Get your daily cryptoasset and blockchain news summary, investigating the stories flying under the crypto news radar today.
- The Ethereum (ETH) 2.0 Deposit Agreement will not be released in October as previously assumed, and not for at least a few more weeks, according to the Ethereum Foundation researcher Danny Ryan, speaking on the Bankless podcast. Ryan said it will become active once it passes an audit of a critical cryptographic library, BLST, performed by a cryptographic audit firm NCC Group. This could happen between early and mid-November.
- The main Venezuelan supermarket chain Excelsior range said it will accept payments in bitcoin (BTC) and a number of altcoins, according to an official Instagram post. The supermarket said it has entered into a partnership deal with the domestic cryptocurrency exchange Cryptobuyer. The deal will allow cashiers at 24 branches in and around the capital Caracas to start accepting BTC, ETH, binance coin (BNB), dash (DASH), litecoin (LTC), stablecoin DAI (DAI) and tether (USDT) and XPT, an ERC-20 protocol token developed by Cryptobuyer. Excelsior Gama will also allow customers to pay in cryptocurrency for online and delivery payments via its website.
- Billionaire Alibaba Founder Jack Ma has criticized global regulation for stifling innovation, urged China to seek a system that favors development, and said digital currencies could play a role in a new global financial system, Bloomberg reported. “Digital currency could create value and we should be thinking about how to establish a new type of financial system through digital currency,” said Ma.
- A group of CEOs of major Japanese cryptocurrency companies called for more cryptocurrency legislation and clarity from regulators at a virtual meeting. For Coin Post, Yuzo Kano, CEO of bitFlyer, he also warned that the cost of self-regulation is rising and could lead to increased costs for customers. He also said some companies might try to operate in a legal “gray zone” if adherence to self-regulation is not made mandatory for the cryptocurrency industry.
- Bithumb launched an automated ordering service, according to ENews Today. The function automatically executes buy and sell orders when a cryptoasset reaches a specified price (selected by a customer). The exchange said up to 25 orders can be placed at the same time, but the service is currently only open to PC version users. However, Bithumb added that a dedicated mobile app is currently in the works.
- Bitfinex derivatives, a derivatives platform accessible via crypto exchange Bitfinex, launched a perpetual contract for silver. The contract will offer users up to 100x leverage and will be settled in USDT, the platform said.
- The United States Internal Revenue Service (IRS) clarified who should answer yes to a question about cryptoasset business included in the draft Federal Income Tax Form 1040 for 2020. According to the instructions, a person answers “yes” if they have sold cryptoassets, they traded for goods or services, exchanged it for property, including other cryptoassets, and received any cryptoasset or free, even via airdrop or hard fork, but not if they simply held a cryptocurrency or moved it from one to another wallet of their property.
- Ethereum developer Virgil Griffith’s attorney Brian Klein filed a motion to dismiss US government allegations that Griffith violated the sanctions law by speaking at a North Korean cryptocurrency conference, several media outlets reported. . The motion states that the government’s indictment does not “specify any alleged obvious fact” and does not contain any actual factual allegations.
Cryptographic Policy News
- Brad Garlinghouse, CEO of Ripple, a California-based blockchain startup that focuses on the banking sector, has rejected the recently highly debated apolitical stance of the leading cryptocurrency exchange Coinbase, announced by its CEO, Brian Armstrong. In an interview with CNBC, Garlinghouse said he thinks tech companies have an “obligation” to work to solve society’s problems. “The sad reality is – and I say this as a longtime Silicon Valley veteran – some of these (social) problems are, at the very least, exacerbated by the technology platforms themselves,” Garlinghouse said.
- Giant of online payments PayPal terminated an account from a domain registrar called Epic, allegedly due to suspicions of money laundering in relation to its Masterbucks digital currency, Mashable said, citing “a source familiar with the situation.” This source reportedly said the group failed to follow the proper legal steps to run Masterbucks and was encouraging tax evasion. PayPal has reportedly denied that the account was closed due to Epik’s political ideology, as they claim. Epik hosts far-right websites, whose CEO allegedly defended the white supremacist and former Ku Klux Klan leader David Duke.