One of the major banks in United States, Wells Fargo has joined the list of major financial institution which turned down on cryptocurrencies. In response to one of its users faced issues in using the bank to buy crypto the bank replied, Thanks for reaching out to us. Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. It appears that bank seems to echo views of its largest shareholder Chairman and CEO of Berkshire Hathaway, Warren Buffett.
The Maldives Monetary Authority (MMA) has alerted the public to be cautious over advertisements relating to the cryptocurrency trade. The authority claimed, “No party has been granted permission to conduct any financial transactions using cryptocurrencies or other virtual currencies in the Maldives,” and emphasized that the issuance of legal tender by other parties violates the law.
The Revolut banking company has unveiled a new debit card called ‘Revolut Metal.’ It enables the users to receive 1% cash back in cryptocurrencies. The users are to be rewarded with up to £600 per month for international ATM withdrawals. The CEO of Revolut expressed that the recent launch is significant towards the ‘company generating additional revenue.’
The Intuit financial software company has received a patent approval from the U.S. Patent and Trademark Office (USPTO). The proposal seeks to process bitcoin transactions through text message. The transfer of funds would be between users would be made possible through mobile phones. The validation of the text message would be carried out in various ways.
CoinText.io, a blockchain startup, has raised $600,000 in a seed fund round organized by Yeoman’s Capital. The company is aimed at processing offline bitcoin cash transactions. The users would be able to transfer Bitcoin Cash (BCH) to any mobile or wallet addresses without the use of the internet. The CoinText is accessible in eight countries.
The UTRUST platform would mount Pundi X POS terminals. It is aimed at enabling the customers to enter into crypto transactions without the use of the internet. The terminals are to be exported to numerous places which include Switzerland, Singapore, Japan and other nations. The UTRUST would receive 1,000 units of the XPOS system under the partnership agreement.
A manual with complete guidelines, named “Tax and Duty Manual” has been published by the Irish revenue service to eliminate the uncertainty imposed in the transaction and taxation of cryptocurrencies. Tax officials of Irish explained that “profits and losses of a non-incorporated business on cryptocurrency transactions must be reflected in their accounts and will be taxable on normal income tax rules.”
A patent application made by the Winklevoss IP has been sanctioned. The application proposed a system proposing a system for Exchange Traded Products (ETPs) holding cryptocurrencies. Over a month ago, the company gained on another patent claim to enhance the crypto transaction security for the benefit of the Gemini exchange.
Amazon Technologies Inc., a subsidiary of Amazon has received a patent for a system that would let the users get real-time cryptocurrency transaction information. The developers will be able to “build real-time dashboards, capture exceptions and generate alerts, drive recommendations and make other real-time business or operational decisions,” quoted the patent.
According to the report, by the end of 2017, they were about 1.4 million of Brazilian involved in cryptocurrency transaction either purchasing or selling the digital coins. CriptoHub is to become Brazil’s largest cryptocurrency exchange within a year by providing a better cutting-edge service with the variety of currency and uncomplicated transaction process.