Gluwa News Digest 1st Draft - We want your help!
A Gluwa News Digest is in the works - we need your help to make it the best we can.
Gluwa will be releasing a regular news digest in the near future, but we want to make sure we cover the topics our community want to read about. That's why we're publishing our first draft openly, so you can give us feedback and shape the content you see in future.
Our first draft covers the month of January, however we plan to make our future news digests bi-weekly. If you have any feedback, please fill in the form at the bottom. Or alternatively leave a comment, make a post on our forums, or shoot us a pm!
Our First draft:
Your round-up of all the biggest blockchain news from around the world.
Policy & Regulation
South Korea plans crypto taxation regulation… (07/01/2021)
The South Korea Ministry of Economy and Finance said it has finalized a legal amendment of its tax rules to include taxation on cryptocurrency profits, Coindesk reported. The new legislation is expected to be put into effect from 2022 and would issue a 20% tax on cryptocurrency profits of over KRW 50m (USD 45,685). Cryptocurrency profits of over KRW 300m (USD 273,950) would be subject towards a larger 25% tax rate, the report said.
Major victory for stablecoins and blockchain from the OCC… (04/01/2021)
In perhaps one of the biggest regulatory victories for the stablecoin and wider blockchain industry yet, the OCC (the U.S. regulator of federal banks) has published an interpretive letter authorizing US banks to store and validate payments using stablecoins and other cryptocurrencies, Coindesk reported. The interpretive letter from Brian Brooks, the head of the OCC, noted how stablecoins offer the "efficiency and speed" of digital currencies, whilst maintaining the "stability" of existing Fiat currencies. The letter also stated that federal banks may run their own blockchain validation nodes, paving the way for more institutional participation in the blockchain industry.
Strong Opposition to proposed US Treasury rule… (11/01/2021)
The cryptocurrency industry has expressed strong opposition towards the planned new US treasury rule aimed to rid out illicit cryptocurrency transactions, the Financial Times reported. The proposal would require custodians and exchanges to record and provide personal identification information regarding larger transactions involving private wallets. Various cryptocurrency groups and advocates had voiced its concern of privacy rights and had accused the Treasury of rushed rule making. The report noted that the Treasury had only allowed a 15 day period for comment regarding the rules where normally new rules have a 60 day comment period. On 28 January, the US Treasury had extended another 60 days (until 29 March) for the proposed FinCEN rules.
Institutions
Blackrock begins Bitcoin trading… (20/01/2021)
BlackRock, the world's leading asset management firm, managing over $8 trillion in assets, has added Bitcoin futures to the asset portfolios of two of its funds. According to Bloomberg, the filings with the U.S. Securities and Exchange Commission appeared this month, allowing two BlackRock funds the opportunity to engage in Bitcoin trading. Confirmation that institutional investors are getting serious about Bitcoin is hardly new, but the entrance of Wall Street's biggest players is no doubt a bullish sign of things to come.
America's biggest universities are buying crypto…. (25/01/2021)
Several top Ivy League U.S. universities have been quietly purchasing cryptocurrencies for at least a year, Coindesk reported. Harvard and Yale rank among the suite of prestigious universities making such investments. Harvard's endowment alone is worth $40 billion.
Markets & People
Elon Musk is long on Bitcoin… (29/01/2021 - 01/02/2021)
The world's richest man has openly thrown his weight behind Bitcoin in a discussion with the popular audio-chat app Clubhouse, CNBC reported. Elon Musk described Bitcoin "as a good thing", arguing that the biggest cryptocurrency is on the "verge of getting broad acceptance by conventional finance people". On Friday the 29th, Elon added the hashtag #Bitcoin to his Twitter bio, temporarily pushing up the price by as much as 20%. According to Coindesk, the sudden and unexpected surge in price caused over $350 million in short liquidations.
Technology
‘Double spend’ rumour spooks markets… (22/01/2021)
A false “double spend” rumour was in part responsible for spooking the markets, causing Bitcoin prices to drop by almost 15% before recovering, Fortune reported. For a brief moment, it appeared as if the same Bitcoin had been spent twice, appearing to threaten the integrity of the Bitcoin network. However, sources familiar with the technology have eased concerns, assuring investors that the event was simply a routine anomaly, resulting in the creation of a “stale block”. Deribit Insights published a full technical breakdown of the supposed “double spend”, and explain why it poses no threat to the integrity of the network.
Hospitals using blockchain for Vaccine storage… (19/01/2021)
UK Hospitals are actively using Blockchain technology to track Covid-19 vaccine supply chain conditions in real-time, CNBC reported. Vaccines such as Pfizer's require cold-storage at -70°C before administration, therefore ensuring the integrity of vaccine storage condition data is critically important. Several National Health Service hospitals are now storing this supply chain data on the IBM-backed Hedera Hashgraph Blockchain, in an effort to ensure that its vaccine condition data remains tamper-proof and secure.
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