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Overstock to pay Bitcoin tax, Russian investment plans and more

For the crypto community, 2019 has not been different since 2018. While Bitcoin after celebrating a three-day honeymoon period at $ 4K is back at $ 3.6k now, Ethereum Classic, the original Ether has suffered a 51% attack.

A 51% attack is a malicious miner or group of miners that takes control of over 50% of the mining power or hash frequency of a network. The miner (or group of minors) who controls 50% of the network hash can block the history produced by the rest of the network and can even define a new chronology of canonical transactions.

In 2016, when the decentralized autonomous organization ran Ethereum, it was attacked and this led to a loss of $ 50 million, or more than a third of its funds. As a result, the Ethereum community decided to go for a difficult fork. The new hard-forked cryptocurrency became Ethereum (ETH) with reversed theft, and the original continued as Ethereum Classic.

In the midst of all this, the cryptic developments continue to happen forever. As Overstock became the first US company to pay tax in Bitcoin, the reports revealed that Russia could put $ 10 billion in Bitcoin in the current quarter.

Let's take a look at the crypt and ICO developments this week!

Overstock becomes the first US company to pay taxes in Bitcoins

After Ohio launched OhioCrypto.com, allowing people to pay taxes in Bitcoin, ecommerce and the US blockchain company Overstock announced that it will pay part of its state taxes in Ohio in Bitcoin.

Overstock will be the first US company to pay Bitcoin taxes. In a press release, Overstock's CEO and founder, Patrick M. Byrne, said: "We have long thought that the government's thoughtful adoption of emerging technologies such as cryptocurrencies (if accompanied by non-restrictive legislation) on these technologies) is the best way to guarantee the United States, it does not lose our place in the forefront of the increasingly advanced global economy ".

Russia can invest $ 10 billion in Bitcoins

Commenting on a tweet, a Russian economist at the Russian presidential academy for the national economy and the Moscow public administration, Vladislav Ginko, said he expects Russia to invest at least $ 10 billion in the first quarter of this year. 39; year in Bitcoin.

he He said"Chris, I think he's sitting here in Moscow, Russia, that the real factor in bitcoin apathy will be when the Russian government I'm working for will start investing almost $ 470 in Bn's reserves in Bitcoin. there will be at least $ 10 billion in the first quarter of this year. "

Bitwise file for the new Bitcoin ETF

After the launch of Bitcoin futures from exchanges such as Chicago's CME (Chicago Mercantile Exchange) and Cboe, and with Nasdaq planning to launch soon, another US-based company, Bitwise Asset Management, announced it has deposited a first registration statement on Form S -1 with the US Securities and Exchange Commission (SEC) in relation to a new bitcoin-listed exchange fund (ETF).

The proposed Bitwise Bitcoin ETF would monitor the Bitwise BitTrans Total Return index and capture the full value of a bitcoin investment, including significant rigid forks. The index is produced by Bitwise Index Services.

The proposed ETF differs from the previously proposed Bitcoin ETFs. In the case of Bitwise, it will rely on regulated third party custodians to maintain its physical Bitcoin and in the index it will draw prices from a large number of cryptocurrency exchanges, representing most of the currently verifiable bitcoin trading.

Cigarette shops offering Bitcoin in Paris

The French retail stores of the Keplerk group in Paris and its surroundings are selling Bitcoin and other cryptocurrencies.

According to Reuters, Adil Zakhar, one of Keplerk's co-founders, hopes to enlist up to 6,500 Tabacs by February 2019.

"Some people find it difficult to get bitcoins online." They trust the owner of the local tobacco store more than they would trust a remote anonymous site, "Zakhar said.

Coinbase Disables send and receive for Ethereum Classic

Coinbase, one of the leading cryptographic exchange centers based in the United States, announced that it immediately discontinued all Ethereum Classic interactions by suspecting a double-spending attack on its blockchain. Until January 7, at 22.27, the company had identified a total of 15 re-organizations, 12 of which contained double expenses, for a total of 219,500 ETCs (~ $ 1.1 million). However, he made it clear that no Coinbase accounts were affected by the attack.

The company said in its announcement: "Because of the unstable network conditions on the Ethereum Classic network, we have temporarily disabled all ETC mandates and receipts. Buy and sell is not affected." All other systems work normally. "

While it has fueled discussions about the vulnerability of Work-of-Work-based (PoW) -based cryptocurrencies that include Bitcoin and Ethereum, it is highly unlikely that the scenario can be repeated with Ethereum or Bitcoin.

It is worth noting that the hash rate of Ethereum Classic is 9TH / s, while the hash rates of Ethereum and Bitcoin are 167 TH / s and 42,787 PH / s, respectively, which makes it virtually imperceptible to impact on these networks.

However, the attack barely hit the Ethereum Classic, whose price has dropped from $ 5 to $ 4.56 this week.

Meanwhile, the US SEC has released its exam priorities for 2019 and cryptocurrencies are a top priority. The Office of Inspections and Compliance Examinations (OCIE) in its document stated that the investment advisor's exams identified emerging risks for advisors who sell or recommend digital assets, such as custody and custody concerns. of investor, valuation, omitted or misleading information on the complexities of products and technology and the risks of a dramatic price volatility.

Exam candidates will include transfer agents acting as payment agents for issuers, transfer agents that develop blockchain technology or transfer agents that provide services to issuers of microcap securities, private offers, crowdfunding securities or digital assets.

OCIE also stated that through high-level surveys, it will take steps to identify market participants who offer, sell, trade and manage these products or take into consideration or actively seek to offer these products and then assess the extent of the their activities.

For companies actively operating in the digital goods market, OCIE will conduct examinations focused, among other things, on the management of the digital asset portfolio, on trade, on the security of funds and customer assets, on the pricing of portfolios of customers, compliance and internal controls.

In other news, Thailand has approved four more cryptocurrency exchanges. In a statement to the press, The SEC Thailand announced that the Ministry of Finance, on the recommendation of the SEC Board of Directors, granted digital asset asset licenses to four applicants and rejected two applications. In the meantime, another question is still under investigation.

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