Accounting Committee of CalCPA Calls for New FASB Rules on Cryptocurrency

The Certified Public Accountants of California, U.S. have called for the need for ‘accounting and disclosures rules for cryptocurrencies.’ This will enable citizens to manage their cryptocurrency investments efficiently. It will also enable efficient tax collection and allow efficient use of the rules to obtain rebates related to such investments.
The open letter was brought to notice of the crypto-community by Drew Hinkes, who also stated that no rules have been established until now because the FASB (Financial Accounting Standards Board) presumed that  ‘cryptocurrency will be gone in 5 years.‘
However, the CalCPA Committee have expressed otherwise in their letter. Nancy Rix, the Chair of California CPAs Accounting Principles and Assurance Services Committee, said in the letter,
“We believe the usage of cryptocurrencies will not dimish over time, and it will continue to expand in both volume, and fields of application.” She also said, “We antipcipate it will not be long before major public companies strt using cryptocurrencies, as illustrated by JPMorgans’ decision to issue JPM coin in February 2019.”
Furthermore, Facebook is also developing its cryptocurrency, Globalcoin, which will enable cross border payments as well. Hence, the request by the CalCPA only seems fair.
While things are more transparent for direct investors, the ambiguity in accounting principles in created when evaluating the profit and cost statements of not-for-profit and technology companies that might have used cryptocurrency in carrying out internal or external operations.
The Association needs clarity on the “how the cryptocurrencies must be view”; this creates a discrepancy in the accounting world as to a choice between “lower of cost or market” approach or “fair value approach” and as an intangible asset, valued at historical cost less impairment.
Moreover, they also pointed to the rule ASC 350: on intangibles- goodwill and others, that has been generally accepted as an appropriate accounting rule that applies to cryptocurrency. However, it too creates a problem for firms which plans to use for shorter periods of time.
The Accounting Committee comprises of 54 members who represent over 42,600 members of CalCPA. The accounting difference has been reported mainly in not-for-organization, which receives a donation in Bitcoin or other cryptocurrencies. Hence, the Committee has requested the addition of a new agenda to FASB (Financial Accounting Standards Board) goals.
Do you think that cryptocurrency payments will create more economically equable nations? Please share your views with us. 
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Source: CoinGape

U.S-China Trade War Forces Chinese to Seek Refuge in Cryptocurrency – Crypto Analysts

The U.S-China trade war may have been devastating to both countries but for crypto, it has been a positive development. The influence of the war on crypto is far from over as crypto analysts Ben Swann and Rocky Miller of Bitsian say Chinese investors are moving a large chunk of their money from the Chinese Yuan to cryptocurrency especially Bitcoin in anticipation of the impact of the worsening war.
Fear of inflation and devaluation
The Chinese market is one of the largest in the world, but it is being threatened by the increasing pressure from the trade war with the U.S. Chinese residents, therefore, could face the danger of inflation of the Yuan and possible devaluation as has been the case with some countries. This has been stated as one of the reasons that so much money is coming into crypto from China and boosting Bitcoin’s price.
DailyFX’s senior currency strategist Christopher Vecchio in a recent interview with Kitco said the price of Bitcoin has been inversely proportional to the Chinese Yuan since the war started. Bitcoin value has been on the rise while Yuan has been going down as more money changes hands. This is said is because Bitcoin can be easily used to move money around the world but not the Yuan, at least not at this time.
“In an environment where the global financial system looks like it is potentially at risk because of the world’s two largest economies going at odds, people may be looking for alternative avenues to find ways to circumvent the capital controls being put in place to move their money around without the Chinese or U.S. government taking stock of it,” he said.
Vecchio also said the Bitcoin is not likely to hit the 2017 all-time high price of $20,000 unless the war escalates to unprecedented levels. According to him, this price will be attainable for Bitcoin only if the Chinese Yuan crashes to 7 CNY or less to a Dollar, which will be devastating to the economy, he added.
More money transfer services, weaker Yuan
Ben Swann also spoke about Facebook’s coming GlobalCoin, JPM Coin and Ultimate Secure Cash (USC). He said these are digital currencies but not cryptocurrencies and are basically just means of sending money across borders that are faster, cheaper and more efficient than existing infrastructure such as SWIFT.
As Chinese investors look for more ways to move their wealth around without being controlled by the U.S or even China, these are likely to be the next options which indeed will bring the CNY even lower down that Vecchio predicts, which means more money will flow into cryptocurrency unless the two countries end the war earlier.
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Source: CoinGape

