Revolut integrates SegWit Bitcoin wallet

GM blurtlers! Welcome back to the newsletter that cuts through the bull#$&@ like Moses cut through the red sea.

All we need is five minutes of your time, and in return you get to become a little bit more informed so you don’t end up like your degenerate cousin who invested in XRP at $1.20.

WHAT’S HAPPENING TODAY?

• What are the tax implications for friend.tech earnings?

• Revolut integrates SegWit wallet for users

• G20 crypto regulation talks

Should friend.tech keys be considered securities?

If you haven’t been sleeping under a rock for the last month, then it’s likely you heard about the new decentralized social media platform known as friend.tech.

If you have been under a rock — it’s basically a platform where you can invest in creators by purchasing “keys”. If your creator gets more popular, more people will be interested in buying their keys and thus the price of the keys will increase.

Since launching on August 10 it has amassed over 100,000 users — however people are now wondering how the heck they go about paying taxes on their earnings.

According to some experts, most friend.tech transactions would fall under capital gains or ordinary income and should be reported as such.

What should you do?

As usual, nothing in this newsletter is financial advice — but in order to avoid potential tax headaches, experts recommend keeping a detailed record of your friend.tech transactions and earnings so that you can seek professional advice from an accountant familiar with crypto tax law.

Bullish on Bitcoin — Revolut partners with SegWit wallet

Revolut, the fintech bank with over 15 million users has now integrated Segregated Witness (SegWit) addresses for Bitcoin transactions. In addition to this, the platform has also introduced on-chain withdrawals and receipts so users can manage their Bitcoin funds within the app.

What’s next?

This is a step forward for the application and aligns with their supportive stance towards cryptocurrencies. With cryptocurrency becoming more mainstream, this move is putting fuel on the fire and increasing the spread of crypto fever.

Soon enough, your grandma might be dumping her pension into Revolut to buy Dogecoin.

“Active discussions” at G20 regarding crypto regulation

According to the Indian Finance Minister, Nirmala Sitharaman, the beginnings of a worldwide framework for regulating cryptocurrency assets is underway.

This isn’t the only bullish news for global crypto adoptions — the Financial Stability Board and the International Monetary Fund have also provided a synthesis paper to G20 member countries with the goal of reaching clarity on how digital assets can be integrated into financial systems.

These documents have not yet been made public but as soon as they are — you’ll know about it.

Meme of the Day (MOTD)

– blurtl