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Australia

All-Crypto Retirement Accounts Will Be Fined: Australian Tax Office

The Australian Tax Office (ATO) has sent out warning letters to investors who have placed the majority of their retirement savings in cryptocurrencies. As part of an ATO effort to warn against high-risk retirement investment strategies, 18,000 holders of Self-Managed Super Funds (SMSFs), a type of retirement account privately managed by individuals, were told they …

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Australia: 100% Crypto-Invested Retirement Portfolios Are Illegal

The Australian Tax Office has issued warning letters to 18,000 Self Managed Super Funds (SMSFs) for concentrating too much investment in one asset class. Under Australian law it is illegal to use more than 90% of retirement funds on a single class, such as property or cryptocurrency, as reported by local news outlet, Micky, Aug. …

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BCH News Roundup: Transactions Spike, Cashaddr Support and Developer Congress

<header class=”article__header”> </header> <strong>The last seven days have been busy within the Bitcoin Cash ecosystem with a slew of announcements and developments. Kraken exchange recently added the BCH-based Cashaddr address format and Coinbase open-sourced a utility that makes it easy to convert between Base58 and Cashaddr addresses. Additionally, the New Hampshire-based Anypay payment processor is …

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Owning Fiat Just Got More Expensive – NIRP Strikes Again

</header> <strong>With the recent Union Bank of Switzerland (UBS) announcement that even more customers will be charged to hold money in their banks, people are scrambling to find ways to preserve their wealth, while USB and others scramble to dam the losses resulting from national negative interest rate policy (NIRP). The relatively recent experiments with …

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Australian Police Charge 5 Over $1.8 Million Cryptocurrency Scam

Five people have been charged in Australia over a cold-call cryptocurrency investment fraud. After an investigation by the Financial and Cyber Crime Group, State Crime Command, detectives allege that three men and two women duped over 100 investors into handing over A$2.7 million (around US$1.83 million) believing that they were generating significant profit. That was not the …

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VeChain Releases Blockchain-Encrypted Wine Bottles For Australian Winemaker

Public enterprise blockchain platform VeChain has partnered with Autralian winemaker Penfolds to release a case of blockchain-encrypted wine bottles for sale, as part of its Wine Traceability Platform (WTP) initiative. More specifically, the launch of Penfolds Bin 407 in July marks the beginning of VeChain’s WTP phase 2, per a press release from VeChain on …

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When Cash Is Banned, Centralized Cryptos Are Not Going to Save You

<header class=”article__header”> </header> <strong>Australia is now moving forward with its proposed legislation to ban cash purchases over 10,000 AUD ($6,900) for business purposes. According to the treasury website: “The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.” While many Aussies are celebrating Bitcoin’s exclusion from this clause, others find …

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Crypto Is Part of Free Speech, and Free Speech Is Everything

</header> <strong>On July 23, U.S. Attorney General William Barr gave a speech demanding big players in the tech industry work with government agencies in providing backdoor entry points for encrypted devices and software. Per his reasoning, certain devices and messaging services pose a safety threat by providing a secure, third-party-inaccessible area where crime can rapidly …

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Australian antitrust body wants to closely monitor Google, Facebook

Sponsored Links JHVEPhoto via Getty Images Back in April, Australia passed a bill that seeks to punish social networks for failing to remove violent content from their platforms. Now, the country’s antitrust watchdog wants to establish a unit dedicated to keeping an eye on the tech giant’s activities. It’s one of the 23 proposals written …

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Bitcoin Cash Adoption Continues to Spread in North Queensland and Japan

<header class=”article__header”> </header> <strong><a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BCH” target=”_blank” rel=”noopener noreferrer”>BCH</a> merchant acceptance has continued to grow month after month but there are a few regions in the world where bitcoin cash retail acceptance is thriving. Over the last few weeks, North Queensland and Japan have shown significant growth and continue to dominate as some of the …

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