Author: Cristian Lipciuc

Cristian Lipciuc is a blockchain journalist working with startup companies across multiple domains such as freelancing, app development & cryptocurrency. Cristian specializes in applied blockchain technologies, cryptocurrency integration, the adoption of new technologies by governments, and cybersecurity.

Categories
Crypto Exchange Cryptocurrencies Payments

Huobi Simplifies Transactions

Following the support added for Banxa earlier this month, Huobi has taken more steps to increase the ease with which people around the world can buy cryptocurrency.

Native Support

Huobi has added support worldwide for Visa and Mastercard credit and debit cards. This update will allow Huobi users to carry out transactions on the platform itself without being redirected to a third-party payment gateway.

Although Huobi supported Visa and Mastercard users before, a user attempting to make a payment or receive money through these cards was sent to a third-party processor – which often required users to go through another KYC process even after they had completed KYC for Huobi.

In an attempt to clear up confusion, Huobi has created a new entity – Huobi Gibraltar – in order to be able to process payments without extra steps for users situated in Europe and Australia, according to Ciara Sun, the Vice President of Global Business at Huobi Group.

“By removing an extra step in the user journey, we’re creating a frictionless experience.”

New currencies with native support from Huobi include – but are not limited to – AUD, ALL, BGN, CHF, CZK, DKK, EUR, GBP, HRK, HUF, MDL, MKD, NOK, PLN, RON, SEK, TRY, UAH, HKD, and USD.

Huobi is currently the third-largest crypto exchange on the globe – if we’re going by volume. As of October 27, the company also holds the largest amount of Bitcoin in cold wallets of any company.

Cold wallets are never connected to the internet unless they are plugged into a PC or mobile device – if you are a personal user – or a server rack in order to transfer cryptocurrency.

Categories
Australia Cryptocurrency Law Cryptocurrency Tax

ATO Sends Out Tax Reminders To Crypto Traders

Not too long ago, the ATO (Australian Tax Office) sent out emails to 350,000 cryptocurrency traders and investors reminding them that they must declare their cryptocurrency income revenue – leading to a massive spike in Google searches for “crypto tax”.

Tax Calculations Simplified

In 2018, software engineer Shane Brunette created a tool called CryptoTaxCalculator when he was confronted with a tangled web of crypto tax laws.

Hoping to prevent other crypto enthusiasts from facing the same challenges, he created the crypto tax calculator tool – which has since been integrated with the Aussie cryptocurrency exchange platform CoinSpot.

Shane noted that the use of the tool has grown exponentially since the emails started doing the rounds.

“The ATO has fired a warning message to all crypto investors to declare their taxes. The next step will be far less forgiving. Although we have been around for two years, we really started to see significant traction after the ATO emails. I think most cryptocurrency users in Australia have been pleading ignorance about their tax obligations, but the market is now more educated about cryptocurrency taxes. There really isn’t any more excuse for not doing your taxes.”

Although calculations for taxes owed due to crypto to crypto transactions can cost you a couple of sleepless nights when done manually, the CryptoTaxCalculator tool can help you do your paperwork in a matter of minutes.

 Crypto traders and investors can simply export their transaction data via a CSV file into the tool. In a couple of minutes, a report will be generated, containing everything an accountant may need.

The move by the Australian government also proves that cryptocurrency will be considered a major player on the financial market, on par with stocks and other investments.

Categories
Australia Industries Queensland

Aussie Mangos Will Benefit From Blockchain

The Smart Supply Chain pilot project – created and operated by the Cooperative Research Centre for Developing Northern Australia (CRCNA) and blockchain firm Trust Provenance (T-Prov) – has teamed up with mango producer Manbulloo and industry group Growcom.

Multiple Blockchain Solutions For Agriculture

In the wake of similar projects targeting beef, the Australian government – as well as private companies in the agricultural sector have been looking into blockchain supply chain solutions.

Although last month saw Entrust – a supply chain solution run on Hedera Hashgraph – take measures to prevent the recurring loss of AUD 1.7 billion every year, competition is the root of innovation, which is why any rival solutions should be given a chance to prove their worth.

Manbulloo’s Quality Manager – aptly named Scott Ledger – stated that the integration of all details pertaining to quality, provenance, and transit would help do away with inefficient measures.

