system will curb that. The platform proposes to break down these silos and provide a national system for tracking social credit. The company also proposes to use this data to enhance the ability of small and medium-sized enterprises, which are often ignored by lenders, to build up trust and access credit at a lower rate.

##Korean Crypto Firm Partners With Major Bank for Blockchain Product

 

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Shinhan bank customers can soon open accounts and access other financial services using a blockchain-based mobile app.

In brief

A top Korean bank will use blockchain-based KYC to remotely open customer accounts.

Korean crypto firm Iconloop will provide the underlying blockchain.

The country's government is betting big on blockchain to spur economic growth.

One of Korea’s most prominent crypto and blockchain firms, Iconloop, announced a partnership yesterday with Shinhan Bank, the country’s second-largest commercial bank, to issue Know-Your-Customer (KYC) compliance certificates, as per a release.

It is one in a long list of blockchain and crypto-based projects to be launched in Korea’s public domain this year. Others include an Ethereum-powered beach payments system and the use of blockchain-based apps for verifying driver’s licenses, with Iconloop’s new development one of the first instances of a bank-crypto firm partnership.

Through its mobile app Zzeung—which uses the firm's blockchain-based decentralized identity (DID) service—Iconloop will issue a KYC certificate accessible on its native blockchain for any interested users, who can then remotely open a Shinhan bank account using just their mobile app. This eliminates the need for paper documents and other extensive compliance demands, the release said.

Shinhan Bank-issued compliance certificates will be also applied to various other identity verification services used to access Shinhan’s mobile banking services, including mobile password issuances, password changes, and other customer verification needs. 

Users holding the compliance certificates can also use the KYC facility with Shinhan’s partner companies, making it faster for them to access financial services, such as brokerage, credit card, and insurance accounts.

 Jong-hyup Kim, the founder of Iconloop, commented on the launch, "This issuance of compliance certification with Shinhan Bank is of great significance because it is the first commercialization of DID services used in the financial sector in Korea.”

Zzeung is one of the main players of the MyID Alliance, a blockchain-focused—and government-recognized—consortium in Korea with over 77 members ranging from commercial banks to local governments and e-commerce companies.

This year, the country’s Financial Services Commission approved Zzeung into its financial sandbox to allow the development of compliance certifications and other identity verification services using blockchain technology.

The development comes as the Korean government is touting a massive investment in blockchain and other rising technologies such as AI. It has already put aside $400 million in a special investment vehicle for the purpose and is even pursuing research on a potential digital won, Korea’s digital alternative to its fiat.

##Google Trends data shows retail investors may soon flood into the Crypto market

 

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Retail investors have proven to be a powerful, market-moving force many times over the past several years. The first clear example of their power to move assets was seen within the crypto market in late-2017.

Their strength was once again showcased earlier this year when an army of investors on Robinhood began pumping the prices of multiple stocks – including bankrupt companies like Hertz.

According to new data from Google Trends, it appears that a flood of retail investors may now be looking to foray into the crypto market.

This trend is elucidated while looking towards a massive uptick in search volume for the term “buy crypto” on Google, suggesting that non-crypto savvy investors are interested in gaining some exposure to the market.

Google Trend volume suggests investors are growing interested in buying crypto

It has been a mixed year for the cryptocurrency market, with Bitcoin starting the year around $7,000, rallying up to $10,500, and then seeing a cascade of buy-side liquidations in mid-March that sent it reeling down to lows of $3,800.

Since this time, BTC has been caught within the throes of a firm and slow uptrend, which ultimately allowed it to set fresh yearly highs of $12,400 just over a week ago.

Despite facing some weakness in the time since hitting these highs, investors are still growing increasingly interested in entering the volatile crypto market.

Google Trend data for the term “buy crypto” shines a light on this trend, with search volumes now being at the highest levels seen since late-2017 – far higher than that seen in late-June of 2019.

“Google searches for ‘buy crypto’ is now at the highest level since January 2018, when the crypto market peaked… This is definitely a sign of new investors who are curious on the cryptocurrency space, but we’re still far from the retail euphoria that was seen back in Jan ’18.”

