CRYPTOCURRENCY NEWS

LocalBitcoins beefs with Tor, Iran finally crypto-free, countries with most crypto exchanges and Libra news

 

  • LocalBitcoins has warned users about security risks associated with Tor.
  • Cryptocurrency miners in Iran will be eligible for a tax exemption.
  • The United Kingdom, the United States, Hong Kong and Singapore have the largest number of registered digital currency exchanges.
  • Libra will reportedly be backed by several national currencies but excludes – China.

 


LocalBitcoins: Tor Browser Users at Risk of Losing Their Bitcoins


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Finnish peer-to-peer crypto exchange LocalBitcoins has warned users about alleged security risks associated with anonymous browser Tor Browser.

On Sept. 9, transactional compliance expert Richard Bensberg tweeted a screenshot of a LocalBitcoins banner warning Tor users about the risk of losing their Bitcoins, which stated: “Warning to all Tor users: A Tor browser exposes you to the risk of having your bitcoins stolen.” LocalBitcoins then responded to Bensberg, saying that while using Tor Browser is not against its terms of service, it does not recommend it for security reasons.

LocalBitcoins did not specify why the browser makes users more vulnerable to theft.

Bensberg criticized Localbitcoins saying that they have “Really lost the plot” by putting a banner warning against the browsing tool praised for providing privacy and anonymity.

LocalBitcoins has seen a notable drop in trading volumes after the exchange abruptly terminated the option for users to perform local cash trades in early June.


Iranian Crypto Miners Tax Exempt If They Repatriate Offshore Earnings


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Cryptocurrency miners in Iran will be eligible for a tax exemption if they agree to repatriate their overseas earnings, according to Iran’s National Tax Administration.

INTA considers cryptocurrency mining a taxable business, like any other industrial activity, and as such, believes it should follow the requirements set by the Central Bank of Iran in repatriating their overseas earnings.

Cheap electricity in Iran Cryptocurrency mining has become a lucrative business in Iran in recent years due to extremely low electricity prices.

Iranian government authorizes crypto mining as industrial activity, and after months of speculation over the fate of mining cryptocurrencies in Iran, recognized it as legal industrial activity.


New Study Reveals Countries With Most Registered Crypto Exchanges


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The United Kingdom, the United States, Hong Kong and Singapore have the largest number of registered digital currency exchanges, according to data from Bitfury’s blockchain analytics platform Crystal.

Countries such as Argentina, India, Mexico, Russia and Indonesia report the fewest registered exchanges.

Per the report, almost 10% of all exchanges considered in the survey do not have countries of registration.

As for Bitcoin transactions, in 2013, 96% of all Bitcoin transferred between exchanges was sent by exchanges from the “G20 & Other” group, while in 2018 the number slumped to 70%. The report further states: “In 2018, the total volume of bitcoin directly transferred between exchanges was almost $92.6 billion. A total of $65.1 billion was transferred by exchanges from G20 countries, Hong Kong, and Singapore.” Registered exchanges in “G20 & Other” group Registered exchanges in “G20 & Other” group.


Libra Stablecoin Tied to Major Fiat Currencies, Excluding Yuan


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Libra will reportedly be backed by several national currencies, and China has been encouraging other governments to include its currency in their foreign currency reserve holdings.

In its turn, Facebook purportedly responded by saying that any final determination regarding the backing currencies is the purview of the Libra Association – a consortiument of various companies and interested parties that will oversee the Libra’s eventual development.

Facebook stated: “We understand that the Libra Association will not offer the Libra digital currency in any jurisdiction until it has fully addressed regulatory concerns and received appropriate approvals in that jurisdiction.” China’s national digital currency project While the above statement leaves open the possibility of Facebook launching Libra in other countries, regardless of American regulatory concerns, it would appear unlikely to catch on in China.


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