“In the past, each chain partner used their own system to identify and trace product, which resulted in duplication and extra costs. We are implementing the GS1 Australia standard for product ID and traceability so the members of our supply chain can use the same product ID system. This will not only save time and costs but also reduce human errors and wastage. “

He also added that the COVID-19 pandemic had raised the demand for information on where a product comes from and how it was grown or fabricated, making the use of blockchain all the more important for customers.

Jed Matz – the CEO of the CRCNA – also stated that the project had gone better than expected. He also mentioned that the research centre will be holding several webinars discussing the way the pilot project was carried out, and what the agricultural industry can expect from blockchain innovation.

If you’d like to join one of the webinars yourself you can apply here.

Categories
Bitcoin Mining Digital Asset Mining Payments

AMD Might Be Hopping Back On The Crypto Mining Hype Train

It’s been quite a week for cryptocurrency miners and investors alike. A new bullish trend focusing on Bitcoin has taken the main cryptocurrency to its highest point in almost a year — it’s passed $18,400 AUD so far. 

The bombshell that started the growth trend was PayPal announcing that they are getting into cryptocurrencies, launching the payment option in the USA, and planning to roll it out to Europe and Australia — among other locations — starting in 2021. 

Just 2 days later, a source that requested to remain anonymous revealed that PayPal is in talks with Bitcoin custodian BitGo —  a company valued at USD 178 million — backed by world-renowned financiers such as Goldman Sachs, Valor Equity Partners, and Founders Fund. 

The source also revealed that PayPal seems intent on buying another crypto custodian if the deal can’t be hashed out, indicating that this wasn’t a decision made on a whim. 

Interest In Mining Picks Up Again

Meanwhile, Ebang International Holdings — a company specializing in professional crypto mining rigs — just established a subsidiary in Australia, and are currently waiting for a financial license from the authorities before opening up. 

Cryptocurrency mining rigs can be prohibitively expensive for the budding crypto enthusiast — and the reason why many turn to online mining platform solutions.

A few years back, however, the majority of cryptocurrency enthusiasts mined digital currency using the graphics card in their own desktop. Although they weren’t able to keep up with the higher cost of electricity needed to mine, some continued the practice —  and for them, AMD might have an ace up the sleeve. 

Next week, the AMD Radeon RX 6000 “Big Navi” graphics cards tech specs should be unveiled. 

Data mining has revealed a “navi10 blockchain SKU” while looking through the Linux drivers for the new graphics card, hinting at a dedicated cryptocurrency mining GPU for personal use —  or at least support for this use of hardware generally reserved for gaming. 

With the emergence of a world-class mining rig producer on the Australian market, the renewed interest by payment-processing juggernauts, and more, crypto investors will probably be coming into the spotlight far more than previously.

Categories
Bitcoin Industries Payments

PayPal Looking To Go Deeper Into Crypto Ahead Of Launching In Australia And Europe

Following the announcement made 3 days ago by PayPal – detailing the launch of cryptocurrency capabilities in the USA, to be followed by launches in Australia and the EU in the first half of 2021 – yet another announcement has come to light, showing that the move by the payment processing giant may be even bigger than previously detailed.

Acquisition Of Crypto Custodian In Sight

Bloomberg reports that BitGo – a crypto company focused on investors looking to keep their Bitcoin assets safe – is in talks with PayPal, the end goal being its acquisition by PayPal.

The sources are, so far, unofficial. PR representatives from both PayPal and BitGo have declined to comment on the issue. The person behind the leak has only spoken off the record –  and added that this is by no means a done deal.

However, whether BitGo is bought by PayPal or not, it seems that PayPal is truly intent on buying a cryptocurrency custodian – BitGo simply being the company PayPal is currently in talks with.

Founded in 2018, BitGo – based in Palo Alto, California – is valued at USD 178 million, and is backed by big-league financiers such as Goldman Sachs, Valor Equity Partners, and Founders Fund.

Although this wave of interest by PayPal has recently made the price of bitcoin spike, not everyone in the crypto world views the developments positively. THORChain – the company behind RUNE – tweeted that the majority of wrapped bitcoin (wBTC) is held by BitGo.

Understandably, an already large company gaining a large stake in the highest-valued cryptocurrency around could have vast consequences. However, it remains to be seen which way the wind blows – and if PayPal will go through with the acquisition. 

