Bitcoin News Mash-Up: Auction Boosts Bitcoin; FATF Acknowledges Cryptocurrency Risks; and More

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Bitcoin News Mash-Up

Following are the major Bitcoin events that took place between June 30th and July 1st

US Marshal Service Release New Data on Bitcoin Auction
The US Marshal Service, which recently fulfilled its charge of auctioning a sum of 30,000 Bitcoin sized from online drug bazaar Silk Road, further released a new data on the auction, revealing some insightful details for the first time in the media. Posted first on Reuters, we come to know that the prominent bidders in the auction – US investment firms Pantera Capital and SecondMarket – outbid in their attempts to get hold on the coins.

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Meanwhile, the involvement of such big names in the Bitcoin auction helped the coin’s prices to reach new heights in today’s trading hours. The USMS although hasn’t released the name of winners yet.

FATF Publishes a Report on Cryptocurrency Risks
The Financial Action Task Force (FATF), a renowned intergovernmental organization to combat money laundering issues, recently published a report on cryptocurrencies that elaborately highlighted the risks involved with such investments. It read:

“The FATF conducted research into the characteristics of virtual currencies to make a preliminary assessment of the ML/TF risk associated with this payment method. An important step in assessing the risks and developing an appropriate response is to have a clear understanding of the various types of virtual currencies and how they are controlled and used. This report establishes a conceptual framework of key definitions, which could form the basis for further policy development.”

Australian Tax Authorities Postpones Bitcoin Regulation
In one of the relieving news for Bitcoin community in Australia, it has been stated that the Australian Taxation Office (ATO) has postponed a highly anticipated ruling on Bitcoin regulation. Following the news, cryptocurrency related companies are although confused about their current tax status as ATO still seems to be deciding whether to treat Bitcoin as a currency or property.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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