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Paxtradings Crypto Minute: February 26, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: February 26, 2018

Coinbase To Submit Data on 13,000 Users to the IRS

Coinbase announced that it must provide the data of 13,000 users to the Internal Revenue Service (IRS) as a part of an investigation into tax evasion. According to RT.com, the IRS originally requested information on all Coinbase users, but the number was reduced by a court order in November 2017. The information that Coinbase is required to provide within the next 21 days includes ID, name, birth date, address, and transaction records from 2013 through 2015.

Georgia State Senators Consider Accepting Cryptocurrency as Valid Form of Payment

Two Georgia state senators, Joshua McKoon and Michael Williams, have introduced Senate Bill 464, which proposes that “[t]he commissioner shall accept as valid payment for taxes and license fees any cryptocurrency, including but not limited to Bitcoin, that uses an electronic peer-to-peer system.” According to CoinTelegraph, the bill requires the commissioner to convert the cryptocurrency used for tax and/or license payments to USD within 24 hours.

Toronto-Dominion Bank (TD) Bans Cryptocurrency Purchases with Credit and Debit Cards

The Toronto-Dominion Bank (TD) has announced it is prohibiting the purchase of cryptocurrency with credit and debit cards. According to CoinTelegraph, TD is now the first major Canadian bank to enact such a ban. A representative of TD suggested that the ban is being enacted “in order to serve and protect our customers, as well as the bank.” J.P. Morgan Chase, Bank of America, Citigroup, Lloyds Banking Group, Virgin Money, and Citibank India are large financial institutions that have already banned credit and/or debit cards for cryptocurrency purchases.

Swiss Stock Exchange Chairman Advocates for Creation of National Cryptocurrency

According to Bitcoinist.com, the Swiss stock exchange chairman, Romeo Lacher, has advocated for Switzerland to issue a national cryptocurrency to boost the local economy and to phase out the use of cash. Lacher said:

“I believe there would be a lot of upsides, we would be strongly supportive … An e-franc under the control of the central bank would create a lot of synergies — so it would be good for the economy. I don’t like cash.”

However, while Sweden’s Riksbank has already suggested it will create an e-krona, the Swiss National Bank claims there is “no need” for a national cryptocurrency.

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