Taxpayers who own cryptocurrency are getting letters from the US Internal Revenue Service (IRS). On Friday, the IRS announced that they have begun sending letters to cryptocurrency owners advising them to pay their tax dues or to file amendments concerning their tax returns and holdings.
Chuck Rettig, IRS Commissioner, stated, “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest, and penalties.” He further stated, “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”
Lightning Labs on Wednesday released “Lndmon” a new network analysis tool. Using this tool, the Bitcoin lightning network users will be able to monitor and pull out data relating to their node and the rest of their network data. This lightning network is easier to monitor than before.
Valentine Wallace, the software engineer of Lightning Labs, stated, “As the network has grown over the past year, we’ve noticed gaps in its observability and the need for an easy-to-use tool for routing node operators to manage their nodes.”
Wallace opines that this tool will help in the prevention of problems by enabling users to monitor trends, eventually helping them take preventative action.
Abra, the crypto investment app has been forced to make changes in its services to US customers regarding regulatory uncertainty in the country.
According to the new change users of Abra will not be any longer be able to access “Qtum (QTUM), bitcoin gold (BTG), EOS, OmiseGo (OMG), and Status (SNT).” Therefore, users should withdraw any of their holdings in such assets by 11:59 PM EST on that date.
Oki Matsumoto, president of Monex Group, have declared their plans to join the Libra stable coin project along with the tentative partners of Facebook like “Visa, Mastercard, Uber, and eBay.” Matsumoto stated that they would be making a final review of the application before deciding whether they will be joining or not joining Libra. He added that several major companies have joined Libra and that Libra has got a lot of potentials.
Libra brings financial services like loans to the unbanked, and there are also other possibilities like financial inclusion and international product sales.
Binance CEO recently stated that the different governments banning the cryptocurrency would only make their citizens want it more. He said, “Cryptocurrency will survive regardless of any one country. Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more.”