Categories
Australia Cryptocurrencies Digital Asset Mining Industries

Ebang Establishes Australian Subsidiary

On the 22nd of October, Ebang International Holdings Inc. established a full subsidiary in Australia. This is part of the company’s growth strategy, as they prepare to launch a Digital Asset Financial Service Platform to go with their hardware.

A Crypto Mining Hardware Company

Ebang International specializes in cryptocurrency mining rigs, and had a good run at the top of the cryptocurrency mining rig market in 2019.

A cryptocurrency mining rig is a setup used to mine cryptocurrencies using hardware generally used for PCs – with a twist. DIY mining rigs are generally composed of up to eight GPUs inside a case that keeps them cool. However, companies such as Ebang build professional mining rigs from scratch, often outclassing home-made mining rigs.

  After enjoying a growth period due to constantly rising sales, Ebang has decided to no longer limit themselves to hardware – and are hoping to launch their own financial service platform as soon as possible.

Mr. Dong Hu – the Chairman and CEO of Ebang International Holdings – stated that the interest in the Australian market comes in the wake of successful investments into blockchain technology across Australia, both by the private sector and the government.

“We are pleased to announce that the Company has established its presence in Australia in furtherance of our strategies to launch a comprehensive blockchain-enabled financial business and capture the growth opportunity along the value chain of the blockchain industry. We are currently applying for the Australian financial service license in preparation for our global expansion.”

Ebang has applied for the license necessary to run a financial business in Australia and is currently waiting for approval by Australian financial authorities.  

Categories
Bitcoin Ethereum Payments

PayPal Joins The Crypto World

Today marks the day when leading payment processor PayPal opens up for cryptocurrency-powered business. A driving force in the crypto world, PayPal is the next big company – after Square – to see the potential in cryptocurrencies and adapt.

Crypto License Granted

Following the first “conditional BitLicense” granted by the New York State Department of Financial Services, PayPal Holdings Inc. has teamed up with Paxos Trust Company – allowing customers to pay and be paid in cryptocurrencies using one of the most popular household names in the world of payments.

The DFS’s superintendent – Linda A. Lacewell – stated that this development is a direct result of their new approach to cryptocurrencies. Hoping to attract entrepreneurs and businessmen with a cutting-edge vision, cryptocurrencies were naturally a major area of interest.

“DFS’s approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”

With over 26 million merchants and 325 million customers worldwide, this is a welcome addition for anyone who needs to make payments online. Other projects – such as the pending Cardano integration for Shopify stores are also bringing eCommerce and cryptocurrencies closer every day.

Although PayPal only provides support for cryptocurrencies in the USA for now, the first half of 2021 should bring the service to other markets worldwide – with Australia and the European Union among the chief markets targeted.

The cryptocurrencies supported initially will be Bitcoin, Ethereum, Bitcoin Cash, and Litecoin – although support for more cryptocurrencies should be added in the future.

Categories
Australia Blockchain Industries

DLT System Close To ASX Integration

The National Stock Exchange of Australia (NSX) is a stock exchange company that has finished working on a distributed ledger technology (DLT) trading system. This Tuesday, they’ve announced that the hard work is done and it is only a matter of time before they are permitted to connect to the Australian Securities Exchange (ASX).

Approved By The Council Of Financial Regulators

The new DLT platform built by NSX is called Digital Exchange Subregister System (DESS) – and is a part of the ClearPay platform. Earlier this month, the Australian Council of Financial Regulators approved the trading system for financial use, clearing the first important obstacle.

The company is currently hashing out the final details with the Australian Securities and Investments Commission. Once the application process is complete and the launch date is settled, DESS will be ready to serve Australian investors partial to blockchain technology.

A joint venture between the NSX and iSignthis – a company whose mission is to provide financial services and solutions around the globe – DESS was created in order to replace the CHESS system the ASX is currently using.

Ever since 2017, the ASX has also been working on its own version of a DLT trading platform – but in spite of pressures from the RBA to finish the platform, it seems the NSX has gotten there first.

According to Dominic Stevens – the CEO of ASX – the delays were due to the expansion in the scope of the ASX DLT project. Due to the trading volume explosion seen in March, the ASX realized that a more powerful platform than originally thought was required.

