TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. IRS announced it identified dozens of crypto tax evaders. Fed hiring payments manager to supervise crypto options. Tencent virtual bank in Hong Kong. Read.cash BCH based blogging platform launched. Quantum computing won’t hurt crypto, according to Hedera founder, and CEO of WhatsMiner arrested in China.
Crypto Tax Evaders Identified by IRS
The IRS (Internal Revenue Service) informed they identified dozens of new crypto tax evaders after having a meeting with officials from the US, UK, Australia, Canada, and the Netherlands through an organization known as the Joint Chiefs of Global Tax Enforcement. Their cybercrime unit declared they now have tools they didn’t before to follow “who is moving the money and where it’s going,” as a part of a push for the IRS to curb crypto tax and tech-related evasion that’s becoming more frequent.
Federal Reserve Hiring Manager to Research Cryptocurrencies
The Federal Reserve is hiring a new payments manager to oversee its normal payments division, and also to research how to integrate cryptocurrencies and digital assets into the platform. According to the job listing, besides credit card-related jobs and other traditional payment-related previous employment, the manager would have to facilitate and contribute to “innovations research including digital currencies, stable coins, distributed ledger technologies, and broadly financial/digital innovation in retail payments.” The pay for this job is $250K per year.
Tencent Licensed to Build Virtual Bank in Hong Kong
Tencent, the Chinese tech giant behind the WeChat messaging platform, received permission from the Hong Kong government to start a “virtual bank.” The info was revealed by Weige Cai, the blockchain business manager of the company, during the World Blockchain Summit Wuzhen. Cai also revealed the company is currently assembling a team to build the virtual bank, but offered no details of a possible launch date or the focus the bank will have with regard to cryptocurrencies.
Read.cash Blogging Platform Re-Launched After a Year Dormant
Read.cash, a blogging platform where users can publish their stories and get rewarded by other users, re-launched. Read.cash’s focus is to help content creators to have a platform to express their ideas and be rewarded with Bitcoin Cash (due to its low fees that benefit the concept of micropayments). Each story can be upvoted and tipped, and these upvotes will add to the total earnings of the creator. Despite being a relatively new platform, it already has all the basic set of features to publish, along with support of BCH.
Quantum Computing Won’t Break Crypto Anytime Soon According to Hedera Founder
Dr. Leemon Baird, the founder of Hedera Hashgraph, a supposedly better cryptocurrency-like decentralized technology, declared quantum computing, though really powerful, won’t affect crypto anytime soon. “The truth is quantum computers are really cool, and they’re not going to have any impact on this industry,” he noted, clarifying that “we are a decade away from anyone breaking signatures.” Even if this happened, “we can very easily switch to different digital signatures that are totally secure,” he concluded.
CEO of Whatsminer Arrested in China
The founder and CEO of mining machine #WhatsminerChina, Zuoxing Yang, was taken by the police. is may related to the intellectual property dispute with #Bitmain. If the final investigation is true, he may be sentenced to a fixed-term imprisonment.https://t.co/WcTMUQ7Uwc pic.twitter.com/coztqYSzWU
— Crypto Even (@Crypto_Even) November 8, 2019
Zuoxing Yang, the founder and CEO of Whatsminer, a cryptocurrency ASIC manufacturer, was arrested in China reportedly stemming from charges related to a case of intellectual property theft involving his former employer, mining giant Bitmain. Yang, who left Bitmain to form his own company after being denied equity, is facing charges that could lead him to spend between three and seven years in prison.
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