The world remains frantic with worry as the deadly Wuhan coronavirus spreads. What’s shocking is how the cryptocurrency bitcoin is strengthening in such a time. In January, it’s gained an impressive 30 percent and has remained steady since the start of the year. It rose by 3 percent over the weekend, despite struggling to keep its momentum when it initially opened. As Forbes reports, it was trading at $9,570 on the Bitstamp exchange last Thursday. Some analysts are speculating that geopolitical uncertainty might be motivating this stoic rebound. Still, some investors have valid concerns, not readily considering bitcoin investments safe just yet.
DFINITY, a blockchain cloud computing powerhouse, introduced LinkedUp, a newly developed social media-focused blockchain technology. It shared the exciting news last week at the 2020 annual World Economic Forum (WEF) meeting held in Davos, Switzerland. The company has raised over $190 million from Multicoin Capital, Polychain Capital, and Andreessen Horowitz, towards the project. DFINITY describes the platform as a decentralized social network, which is a non-corporate entity. Dominic Williams, its founder, explains that what sets LinkedUp apart from the competition is its stance on transparency. It takes an extraordinary approach to censorship, being as transparent as possible when updating the software. In essence, it will share the inner workings of its systems as it evolves.
What else is new in the crypto blockchain universe? Well, IRS now has a bird’s eye view of crypto blockchain activities, which means it’s reportable and taxable. Despite this innovative system development, it still relies on voluntary tax reporting and compliance as standard regulations demand. On the international scene, China’s decision to roll out digital yuan has prompted Japan to join the movement. According to the Japanese Parliamentary Vice-Minister for Foreign Affairs, honorable Norihiro Nakayama; this change effect is a necessary counteractive measure to pitch against its rival.
For some time, Japan was firmly opposing any pursuit of joining the cryptocurrency trades. Now, it’s reversing its decision, taken under the advisement of the Japanese Central Bank, as China is quickening its efforts; to release its highly anticipated digital yuan. Furthermore, Japan proudly admits that the fear of the Chinese succeeding is its primary motivation; and sees no indignity in its reprisal.
Elsewhere, lawmakers are tightening up on regulatory compliance, with a British court freezing some $860,000 of bitcoin payout money. Cambodia’s Central Bank wants in as well, as it races to roll out its digital currency. The loss of steam hasn’t deterred exploitation efforts to criminalize the cryptocurrency bitcoin process. Today, cybercriminals are still at large, finding novel ways to infiltrate the systems.
