Following their southern neighbor’s lead, the Canada Revenue Agency (CRA) recently issued new guidance on how virtual currencies will be taxed in the country. The document cites related Supreme Court of Canada rulings relating to the Income Tax Act, and indicates specific tax precedents for both personal and business activities, further reinforcing bitcoin’s unique status….
Authorities in Nevada and Maryland have issued new warnings and advisories on bitcoin, indicating a growing state-level awareness of virtual currencies. The Financial Institutions Division of the Nevada Department of Business and Industry released a “consumer and investor guidance” statement on virtual currencies, while Maryland’s Department of Labour, Licensing and Regulation published an advisory titled…
According to a story published last week in the Cleveland, Ohio, paper The Plain Dealer, merchants in the proposed “Bitcoin Boulevard” in the Cleveland Heights neighborhood will not be able to accept virtual currency for alcohol. According to the story, state officials claim that bitcoin’s status as a commodity, rather than a currency, are to…
Although bitcoin currently has no legal status in France, the French Ministry of Economy and Finance has confirmed that any revenue from digital currency in the county is subject to taxation. Speaking with French news outlet Le Monde, a representative from the Ministry explained that there was no obligation to declare bitcoin earnings specifically, and…
Following a post on the China Merchants Bank website late last week, Chinese bitcoin exchange BTC China announced that they are halting all deposits in yuan. In a post on BTC China’s Weibo social networking account, the exchange claimed the move was made “out of consideration for user security and stabilization operations.” It’s not clear…
According to a USA Today report, Africa might become the next hotbed of bitcoin activity. With a hugely unfavorable remittance market on the continent, and fees that commonly rise as high as 12%, Africa is primed for massive changes in how international money transfers are handled. It’d be a huge loss for Western Union if…
In early March, Canadian virtual currency exchange Vault of Satoshi pulled out of U.S.-based transactions citing the “increasingly hostile” regulatory environment. In the last few months, VoS has focused on building up its Canadian and international presence, and gaining some official banking status after being granted a Money Services Business License last month. Yesterday, the…
At least five apps with bitcoin-mining malware were discovered in the Google Play store yesterday. San Francisco-based mobile security company Lookout announced that the “BadLepricon” mining malware was found hidden inside free live wallpaper apps. Google removed the apps shortly after the announcement. In a blog post about their discovery, Lookout explains how the malware…
Bitcoin prices fell by roughly $50 late last night following a story on China’s Caixin news service that the People’s Bank of China had privately warned banks and payment companies to close the accounts of bitcoin-related businesses. According to a translation posted to Reddit, PBoC officials met with representatives from several large banks, Tenpay, PayPal…
The Mt.Gox bankruptcy moved another step closer to resolution today, with the official appointment of attorney Nobuaki Kobayashi as trustee for the failed exchange. Mt.Gox changed its filing in a Tokyo court earlier this month, dropping plans for a proposed rehabilitation due to an “extremely large” number of creditors and a massive logistical challenge getting…