Blockchains and Bagels Daily Market Roundup – 08.13.2018

Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today,  Bitcoin investing causing tax headache for hedge funds. Vietnam bans all Bitcoin/cryptocurrencies mining equipment imports.

Bitcoin investments are creating a tax predicament for hedge funds

Hedge funds investing into cryptocurrencies don’t know if they are calculating their taxes correctly, since regulators have been slow to define their views on digital currencies. Currently the IRS views theses assets as property, whereas the Commodity Futures Trading Commission deems them to be commodities, which gives the asset tax advantages.

Vietnam suspends Bitcoin, Cryptocurrency mining imports

Following a proposed blanket ban by Vietnam’s Ministry of Finance after increased scrutiny into the cryptocurrency sector, Vietnam has completely halted imports of cryptocurrency mining equipment. This prohibition comes on the back of a nationwide ICO-fraud that was estimated to cost domestic investors $660 million, and led a nationwide crackdown on the scam and ban on all cryptocurrencies transactions.

Facebook talks to crypto projects about its blockchain initiatives

Facebook is reported to have talked with several major crypto projects as it finds ways to use blockchain technology to drive new business initiatives. Facebook’s blockchain team has met with payments open-source payments company Stellar to discuss potential opportunities. Although there is no indication of a potential partnership, these talks highlight Facebook’s desire to establish a presence the financial system.

Decentraland plans to invest $5 million into Blockchain related gaming startups

Decentraland, a decentralized virtual world on the Ethereum blockchain, is investing $5 million into blockchain based gaming projects that are built on the Decentraland platform. The Genesis Content Program will allow developers to submit their game proposals for funding.

Around the network

• Wall Street starts to dip its toes in crypto
• Gambling apps surpass Cryptokitties as blockchain money makers
• How blockchain tech could help us track where food comes from

Through the headlines

• Trump’s trade tirade can’t slow this booming Canadian port
• A growth recession is the only way the Fed can fight accelerating inflation
• Turkish lira collapse continues, hits new record low as central bank takes steps to ease pain
• Robust growth pushes Canada’s jobless rate to lowest since 1970s
• Saudi Fund in talks to invest in Tesla buyout deal

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