New CEO for Bitmain as Jihan Wu Resigns
Jihan Wu has recently resigned as the CEO of Bitmain. The biggest crypto mining hardware producer had to layoff a third of its staff, close research facilities in Israel and supposedly has a negative balance sheet for the last two quarters of last year. In addition to that, the IPO that Bitmain filed at the Hong Kong exchange was canceled for now. According to the South China Morning Post https://www.scmp.com/tech/policy/article/2181392/bitmains-two-founders-step-aside-chinese-cryptocurrency-giant-taps, Wang Haichao, currently the product engineering director will take over the company. However, Jihan Wu will not leave the company entirely as he will retain his position on the directive board of the company.
South Korea Inspects 38 Exchanges – Only 7 Meet All Criteria
The South Korean government has inspected 38 exchanges on their security standards. The South Korean Ministry of Science and ICT (MICT) conducted the inspection and had 85 criteria with which the exchanges should comply. The MICT had previously inspected 21 of these exchanges at the beginning of last year. Out of the 17 new exchanges none passed all criteria with the astonishing amount of 61 criteria that need improvement. From the 21 exchanges that had previously been inspected only 7 passed all criteria. These exchanges were Bithumb, Upbit, Huobi Korea, Gopax, Korbit, Coinone and Hanbitco. The remaining 14 exchanges have to improve on 51 criteria on average to reach the recommended status.
Venezuela Files Complaints Against US Sanctions Before World Trade Organization
Venezuela has filed complaints against US sanctions on its economy. The Socialist country states that the sanctions conflict with its right under the General Agreement on Tariffs and Trade (GATT) signed in 1994 and the General Agreement on Trade in Services (GATS). However, the US administration under US President Donald Trump accuses the Venezuelan government culpable for the poverty of Venezuelans. The anti-democratic policies of the government impede necessary reforms in the country. However, the trade sanctions do worsen the situation of the Venezuelan people.
Bitcoin Cash Developers Tackle Tasks Ahead of May Upgrade
Ahead of the upgrade of Bitcoin Cash that will take place in May, leading developers are discussing the important tasks that the upgrade requires. The discussion involves several ABC & Unlimited developers as well as independent developers. The tasks that were tackled in the most recent video meeting of BCH developers were: UTXOs of users that sent Bitcoin Cash to Segwit addresses on the BTC network, changing the transaction size (currently 100 bytes), whether or not Schnorr Signatures could be ready until the next upgrade and finally old OP codes that need a rework.
New Tax Payment Rules for Crypto Users in Venezuela
On Monday 31st, the Venezuelan government published an official gazette No. 6,420 dated 28th December 2018. The Gazette notice provides information about the proposed new tax payment rules for crypto users in Venezuela As reported online, the decree which was signed by President Nicolas Maduro states that all Venezuela citizens who do business in foreign currencies and digital currencies will be required to pay taxes to the government using the same currency.