Bitcoin News and Finance: What You Need to Know

Cambodian authorities have reportedly said that no cryptocurrency company has been issued a business license yet, and that conducting cryptocurrency-related activities in the country is still illegal. Fintech Industry Growing Rapidly The Cambodian government has not greenlighted the issuing or use of any cryptocurrency in the country, a report has said. The report, which cites a document recently released by the Ministry of Finance and Economics, said it is still illegal to create, distribute, or trade cryptocurrencies in Cambodia. According to a China News Service report , while the ministry does concede that the fintech industry is growing rapidly, it nonetheless reiterated that the long-standing ban on crypto trading remains in force. As previously reported by Bitcoin.com News, Cambodian authorities announced in 2018 that the circulation or trading of cryptocurrencies without a license was illegal. At the time, authorities warned that crypto activities had the potential to cau...

The Nepal Telecommunications Authority has issued a warning that crypto activities are illegal. The regulator emphasized that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country. Nepalese Regulator’s Crypto Warning Nepal’s regulator of the technology sector, the Nepal Telecommunications Authority (NTA), issued a notice Monday warning the public about engaging in illegal activities, specifically naming cryptocurrency, bitcoin, and online gambling. Noting that transactions using digital technologies, such as cryptocurrency, have been on the rise in Nepal, the NTA stressed that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country. The regulator proceeded to warn the public that activities involving cryptocurrencies, including bitcoin, are “illegal and criminal,” elaborating: If anyone is found to be doing or have done such ac...

Deutsche Bank’s economists have warned that the U.S. will suffer a major recession next year. However, several other major investment banks, including Goldman Sachs and JPMorgan, are less pessimistic about the future outlook for the U.S. economy. Major US Recession Incoming, According to Deutsche Bank’s Economists Deutsche Bank has predicted a deeper downturn than its previous forecast for the U.S. economy in a report to clients, published Tuesday. The bank’s economists, including David Folkerts-Landau, group chief economist and head of research, explained in the report why the coming recession will be worse than expected. They described: We will get a major recession, but our strongly held view is that the sooner and the more aggressively the Fed acts, the less longer-term damage to the economy there will be. The report explains that it will take a long time before inflation falls back to the Fed’s goal of 2%. The authors warned that the central bank will likely engage in the ...

A survey by crypto trading platform Bitstamp shows that 80% of institutional investors believe crypto will overtake traditional investment vehicles. Furthermore, 70% of institutional investors said crypto was a trustworthy investment, with 68% actively recommending this asset class in investment strategies. Institutional Investors Bullish About Crypto Bitstamp, a major crypto derivatives trading platform, announced the results of its first-ever Crypto Pulse Survey Monday. A total of 28,563 respondents from 23 countries across North America, Latin America, Europe, Africa, the Middle East, and Asia-Pacific participated in the survey. Among them, 5,450 were senior institutional investment strategy decision-makers and 23,113 were retail investors. According to the survey results: “88% of institutional respondents and 75% of retail investors believe that crypto will see mainstream adoption within a decade.” In addition, Bitstamp said: A further 80% of institutional investors reported...

The Bank of Spain has issued a new report that touches on the subject of the popularity of cryptocurrency usage and the possible effects it might have on the financial stability of the nation. In the document, the bank explains that these assets — which ostensibly don’t have any kind of support behind them — can introduce systemic risks via their adoption by traditional institutions and the lack of regulation over them. Crypto Assets Could Cause Systemic Risks According to the Bank of Spain The Bank of Spain has issued a new report where it warns about the growth of the cryptocurrency economy and its possible effects on the traditional economic system. According to the report, while the cryptocurrency market is still considered limited, its exponential growth and the fact that most of the value of the market comes from cryptocurrency assets without support, could pose risks for the global economy. This “systemic risk” is explained by the growing links between crypto and the tradit...

The AFIP, the Argentinian tax agency, is supporting the creation of a centralized system that serves as a registry for cryptocurrency holders. According to statements from its head, this would make it easier for tax agencies all over the world to curb evasion. The organization has already made use of financial information to collect taxes from Argentinian users with bank accounts abroad. Argentinian Tax Agency Backs Crypto Holder Registry Creation The AFIP, which is the Argentinian national tax collecting agency, wants to advance its efficiency in the collection of crypto-related taxes. In this sense, the organization has voiced its public support for creating a cryptocurrency holder registry, by making changes to include the digital assets in the current automatic exchange data system operated by the Organization for Economic Co-operation and Development (OECD). The head of the AFIP, Mercedes Marco del Pont, stated at an event that: It is necessary to include electronic money, d...