This week in Bitcoin – Oct 14th, 2019


Hi, I’m Nate Martin from 99Bitcoins.com and here’s what happened this week in Bitcoin. Some of the biggest corporate backers of
Facebook’s Libra currency have withdrawn from the project, dealing a major blow to
Facebook’s plans for a global cryptocurrency. Visa, MasterCard, eBay, and Stripe
have all followed PayPal’s lead in bowing out of the Libra Association, just
prior to its upcoming inaugural board meeting. These additional exits leave Libra
with no major US payment processor. The American financial regulator has taken
legal action against the Telegram company for what it claims was an
unregistered securities offering. Telegram raised $1.7 billion Dollars
for its TON cryptocurrency. The SEC is seeking a restraining order to prevent the release within the US of the new TON tokens. The Internal Revenue Service
in the US has updated its rules for the taxation of cryptocurrency. The newly-published guidance clarifies how tax
applies to new and formerly ignored situations, such as profits from the sale of crypto,
income tax on crypto, and how crypto forks and airdrops are taxed. One downside is that people now may be
taxed in excess of their gain from airdrops. And finally, the United Nations Children’s
agency announced a new fund for receiving cryptocurrency donations. UNICEF is the first UN agency to accept crypto donations, which they will use to fund open source technology
of assistance to young people. UNICEF will hold and disburse donations
directly in crypto form – not in fiat. That’s what happened this week in Bitcoin.
See you next week.

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