TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Neil Bush had a paid, $300k meeting with the OneCoin Missing Cryptoqueen. Andrew Yang clarified cryptocurrency regulations. IRS to focus on Bitcoin ATMs. Venezuela will pay Christmas bonuses in state-backed crypto, petro. 20 European banks will launch PEPSI, and read.cash opens registration.
Neil Bush Met OneCoin Missing Cryptoqueen
Neil Bush, son of the late US president George H. W. Bush, had a paid meeting with Dr. Ruja Ignatova, the now-infamous Missing Cryptoqueen. This is the latest development in the case of the OneCoin scam, involving at least $4 billion from investors all over the world. Apparently, Neil Bush was paid $300K to appear in a meeting between the Dr. Ruja and Dr. Hui Chi Ming, owner of Hoifu Energy. The meeting was to get a loan to buy an African oil field with cash and OneCoin, and Bush’s presence as an investor made the project seem more legitimate.
Andrew Yang to Clarify Cryptocurrency Regulations
Andrew Yang, 2020 democratic presidential candidate, made a vow to regulate cryptocurrencies and tech firms in his latest policy proposal. Yang acknowledges “cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity, outstripping government’s response,” and as a consequence, a new framework for regulating these assets must emerge. He proposed to define what a token is, when it is a security, and which federal agencies will have regulatory power over them.
IRS to Focus on Bitcoin ATM Users
The IRS will now focus on Bitcoin ATM users, regarding so-called taxable events incurred through their transactions, according to John Fort, IRS Criminal Investigation Chief. Fort stated that companies behind these machines have different levels of compliance and that these procedures must be streamlined.
Venezuelan to Pay Christmas Bonuses With Petro
Nicolás Maduro, the president of Venezuela, announced the government will pay Christmas bonuses to employees and pensioners in petros, the official cryptocurrency of the country. The measure, which will affect more than one million people, was also implemented last year when Maduro transformed the fiat holdings of all employees and pensioners of the government to petros.
20 European Banks to Launch PEPSI
Twenty European banks have partnered to launch a new payment system to rival big firms like Visa and MasterCard. Called “Pan-European Payment System Initiative,” or PEPSI, the project involving several banks wants to capture 60% of the European payments market, and will cost several billion to build. While there is not much information about the initiative, banks will decide if they will finally greenlight the project this December, according to an article published by LeFigaro.
Read.cash Opens Registration for All Users
Read.cash, the new publishing platform that lets users write stories and get rewarded with bitcoin cash (BCH), opened registration after having operated in closed beta for a month. While they are a quite young platform, they have experienced a sensible growth for a small service, and expect to keep growing even more while adding new actions and functionality to the system in the near future.
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