“Some, including an important back-office systems provider for a substantial part of the market, expressed a preference for an extra six to nine months, which we are including in our deliberations. With the volume explosion we saw in March, we’re now looking at plans to ultimately double or triple that original volume target, which will increase go-live system capacity.”

It remains to be seen which DLT system will replace CHESS – and which system will please investors more.

Categories
Australia Blockchain Cryptocurrencies

Reserve Bank Of New Zealand Is Now Looking Into CBDCs

While admitting that cash is still important to a large segment of the population, the Reserve Bank of New Zealand – Te Pūtea Matua – is looking into creating a digital currency of its own.

The Concept Of Money Is Changing

Whereas the Reserve Bank Of Australia seems to be indecisive when it comes to the need for a digital cryptocurrency – and how it may take shape – its New Zealand counterpart acknowledges that the very existence of money as we know it should no longer be taken for granted.

According to Governor Hawkesby, central banks will soon be facing big questions about the future of money – and should remain open to changes. He also stated that they will remain open-minded and see which way the wind blows.

In Australia, although the RBA has found “no strong public-policy case” – although the use of cash has been swiftly declining due to the ongoing COVID-19 pandemic.

However, research into CBDCs is still ongoing – a move other governments are also going with. Most notable among CBDC-sympathetic countries is China so far, where the DCEP (Digital Yuan) is already being tested by Shenzhen residents. The US Federal Reserve has also partnered up with the European Central Bank to research the pros and cons of digital currencies.

According to RBA Head Of Payments Tony Richards, any decision regarding the subject will be made with the goal of promoting efficiency in the payment system of Australia.

“Consistent with the Bank’s mandate to promote competition and efficiency in the payments system and contribute to the stability of the financial system, we will be continuing to consider the case for a CBDC, including how it might be designed, the potential benefits and policy implications, and the conditions in which significant demand for a CBDC might emerge.” 

Whether the RBA pushes forward or not remains to be seen. However, the Australian government’s sympathy towards blockchain technology so far just might tip the balance in the favour of CBDCs.

Categories
Cryptocurrencies Cryptocurrency Law Europe

Europol Crypto Raids Result In Aussie Arrest

On the 15th of October, a Europol sting operation led by Portuguese law enforcement with some help from the US Department of Justice resulted in over 40 warrants and subsequent arrests.

Assets were seized, however, at the moment the exact sum has not been confirmed by the law enforcement agencies of the countries involved. Computers used for the operations and other hardware —  including cryptocurrency mining rigs in Bulgaria —  have also been seized.

International Cooperation

In the wake of the operation that saw cooperation between 14 countries, an arrest has also been made on Australian soil. At the moment, however, there are no additional details pertaining to the arrest, due to privacy laws. 

The sting operation — named Operation 2BaGoldMule —  was carried out on members of the QQAAZZ cybercrime group.

Comprised of several layers of members mainly operating out of Latvia, Georgia, Bulgaria, Romania, the UK, Spain, and Belgium, the QQAAZZ network ran and maintained hundreds of corporate and personal bank accounts — as well as crypto wallets —  from all over the world to receive money from cybercriminals who gained the funds from illicit activities, whether through classic theft, identity theft or scamming.  

The funds were then bounced around through the QQAAZZ-controlled account network and sometimes converted to cryptocurrency using ‘tumbling’ services in order to launder the illicit funds — before returning the now clean funds to the thieves, minus a fee of up to 50%.  

QQAAZZ advertised themselves as a “global, complicit bank drops service” on Russian hacking where cybercriminals, hackers, and networkers would gather to offer their skills — or find the right person for an online heist. The teams behind some of the world’s most harmful malware in recent years — such as Dridex, Trickbot, and GozNym — are some of QQAAZZ’s many clients.

Edvardas Šileris — the Head of Europol’s European Cybercrime Centre — stated that the 2BaGoldMule operation was just one of many examples of how a coordinated response from strategic partners worldwide can stop millions from being stolen by bad actors. 

“Cybercriminals are constantly exploring new possibilities to abuse technology and financial frameworks to victimize millions of users in a moment from anywhere in the world. Today’s operation shows how through a proper law enforcement international coordination we can turn the table on these criminals and bring them to justice.”

The first exact charges should be confirmed in the near future by the United States Attorney Office for the Western District of Pennsylvania.