It is important to note that while investors are growing increasingly interested in learning how to “buy crypto,” this same enthusiasm has not led to an uptick in the number of searches for the term “buy Bitcoin.”

“Google searches for ‘buy crypto’ is now at the highest level since January 2018, when the crypto market peaked… This is definitely a sign of new investors who are curious on the cryptocurrency space, but we’re still far from the retail euphoria that was seen back in Jan ’18.”

It is important to note that while investors are growing increasingly interested in learning how to “buy crypto,” this same enthusiasm has not led to an uptick in the number of searches for the term “buy Bitcoin.”

##Global banks lost trillions of dollars in Stock value in 2020

              

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Global banks lost trillions of dollars in stock value in 2020

In brief

Global banks have suffered a $2 trillion drop in equity valuations this year.

The drop came as the coronavirus pandemic led to a weakened outlook among investors.

US banks were hit the worst, followed by Chinese players.

The equity performance of banks and financial institutions was strongly impacted this year causing their valuations to fall by trillions of dollars, according to a report by trading firm ForexSchoolOnline.

The main factor behind the plunge was the coronavirus outbreak that caused significant instability and led to high volatility in global capital markets, resulting in the global banking market fall to $7.4 trillion in the second quarter of 2020. The figure was a 28% drop compared to 2019.

Data shows the combined market capitalization of the world’s largest financial institutions slumped by $465.1 billion amid the coronavirus outbreak, falling from $1.46 billion in December 2019 to $999.8 billion in July.

Among all global banks, US-based JP Morgan Chase saw the most significant decrease in value—the bank’s market capitalization plunged by $142.6 billion between December 2019 and July this year. Bank of America, another influential US bank and the second-largest financial institution in the world, came next on the list, suffering a $101.2 billion hit since January 2020.

However, in terms of percentage, US bank Wells Fargo took the largest hit. Statistics showed its market cap value suffered a 55% fall since January this year, with the figure falling to $99.9 billion in July from over $200 billion earlier.

Chinese banks also struggled. The combined market capitalization of the two largest Chinese institutions, the Industrial and Commercial Bank of China and China Construction Bank, plunged by a total of $93.7 billion this year, falling from $483.5 billion in December to $389.8 billion last month.

The plunge came after years of steady upward growth across the world’s banking stocks, the report said. Reasons for the previous rise included access to low-interest (even zero interest) business loans that led to inflated valuations globally. However, not everyone was convinced—with some past reports calling it the “everything bubble.”

The drop in banking valuations coincides with a rise in Bitcoin prices. This growth has even caused established firms like enterprise software provider MicroStrategy to turn to buy Bitcoin to protect against economic risks.

###IRS Sends Warning Letters to Suspected Crypto Tax Evaders

 

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The letters from the IRS warn US taxpayers to pay taxes on all cryptocurrency transactions.

In brief

The IRS has sent out a second round of letters to US cryptocurrency HODLers, asking them to file their taxes correctly.

The letter asks taxpayers to “file amended returns or delinquent returns”and warns that those who fail to accurately report crypto transactions “may be subject to future civil and criminal enforcement activity.”

The IRS is getting very serious about cryptocurrency tax compliance.

The US tax-collecting agency, the Internal Revenue Service (IRS), has sent out another round of letters to US cryptocurrency HODLers they believe haven’t filed their taxes correctly. 

A copy of the letter, dated August 14, was published by CoinTracker, software that helps crypto traders prepare their taxes.

“We have information that you have or had one or more accounts containing virtual currency but may not have properly reported your transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies,” it reads.

The letter instructs people to “file amended returns or delinquent returns” if they’ve not filed their crypto taxes correctly. The IRS warned that those who fail to accurately report crypto transactions “may be subject to future civil and criminal enforcement activity.” 

Three types of letters were sent. 

The first two, "Letter 6171 and 6174-A, are less severe educational letters,” tweeted Shehan Chandrasekera, CoinTracker’s head of tax and strategy. “If you believe you filed your crypto taxes right, no action is needed. “If you missed any crypto portion when you filed or you didn't file a return, you must amend or file a new return.” The third, Letter 6173, is more severe and requires a response. 

