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US Federal Reserve Crypto, BCH-Based SatoshiWall Released, Bitcoiners Avoid Usage Due to Tax Uncertainty

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Federal Reserve crypto is being studied, according to Chairman Powell. BCH-powered paywall SatoshiWall released. China will establish standards for fintech-related companies. Wasabi wallet valued at $7.5 million. EatBCH South Sudan rep to attend African summit thanks to community donations, and taxes could be hampering bitcoin usage for payments.

Federal Reserve Crypto Considered

Federal Reserve

The Us Federal Reserve, known commonly as the Fed, considered creating its own crypto for the retail and payments market. Fed Chairman Jerome Powell acknowledged they “have assessed and we continue to carefully analyze the costs and benefits of pursuing such an initiative in the U.S.,” referring to the issuance of said cryptocurrency and answering to a letter sent by Republican Rep. French Hill and Democratic Rep. Bill Foster where they recommended the issuance of a US cryptocurrency to remain competitive.

BCH Based Paywall SatoshiWall Released

SatoshiWall, a Bitcoin Cash-based paywall, was released by developer Alex Winter, enabling free online content monetizing with the benefits Bitcoin Cash offers. SatoshiWall is a non-custodial service, and the only elements needed to activate the paywall are the content itself and a Bitcoin Cash wallet for the funds to be sent. The non-custodial trait of the software is essential; this means the service cannot erase or confiscate funds, something not possible when using other, most established paywall alternatives.

China Will Establish Standards for Fintech Companies

Federal Reserve

The People’s Bank of China will establish regulatory standards for several kinds of fintech related companies, including blockchain-based ones. PBoC vice president Yifei Fan stated that “current regulations for financial services are not clear and strong enough to guide high-quality developments in the industry.” These new standards will apply to 17 kinds of fintech based companies, blockchain being one of them.

BTC Wasabi Wallet Valued at $7.5 Million After Equity Investment

Federal Reserve

Wasabi Wallet, an anonymous and privacy-focused BTC wallet, has been valued at $7.5 Million after having raised its first equity investment from a Canadian company called Cyberpunk Holdings. The company invested $337,5K for 4.5% stake in Wasabi. Cypherpunk Holdings CEO Dominic Frisby spoke highly of the mixer-based business model Wasabi implemented, stating, “It’s extraordinary for a tech company, this early in its evolution, to have the revenues that Wasabi already has.”

EatBCH Representative Thiong Deng to Young Africans Summit

Thiong Deng, a volunteer at EatBCH in South Sudan, is on his way to represent the organization in the Young Africa Leader summit thanks to the support of the Bitcoin Cash community, who funded his journey to Ghana, where the summit is taking place. The community of Bitcoin Cash along with some developers kickstarted the crowdfunding via Twitter, and managed to exceed the fundraising goal.

Users Avoiding Paying with Bitcoin due to Tax Uncertainty

There may be more behind the recent abandonment of BTC as a payment method, according to an article published by Longhash. Taxes and the complicated way of getting them right while using cryptocurrencies for everyday payments might be impacting people who otherwise would be willing to use crypto. In some developed countries like the US and Japan, payments made with cryptocurrencies are taxable events that need to be accounted for and registered, a task that costs time and money to users who as a result wind up prefer using traditional payment means.

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