RT – February 26, 2018: The cryptocurrency market with Bitcoin in the led plummeted after US-based exchange Coinbase said it would hand over the data of nearly 13,000 of its customers to the US Internal Revenue Service (IRS). (BattleForWorld: And so movements are afoot to regulate the cryptocurrency market.)
Bitcoin, which has surged to become the world’s number one digital currency, traded slightly over $9,529 at 8:21am GMT on Monday (February 26), off last week’s peak of $12,000. The virtual currencies market has been recovering after the dramatic plunge earlier this year as regulators across the world announced plans to crackdown on their exchange, trade, or circulation.
And Coinbase, which reportedly brokers exchanges of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with fiat currencies in 32 countries, informed its users that it must provide the data of thousands of them to the IRS.
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SPUTNIKNEWS – February 26, 2018: An article appeared in The People’s Daily on Monday, headlined “Three Questions to Blockchain,” the state news outlet underscored the government’s intention to support the top-notch technology but also warned about cases of misuse and abuse.
The article offers an intricate overview regarding the use of blockchain in several applications – finance, charity and non-profit activity, as well as security and financial regulation.
And cryptoeconomic policies are moving ahead “In order to better promote and utilize the blockchain technology, the government should implement strengthened policies and regulations,” and that “Most of the current blockchain hype is focusing on fundraising and speculation instead of genuinely solving real-world problems with the blockchain technology,” says the article.