World’s Major Banking Giants Invest $63M into the New Digital Token

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World’s Major Banking Giants Invest $63M into the New Digital Token
Global banking giants together announce the Utility Settlement Coin (USC) cryptocurrency to leverage instant cross-border settlements at reduced costs.
World’s Major Banking Giants Invest $63M into the New Digital Token

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Source: CoinSpeaker

Monero’s [XMR] Riccardo Spagni: Facebook, JPMorgan Chase launching their own coins is really interesting

Riccardo Spagni, the lead maintainer of Monero [XMR], recently spoke about one of the most controversial centralized cryptocurrencies making a debut in the cryptocurrency market. In a conversation with Shannon Grinnell on Speaking of Crypto Podcast, Spagni remarked that the steps taken by JPMorgan and Facebook to launch their own digital coin were “really interesting”.
Spagni went on to explain that this step was interesting because it would reach millions, and probably even billions of people, particularly because of Facebook being one of the most popular social media platforms in the world. He added that these centralized entities would have to launch their own coins [JPM Coin and GlobalCoin] in a “highly regulated fashion.” Spagni also stated that through Facebook, people would eventually find their way to Bitcoin. He added,
“[…] what I’m hoping will happen is people will be exposed to cryptocurrencies through something like Facebook and then they will become interested in it and will want something that’s a little bit more, something that gives them more control and more freedom, and then they will start like Bitcoin.”
This was followed by Spagni speaking about the mass adoption of Bitcoin and other cryptocurrencies. Fluffypony stated that he had two perspectives on the subject; mass adoption was “definitely” within grasp, considering all the main factors contributing to the adoption of crypto. Bitcoin could go on to become a “reserve currency,” instead of achieving mass adoption, he added.
“I don’t know if I’m convinced that we will achieve mass adoption and instead we will achive something like Bitcoin being the global reserve currency, which is not the same thing as mass adoption.”
He further explained,
“Reserve currencies are super useful and become like the underlying currency for like most of the cross border economic transaction in the planet, but it’s not the same thing as being used by a bunch of human beings to buy coffee and pay for their cab fare.”
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Source: AMB Crypto

Bitcoin Price May Hit $30,000 in 2019, Fund Manager Explains Why

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Bitcoin Price May Hit $30,000 in 2019, Fund Manager Explains Why
Jehan Chu, co-founder of Kenetic Capital, predicts that Bitcoin price will reach the $30,000 mark by the end of the year.
Bitcoin Price May Hit $30,000 in 2019, Fund Manager Explains Why

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Source: CoinSpeaker

JPM Introduces Confidential Transactions like Monero on Ethereum with Zether [ZTH]

JPMorgan and Chase Co. has developed a privacy feature compatible with smart contract platform. The new feature will not only hide the sender and receiver’s details but would also keep the amount of the transaction transparent.
JP Morgan has developed a payment mechanism, Zether, that is compatible with Ethereum and other smart-contract platforms. Zether, is designed by Benedikt Bunz , Shashank Agrawal, Mahdi Zamani, and Dan Boneh from Stanford and Visa Research facility.
Also Read: Bitcoin [BTC] ‘Intrinsic Value’ Suggests it is More Efficient Than Gold
Zether [ZTH], An Anonymous Crypto-graphic Extention for Ethereum and Other Smart Contract Platforms
The basic idea of privacy is reduced targetted attacks and allowing for the development of contracts that require privacy. Targetted attacks can be planned on individuals or firms which reveals a higher account balance. Zether privacy feature can be used to provide sealed-bid auction, private payment channel, confidential stake-voting, and private proof-of-stake.
Oli Harris, head of JP Morgan Blockchain division and crypto-assets strategy, told the media,
“…In our implementation, we provide a proof protocol for the anonymous extension in which the sender may hide herself and the transactions recipients in a larger group of parties.”
They have implemented an account-based approach similar to Ethereum for efficiency and usability. Therefore, Zether has also introduced a ZTH token that will be funded with Ethereum and another smart contract tokens and executed with complete privacy. Zether could also be used to make proof-of-stake confidential.
Zether anonymity guarantee is more similar to Monero than any other privacy coin in the market. It also has its token the ZTH token, which is used to facilitate the exchange between these platforms. Essentially it provides a compatible-platform for developing private smart contracts.
Also Read: Ripple Might Lose Its Banking Partnerships Due to the JPM Coin Phenomena
A Zether confidential transaction costs about 0.014 ETH or approximately $1.51 (as of early Feb 2019). Moreover, it is a fully-decentralized mechanism designed to complement smart-contract platforms.
Reportedly, JP Morgan is also working on its blockchain based payment network, Quorum. The banking Giant has attracted some 220 banks to its Quorum-based Interbank Information Network. The JPM Coin launched by the bank is a stablecoin that is being, currently used for internal operations only but is expected to be launched for public use as well.
Do you think that JPM’s drive towards privacy will benefit the market for anonymous cryptocurrencies like Monero and Zcash? Please share your views with us. 
The post JPM Introduces Confidential Transactions like Monero on Ethereum with Zether [ZTH] appeared first on Coingape.
Source: CoinGape

