15 July

“Speaking during an online event, Bank of England Governor Andrew Bailey told a group of U.K. students on Monday the bank is debating such a move.

Calling it a “very big issue,” he anticipated a CBDC could be a real possibility in several years.

“PayPal has confirmed that it is developing capabilities in the cryptocurrency space, according to a letter to the European Commission.

Since the [Libra] project’s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore — without questioning the value of the project — took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial service.”

“Powered by Swipe, the card allows users to spend crypto – currently bitcoin, Binance coin, Swipe coin and Binance USD – at any merchant that supports Visa payments.

Many existing crypto cards are prepaid and require users to top-up before using; Binance card is connected directly to a user’s wallet and works like a traditional debit card. The card only converts crypto into the local fiat currency at the point of sale.

Users in the European Economic Area (EEA) will be able to apply for a card from August while those in the U.K. will be able to do so afterwards.”

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The storage will be offered on Kingdom Trust’s Choice retirement account, a hybrid self-service retirement platform where investors can buy, sell or hold stocks, exchange-traded funds (ETFs) and digital assets in one tax-advantaged account.

We think this is meaningful for a lot of people that already have Fidelity retirement accounts but have really been waiting for Fidelity Digital Assets’ mandate to mature from just an institutional one to institutional and retail.”

“Letter 6173 was the most aggressive variant in a trio of soft letter types the IRS sent to more than 10,000 suspected crypto holders in the summer of 2019.

The virtual currency letter smashed through two tenets of the Taxpayer Bill of Rights – the right to privacy and the right to be informed – when it ordered taxpayers who were not under audit to submit examination-esque information to the IRS.

Among Letter 6173’s demands: the taxpayer’s entire crypto trading history; a “statement of facts”; an explanation of how they got their crypto books clean; and copies of tax documents from 2013 through 2017, even though the statute of limitations caps the number of reviewable years at three.

Collins requested the IRS remove the examination-like demands from Letter 6173 and a second unrelated soft letter on the grounds they violated compliant taxpayers’ right to privacy and right to be informed. The IRS refused.

It could potentially lead to litigation from taxpayers.”

See Also: Even the IRS Admits Some Crypto Tax Regulations Are ‘Not Ideal’

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