Perianne Boring brings you today’s top news stories in Money & Tech:
The Bitcoin Foundation released a statement on Wednesday in response to the IRS tax guidance for digital currencies, saying that while they welcome greater regulatory clarity, this new ruling “may make compliance with tax laws unnecessarily cumbersome and imposes untenable recording and reporting requirements on its users.” The Foundation went on to add that the new guidance will be “particularly detrimental” for small businesses and unbanked individuals, and in general, could impede innovation.
At the same time, in a fireside chat at CoinSummit on Wednesday, venture capitalist and former Facebook executive Chamath Palihapitiya said that the new IRS guidance could add clarity to tax policy which he says has “been exploited by rich people for years.”
As part of BitPay’s new Bitcore project, the company announced Wednesday that they are developing a new multi-signature wallet called Cosign. Multi-signature is a nascent technology that requires a co-signing of multiple keys to allow a transaction to go through, meaning user funds won’t be lost even if their private key is stolen. Bitcore’s Cosign will be a 3-of-5 multi-signature wallet, requiring at least 3 of the 5 people holding private keys to sign a transaction before it can be completed on the bitcoin network.
Identification management company Jumio, backed by VC firm Andreessen Horowitz, announced a partnership with eight leading bitcoin companies to form the Bitcoin Identity Security Open Network (BISON). Companies will be able to easily collect and verify a customer’s identity during a transaction using any connected device with Jumio’s ‘Net-verify’ technology. This will also allow companies to share and verify customer identity information across the network for smoother Know Your Customer (KYC) compliance.
In a new Mt. Gox development, researchers at ETH Zurich University in Switzerland released a report Wednesday concluding that transaction malleability was not the primary reason Mt. Gox became insolvent. Contrary to the exchange’s claims, the report found that the issues with the bitcoin protocol may have caused a loss of 386 out of the company’s 850-thousand misplaced bitcoins.
The Satoshi Nakamoto Institute recently launched NakamotoInstitute.org, an open-source website where the entire collection of the mysterious bitcoin inventor’s public writings, emails and forum posts will be shared. The Institute also promises to share Nakamoto’s original code on the site as well in the near future.
Money & Tech attended the sold-out CoinSummit event in San Francisco over Tuesday and Wednesday of this week. We have exclusive interviews with some the industry’s most prominent innovators and investors, including Jesse Powell and Constance Choi of Kraken, as well as Christopher David and Christa Clark of CoinVOX. Additional interviews with Bobby Lee of BTC China, Jackson Palmer the creator of DogeCoin, and others will be available soon at Moneyandtech.com.
Watch this news update on the Money & Tech website at http://www.moneyandtech.com/mar27-news-update/
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