Home ICYMI China Hurries Development of PBoC-Backed Crypto, Bitmain Q1 Losses, Square Q3 Earnings...

China Hurries Development of PBoC-Backed Crypto, Bitmain Q1 Losses, Square Q3 Earnings Drop

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. China hurries the development of its own cryptocurrency. Bitmain lost more than $300 million in Q1 2019. Square forecasts lower than expected earnings. Swissquote bank launches a cryptocurrency exchange, and Brazilian traders to report crypto transactions monthly.

China Hurries Central Bank Cryptocurrency

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China hurries its own crypto, is the report from state television. The People’s Bank of China (PBoC) the country’s central bank, declared the intention of hastening preparations and development of its state-backed cryptocurrency, according to a statement posted on their official page. The announcement was made in a video conference to discuss the route PBoC will take during the second half of 2019. Some analysts are insisting the PBoC is responding to the eventual advent of projects such as Facebook’s Libra.

Bitmain Piled $310 Million in Losses During Q1 2019

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Bitmain, the largest cryptocurrency mining hardware manufacturer, had a rough first quarter of the year, losing approximately $310 million. The mining behemoth had to battle with a cryptocurrency market in a bearish state that caused low demand of its signature miners, which were apparently sold at a loss. According to a report published by QQ, Bitmain lost $625 million during January and February, making a comeback in March, earning $315 million to at least recover some ground.

Square Reports Lower Than Expected Q3

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Square, the bitcoin-friendly company, will have a worse than expected third quarter of the year, forecasting a higher than expected yearly net loss. One aspect contributing to the pullback was the sudden increase of more than 100% in marketing expenses for Cash App, their main payments and cryptocurrency app. Still, the app is very popular, with more than 35 million of active customers.

Swissquote Bank Launches Cryptocurrency  Exchange

Swissquote, a Swiss bank, launched a cryptocurrency exchange where customers will be able to save crypto and also to trade it with the safety and security of a known institution. Swissquote will feature free crypto deposits from $500 and up, with five cryptocurrencies available to trade: bitcoin, ether, litecoin, ripple and bitcoin cash. Swissquote does not collect any custody costs, however, the bank will demand a USD-funded cryptocurrency for customers to conduct trading operations.

Brazilian Traders Will Have to Report Crypto Transactions To Tax Watchdog

Brazilian cryptocurrency trades are now obliged by law to report their cryptocurrency transactions to the country’s tax authority. According to the new legislation, effective August 1st, any transaction or transactions over $7,600 must be reported to the tax watchdog, including charitable donations. Traders would have to present this data every month. If they fail to do so, they will face fines from 1.5% to 3% of the unreported transaction volume.

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