Bitcoin 

Blockchain to Lead in Payments and Asset Tokenization

Almost 23% of Digital Currency Group (DCG)’s portfolio firms believe that asset tokenization will be the next major use case for blockchain. To prepare the survey, DCG received responses from more than 60 of its portfolio companies.  According to DCG’s 2019 annual survey, 22.73% of its portfolio companies suggest that blockchain will be mainly deployed in asset tokenization, while 30% of respondents see the technology’s future use cases in payments. Other use cases and “public enemies” The aforementioned industry sectors are followed by digital identity and ownership, decentralized marketplaces and…

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Bitcoin 

Int’l Accounting Standards Body Defines Bitcoin as ‘Intangible Asset’

The International Financial Reporting Interpretations Committee (IFRIC) has ruled that cryptocurrencies, including Bitcoin (BTC), are neither financial assets nor legal tender. The Korea Times reported the development on Sept. 23, citing the Korea Accounting Institute’s briefing in regard to an IFRIC meeting held in London this June. Cryptocurrencies neither financial assets nor currencies According to the report, the IFRIC has ruled that cryptocurrencies are “not cash nor an equity instrument of another entity,” but rather “intangible assets” — defined as “identifiable non-monetary assets without physical substance.” In the IFRIC’s definition,…

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Cryptocurrency 

Crypto Data Startup Digital Asset Data Earns $3.2 Million in Funding Round

Cryptocurrency data and financial technology startup Digital Asset Data announced that it received $3.2 million in funding in a press release shared with Cointelegraph on July 25. A round led by Silver Lake and Glenn Hutchins Per the release, the round was led by investment firm North Island and tech-focused private equity group Silver Lake co-founder Glenn Hutchins. The new funds, added to its seed funding of $6 million covered by Cointelegraph in April, brings the total funding received by the startup to $9.2 million. The startup in question reportedly…

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Ethereum 

‘No One Uses It’ — Bitcoin a Speculative Asset Like Gold

The Chairman of the United States Federal Reserve has said that a globally adopted cryptocurrency system could conceivably remove the need for reserve currencies.  Testifying before the Senate Banking Committee on July 11, Fed Chairman Jerome Powell gave his analysis of whether a cryptocurrency system with global prevalence could diminish — or even go so far as to remove the need for — so-called anchor currencies.  With the U.S. dollar de facto the world’s dominant reserve currency, Powell acknowledged the possibility of a preeminent cryptocurrency redrawing the current financial landscape…

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Bitcoin 

Legislators Endorse Virtual Asset Summit Convened in Response to Coming FATF Crypto Rules

Global legislators have voiced their support for a forthcoming summit in Osaka, Japan, which will be devoted to virtual asset service providers’ (VASPs) response to a new set of recommendations set forward by the Financial Action Task Force (FATF). Cointelegraph Japan reported the news on June 19. According to the report, the V20 summit will take place alongside the G20 Leaders Summit in Osaka on June 28 and 29, and will convene G20 representatives, national blockchain associations, VASPs and legislators from numerous jurisdictions. Those in attendance will use the summit…

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