Roundup – 18/01/2019 – Russia Denies $10bn Investment Rumours & more

Russia Officially Denies $10bn Bitcoin Investment Rumours 

The Russian government has reacted to recent rumours that it would invest “$10 billion” in Bitcoin. Elina Sidorenko, chair of the Duma’s cryptocurrency group, officially denied that there is any truth to the rumour.

Sidorenko stated that the Russian Federation “like any other country in the world” is not ready to “combine its traditional financial system with Bitcoin. She said further, that “even if Russia” would want to invest in cryptocurrencies, it would not have the legal requirements to do so. A lack of institutions that would monitor the market and manage mismanagements is simply missing. Currently, the only outlook to use cryptocurrencies on state level would be “an intergovernmental cryptocurrency” that would serve to handle payments between countries.

The Russian economist Vladislav Ginko started and spread the fake news via Twitter. The news made it into the mainstream as the Telegraph reported on it. However, Ginko provided little to none evidence to his claim. Currently, the Russian financial authority does not acknowledge the legal status of Bitcoin transactions.

US Employees Can Now Legally Receive Payment in Bitcoin

Employees can now receive their payment in Bitcoin in the US. Bitwage offered a solution to its employees through its new partner the Texas-based HR firm Simply Efficient HR. Basically, all employees have to file their revenues. However, the legal situation for independent contractors that use the 1099 form is still unclear to many in the US. As investors and traders that exceed a certain number of transactions or that made a profit of more than $20,000 have to file this form as well.

WWF Australia Unveils A Blockchain Platform For Tracking Food

According to a tweet dated 17th January 2019, the World Wildlife Fund-Australia (WWF-Australia) is unveiling a tool for tracking food products. This new platform is using Blockchain technology that has key qualities such as transparency, open-source, and immutability. The main users that this DLT target includes consumers and businesses. Other concerned parties can also access the revolutionary network that is designed to be user-friendly and easy to use.

Read more.

Chip Producing Giant TSMC Reports 22% Decline in Profits

The Taiwan Semiconductor Manufacturing Company (TSMC)has reported its revenue for Q4 2018. Unsurprisingly, the report much lower than in the previous quarters. While the “[r]evenue” had been “expected to be between US$9.35 billion and US$9.45 billion” in Q3, the expected revenue for Q4 fell by about $2 billion to “US$7.3 billion and US$7.4 billion”. The numbers are still positive but the drop represents a 22% decline. TSMC is one of the biggest chip manufacturers and provides many mining hardware producers such as Bitmain. 

Read TMSC’s Q4 report here.

Veil Launch Sparked Surge of Augur

Following the launch of the Veil platform, Augur performed a surge from $5.56 in mid-December to $16.19 yesterday. Augur (REP) is the native coin of the market prediction platform with the same name. The new platform is based on the 0x protocol and improves the speed of transactions with Augur and payments are processed much faster. Alongside the launch of Veil, Augur has released a new app which likely contributed to the recent surge. Augur sparked controversy with its Trump assassination market during its launch last year.