🗞 Daily Crypto News, October 16th 💰

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BREAKING: Russia Issuing ‘CryptoRuble’
Ethereum Executes Blockchain Hard Fork to Byzantium
IBM's Stellar Move: Tech Giant Uses Cryptocurrency in Cross-Border Payments
South Korea Prepares to Tax Bitcoin Use
As India’s Government Wars Against Cash, Bitcoin is Sought in Exchange
Delaware Judge Throws out Case Involving Ripple and R3
BTC Trading Update by @cryptopassion

🗞 BREAKING: Russia Issuing ‘CryptoRuble’

According to the official, the state issued cryptocurrency cannot be mined and will be issued and controlled and maintained only by the authorities. The CryptoRubles can be exchanged for regular Rubles at any time, though if the holder is unable to explain where the CryptoRubles came from, a 13 percent tax will be levied.

The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale. Nikiforov said:

“I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will.”

🗞 Ethereum Executes Blockchain Hard Fork to Byzantium

As Byzantium was a planned fork with minimally contentious changes, there's been very little disagreement among the community about the merits of the code changes included in the upgrade. However, the fork is still notable in that it's ethereum's first major upgrade since interest in the technology skyrocketed this year, which has been largely correlated to the popularity of ICO tokens using ethereum's ERC-20 token standard.

According to blockchain analytics website Ether Nodes, nodes running faulty software are currently 65.3% Geth and 30.4% Parity, the two main ethereum clients. As previously detailed by CoinDesk, the faulty software could cause a consensus issue, leading the network to partition, or expose the platform to denial-of-service attacks.

🗞 IBM's Stellar Move: Tech Giant Uses Cryptocurrency in Cross-Border Payments

In the kind of unveiling that can only come before one of the biggest events in global finance, IBM is revealing today at Sibos 2017 the results of a partnership with blockchain startup Stellar in which it successfully settled real transactions using the company's custom cryptocurrency, lumens.

While currently limited to cross-border payments involving British pounds and Fijian dollars, the early-stage platform is nonetheless designed to scale to handle seven fiat currencies in the South Pacific – including the Australian dollar, the New Zealand dollar and the Tonga pa'anga.

🗞 South Korea Prepares to Tax Bitcoin Use

South Korea is preparing to tax bitcoin use after the cryptocurrency’s trading volume skyrocketed past that of Kosdaq. Han Seung-hee, the commissioner of the country’s National Tax Service, told lawmakers this weekend that the issue of how to best tax cryptocurrencies is being discussed, including the areas of capital gains tax, the VAT, and gift tax.

What is the taxation plan?” Business Post reported. The Commissioner then replied:

I am still taxing business income, and I am discussing whether to tax the value-added tax or capital gains tax with regard to virtual currencies such as bitcoin.

🗞 As India’s Government Wars Against Cash, Bitcoin is Sought in Exchange

Last year, the Republic of India overnight banned 85 percent of its fiat cash in circulation. As a way to address “black money” presumably used in nefarious dealings, government policy makers demanded certain Indian Rupee (INR) denominations be returned. It’s citizens now have an incentive to begin looking for alternatives to government money.

🗞 Delaware Judge Throws out Case Involving Ripple and R3

A few weeks ago, the cryptocurrency community learned that the R3 consortium was suing Ripple over a business deal gone awry. Although a lot of people weren’t too bothered by this development, it turns out Ripple eventually prevailed in the lawsuit. The case in question has been thrown out by a Delaware judge.

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BTC Trading Update by @cryptopassion

So yesterday my feeling was correct about that Head Fake. Look the orange circle, we broke a little bit the triangle to have after a nice break out in the opposite direction:

This kind of pattern sometimes happens; this is why it is always better to be ready to adapt your trading in real time. So yeah now we had a break out UP and we are consolidating again.

But look the 2 green circles that I traced. We could have a fractal, it means we could have more or less the same pattern in the circle 1 and in the circle 2. Let see what will happen, we are now in the middle of the 2 lines (resistance line in orange and support line in green) so it becomes difficult to know which direction we will chose.

We should see soon a major move in one of the direction or it is possible also that we do a long consolidation between the 2 lines till the fork happens.

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