Others on Reddit have reported receiving the same letters. CoinTracker does not know how many letters were sent. 

What disclosures are the IRS requesting?

The IRS requests that US taxpayers answer the following question when filing their tax returns: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

The IRS asked that question of taxpayers last year, but the question appeared on a 1040 Schedule 1 form, which taxpayers had to specifically request. Ignorance, whether feigned or real, meant that lots of US taxpayers did not report their cryptocurrency holdings. 

In the US, trading cryptocurrency is a taxable event, subject to capital gains tax. That means that every time you buy or sell cryptocurrencies—trades some execute multiple times per day—you must calculate and report your gains or losses. Those receiving salaries in cryptocurrencies must also report this as income. 

How does the IRS know who owns cryptocurrencies?

This is at least the second time the IRS has sent letters to taxpayers asking them to cough up the money. The first batch went out last year. 

How did the IRS get hold of this information? Potentially from exchanges. Chandan Lodha, co-founder of CoinTracker, told Decrypt that Coinbase is “a common exchange synced across users who are receiving these letters.” The IRS in 2016 subpoenaed Coinbase for information about its users’ holdings and transactions.  

New Hampshire resident James Harper last month filed a complaint against the IRS, alleging that it illegally gained access to this data, and “unlawfully violated” his Fourth and Fifth amendment rights. 

The complaint said: "Where once it lacked the authority to peek into a person's private papers even with the use of a subpoena, the Internal Revenue Service has now acquired the power to demand access to anyone's private information without any judicial process.”

Lodha added that the US government has subpoenaed non-US exchanges like Bitstamp, and are using blockchain analytics software like Chainanalysis, Coinbase analytics, and Palantir. “They have even gone so as far as to start trying to de-anonymize on-chain privacy coin transactions,” he said. 

“The trend seems to be pretty clear: the IRS is getting very serious about cryptocurrency tax compliance. The implication for users is pretty clear — if you want to stay out of the IRS' crosshairs, make sure you are staying compliant with the cryptocurrency tax rules,” he said.

. 

##Korean Crypto Exchange Seized After Banking $85 Million in 'Illegal Profits'

 

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Authorities stormed into Coinbit’s offices today after they found the exchange had faked over 99% of its trading volume.

In brief

Coinbit was seized by authorities earlier today after manipulating volume on its exchange.

Police said the business made over $85 million in illegal income.

Investigations are ongoing.

Seoul police have raided the offices of Coinbit, one of the largest crypto exchanges in South Korea, this morning after they found the firm had used illicit methods to generate trading volume and earn millions of dollars, according to local outlet Seoul News. Coinbit allegedly faked over 99% of its volume using the scheme.

Fake volumes are a rampant feature in crypto markets globally, with researchers stating over 90% of all transactions on exchanges could be bots trading back and forth with each other to generate the illusion of an active market. This is referred to as “wash trading.”

Coinbit utilized a similar scheme, said the police. The exchange’s owner, Choi Mo, and other team members were alleged to have bought and sold various tokens between different accounts on the exchange, which authorities said affected Coinbit’s 252,000 monthly active users.

The modus operandi was as follows: Coinbit made two exchange accounts containing all user funds. One account wash traded on major cryptocurrencies such as Bitcoin, Ethereum, XRP, and Tether trading pairs with “ghost” accounts.

The other account was allegedly used exclusively for trading obscure altcoins and initial exchange offerings—where a coin is available only on one exchange—by controlling their supply, manipulating their prices to higher values, and eventually dumping the tokens on unsuspecting retail traders.

Doing so allowed Coinbit to attain over 100 billion won ($85 million) in fraudulent income coupled with their wash trading method that spurred the legal action, the report claimed.

Accounting fraud and more crackdowns ahead

Authorities have also raised questions about Coinbit's accounting practices, which point towards the possibility of additional malpractice and embezzlement, the report said.

An anonymous tax accountant told the local reporters, "The fact that Coinbit rejected the opinions from external auditors means that the company's operation was done in an out-of-the-box fashion, and in fact, its accounting cannot be trusted at all."