SIX Stock Exchange Set to Introduce a Swiss Franc-Pegged Stablecoin

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SIX Stock Exchange Set to Introduce a Swiss Franc-Pegged Stablecoin
SIX is going to create its own Swiss franc-pegged stablecoin that will help to facilitate transactions on the SIX Digital Exchange (SDX).
SIX Stock Exchange Set to Introduce a Swiss Franc-Pegged Stablecoin

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Source: CoinSpeaker

Will eBay Finally Accept Cryptocurrencies Or It’s Just a Clever PR

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Will eBay Finally Accept Cryptocurrencies Or It’s Just a Clever PR
eBay, the US-based e-commerce behemoth, is rumored to make a foray into crypto after its Consensus ads recently leaked online. If eBay does open arms for crypto payments, it could be a boon for adoption.
Will eBay Finally Accept Cryptocurrencies Or It’s Just a Clever PR

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Source: CoinSpeaker

Canada and Singapore Test Central Bank-backed Cryptos for Cross-Border Payments

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Canada and Singapore Test Central Bank-backed Cryptos for Cross-Border Payments
The Bank of Canada and the Monetary Authority of Singapore (MAS) have announced successfully conducted transfers of central bank-backed cryptos using blockchain.
Canada and Singapore Test Central Bank-backed Cryptos for Cross-Border Payments

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Source: CoinSpeaker

3 Essential Strategies on How to Become a Successful Blockchain Developer

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3 Essential Strategies on How to Become a Successful Blockchain Developer
How can you be successful in a blockchain-based startup? How can you keep up with the pace? Here, Alexander Borodich, CEO of Universablockchain.com, will discuss the Top 3 key tips you should incorporate for success.
3 Essential Strategies on How to Become a Successful Blockchain Developer

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Source: CoinSpeaker

Just Do It: Even Nike Wants to Join the Crypto Family

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Just Do It: Even Nike Wants to Join the Crypto Family
Nike is allegedly joining the crypto party after speculations that it’s about to circulate its own cryptocurrency named CRYPTOKICKS. The news came into to light after a trademark law attorney Josh Gerben noticed the trademark application.
Just Do It: Even Nike Wants to Join the Crypto Family

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Source: CoinSpeaker

‘In Crypto We Trust,’ Says Circle’s Jeremy Allaire at IMF Spring Meeting

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‘In Crypto We Trust,’ Says Circle’s Jeremy Allaire at IMF Spring Meeting
Organized by IMF, “Money and Payments in the Digital Age” discussion included representatives from central banks and tech startups. Panelists shared their thoughts about how the economy is being reshaped by cryptos and other digital techs.
‘In Crypto We Trust,’ Says Circle’s Jeremy Allaire at IMF Spring Meeting

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Source: CoinSpeaker

IMF Managing Director Explains How Cryptocurrency is ‘Changing the Business Model of Commercial Banks’

The adaption and progress of Blockchain and cryptocurrencies have gained considerable momentum now which increases the responsibility of Global Organizations like the International Monetary Fund (IMF) to maintain the stability in world economics.
The potential of Blockchain and cryptocurrencies goes beyond the capabilities of Bitcoin. Currently, the Regulators and Central bank face not a single threat in the form of Bitcoin, but also the associated disruptive technology and the army of digital currencies that could change the current economic system of the world.
Incumbent Banks Face Blockchain Disrupters
The IMF Managing Director, Christine Lagarde recently affirmed that commercial banks have started to feel the heat and the need for innovation and transformation in the current Financial system. Not only Blockchain technology but cryptocurrencies are alone ‘disrupting’ the global finance sector.
Lagarde hinted that the ‘JPM coin,’ which was launched by Banking Giant JP Morgan and Co. in February 2019 is the proof that digital assets are seeping into the financial system. Moreover, she also expects that the limitations on the use of the JPM coin “to be scaled beyond institutional clients.”
Lagarde noted in an interview with the CNBC on Wednesday 10th April that,
“The voices that we heard which I thought were really interesting were those of the Regulators and central bank Governors.” She said that they accepted that “this is good and this is helpful and is changing the business model of commercial banks”
Facebook also hinted at its plan of releasing its cryptocurrency which would potentially enable transfer of value between billions of users worldwide. The digital assets and tokenized economy are “shaking the system” from its core.
The Central Bank of Kenya has granted a banking license to a Telecom Company. There are many Data and Information firms like Amazon and Google which can enter the space with their coin too. There are many other Crypto-Firms which are seeking regulatory approval from major Federal Institutions to promote the use of Blockchain and Cryptocurrencies.
Nevertheless, as a cautionary note and highlighting the responsibility of the IMF, she added that maintaining stability in the financial system is IMF’s prime focus and would not let unchecked innovation disrupt the system adversely.
“But we have to mindful of two things: trust and stability of the system.”
Go you think Apple and Google will release their cryptocurrencies too? What do you think about the tokenization of the economy? Please share your views with us. 
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Source: CoinGape

Coinbase Beats JPMorgan in LinkedIn’s Top 50 U.S. Employers Ranking

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Coinbase Beats JPMorgan in LinkedIn’s Top 50 U.S. Employers Ranking
Popular crypto exchange Coinbase emerges as a major employer in America beating giants like Twitter, Intel, GE, JP Morgan, Nike, and others. 
Coinbase Beats JPMorgan in LinkedIn’s Top 50 U.S. Employers Ranking

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Source: CoinSpeaker

John Carvalho calls Bitcoin hard forks scams; expects JPM Coin to remain behind

John Carvalho, the CCO of Bitrefill, is a strong advocate of Bitcoin [BTC], and his hostility towards the fork coins is no secret. Carvalho minced no words in his latest interview where he called BTC forks ‘scams.’ When asked about his opinions on other Bitcoin hard forks apart from Bitcoin Cash [BCH], he said,
“All Bitcoin forks I know of are scams or wastes of time and money. The craze of forks was mostly just a trick people played to inflate Bitcoin supply and fool people into paying for copies of Bitcoins.”
This is not the first time he has shunned the Bitcoin hard forks. Recently, Carvalho aka BitcoinErrorLog, challenged Bitcoin Cash [BCH] proponent Roger Ver to a physical duel for the Bitcoin.com domain. Prior to this Twitter brawl, he also criticized the cryptocurrency exchange, Coinbase, for its Bitcoin conversion options to other cryptocurrencies, including BCH.
Bitcoin’s highly anticipated Lightning Network is something Carvalho is excited about. He stated,
“I love it! I’m excited to see how popular it will become and how quickly developers can create new features in the protocol to make it more useful.”
Carvalho echoed a similar sentiment to that of Luke Dashjr, a Bitcoin developer, who agreed to the latter’s proposition that proposed pushing Bitcoin’s block size to 300 KB earlier.
The two main factors according to the CCO that are interfering with Bitcoin adoption are ignorance and fear. According to BitcoinErrorLog, the leading crypto coin is already great at what it does. Rather than global adoption, Bitcoin’s goal should be to make its network useful and reliable for everyone to use it.
Bitcoin’s underlying technology, blockchain, has been adopted by institutional players to create their own stablecoin. When asked about his stance with respect to financial institutions adopting crypto, Carvalho said that he expected them to be left behind. He further added that large corporations that have penetrated the space are more inclined towards blockchain, and crypto experiments in actuality, are centralized experiments.
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Source: AMB Crypto