Yankees Trade Luis Cessa, Justin Wilson to Reds; What it Means Ahead of Deadline

ST. PETERSBURG — The Trade Deadline is fast approaching and the Yankees are making changes to their bullpen.

New York dealt right-hander Luis Cessa and left-hander Justin Wilson to the Cincinnati Reds late Tuesday night in exchange for a player to be named later.

The trade was announced not too long after New York closed out a series-opening victory over the Rays at Tropicana Field, leaning heavily on their ‘pen in a close game over the final few innings.

Interestingly enough, Cessa and Wilson have been involved in a trade together before. The Yankees traded Wilson to the Detroit Tigers in the winter leading up to the 2016 season. In return, New York added Cessa and right-hander Chad Green, two hurlers that have been a constant presence in the Bombers’ pitching staff ever since.

Over six years with the Yankees, making his MLB debut in 2016, Cessa has posted a 4.17 ERA in 292 innings. Early on, the right-hander was making some starts, going through ups and downs as he began to develop at the big-league level. Once he was moved to the bullpen full-time in 2019, however, Cessa has blossomed in his role as a versatile reliever.

In the last two years alone, Cessa has pitched to the tune of a 3.00 ERA in 45 games, striking out 48 batters. In that span, he’s made 13 appearances of two-plus innings in relief.

Wilson, on the other hand, has been a disappointment in his second tour with the Yankees. The southpaw was signed this offseason to bolster the bullpen, but injuries and inconsistencies have turned him into more of a headache than a contributor.

The southpaw has permitted 15 earned runs to score in 18 innings this season (7.50 ERA), missing time due to two separate stints on the 10-day injured list.

This time of the year is hard to predict when it comes to transactions, but odds are Tuesday night’s move is a precursor to something else before Friday’s Deadline.

Trading these two relievers suddenly allows New York to open a pair of spots on the 40-man roster (possibly foreshadowing another move) while shedding some salary. Wilson is making $2.85 million this year—with a player option worth $2.3 million next season—while Cessa is due just over $1 million. Those financial implications give the Yankees a little more flexibility as they hover close to the luxury tax threshold.

Plus, acquiring Pirates reliever Clay Holmes earlier in the week provides the bullpen with another controllable right-handed reliever, filling in for Cessa going forward.

Surely more moves are on the way after this latest deal. The question is, how big will those trades be?

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Source: https://www.si.com/mlb/yankees/news/new-york-yankees-trade-relievers-luis-cessa-justin-wilson-to-cincinnati-reds-ahead-of-trade-deadline

Senator Warren Urges Treasury Secretary Yellen to Urgently Adopt Policy to Mitigate Cryptocurrencies’ Risks – Regulation Bitcoin News – My Network Net Worth

U.S. Senator Elizabeth Warren has asked Treasury Secretary Janet Yellen to “act with urgency” and adopt an appropriate policy to address the risks posed by cryptocurrencies. “The longer that the United States waits to adapt the proper regulatory regime for these assets, the more likely they will become so intertwined in our financial system that there could be potentially serious consequences if this market comes under stress.”

Senator Warren Wants Quick Regulatory Response to Crypto Risks

U.S. Senator Elizabeth Warren wrote a letter to Treasury Secretary Janet Yellen Monday outlining numerous concerns regarding the risks posed by cryptocurrency.

“I am writing to you in your capacity as Chair of the Financial Stability Oversight Council (FSOC) regarding the need for a coordinated and cohesive regulatory strategy to mitigate the growing risks that cryptocurrencies pose to the financial system,” Warren wrote.

She explained that the FSOC “is responsible for identifying and responding to emerging risks to financial stability.” The senator from Massachusetts described:

I have become increasingly concerned about the dangers cryptocurrencies pose to investors, consumers, and the environment in the absence of sufficient regulation in the United States.

She then raised concerns that “the demand for cryptocurrencies continues to grow and these assets become more embedded in our financial system.” She proceeded to outline some risks cryptocurrencies pose to the U.S. financial system, hedge funds, and other investment vehicles, including risks to banks, cyber attacks, and risks unique to stablecoins and decentralized finance (defi).

“The council must determine whether these trends raise concerns beyond investor and consumer protection and extend to broader systemic vulnerabilities that could threaten financial stability,” Warren emphasized. “It is essential that the policy response to the risks posed by these assets is coordinated and holistic, rather than fragmented amongst individual financial agencies.”

Senator Warren also proposed that the FSOC “take a leading role in developing a comprehensive regulatory regime for cryptocurrencies.”

She wrote, “I urge FSOC to act with urgency and use its statutory authority to address cryptocurrencies’ risks and ensure the safety and stability of our financial system,” warning:

The longer that the United States waits to adapt the proper regulatory regime for these assets, the more likely they will become so intertwined in our financial system that there could be potentially serious consequences if this market comes under stress.

Earlier this month, Senator Warren called on the U.S. Securities and Exchange Commission (SEC) to “use its full authority” to address cryptocurrencies risks, emphasizing that “Congress must also step up to close these regulatory gaps.”

What do you think about Senator Warren asking Treasury Secretary Yellen to take action urgently to mitigate cryptocurrency risks? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

She explained that the FSOC “is responsible for identifying and responding to emerging risks to financial stability.” The senator from Massachusetts described:

Source: https://mynetworknetworth.com/2021/07/28/senator-warren-urges-treasury-secretary-yellen-to-urgently-adopt-policy-to-mitigate-cryptocurrencies-risks-regulation-bitcoin-news/

(U1) Heading North


July 28, 2021 04:30 GMT

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  • RES 4: 135.350 High Apr 8 (cont)
  • RES 3: 135.313 2.236 proj of the May 20 – 26 – 31 price swing
  • RES 2: 135.160 2.00 proj of the May 20 – 26 – 31 price swing
  • RES 1: 135.270 High Jul 26 and 27
  • PRICE: 135.250 @ 05:20 BST Jul 28
  • SUP 1: 134.900 Low Jul 22
  • SUP 2: 134.726/710 20-day EMA / High Jul 8
  • SUP 3: 134.498 50-day EMA
  • SUP 4: 134.410 Low Jul 13 and a key support

Bobl futures are holding onto recent gains as a bullish theme continues to dominate. This follows the break on Jul 8 of a key short-term resistance at 134.510, Jun 11 high and a Fibonacci projection. The move higher confirmed a resumption of the uptrend from May 20 and subsequent gains reinforce the current bullish trend structure. The rising channel top drawn from the May 20 low has also been breached. Initial support lies at 134.900, Jul 22 high.

Source: https://marketnews.com/u1-heading-north-2654087291

Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Safemoon – American Wrap 26 July

Bitcoin price pares gains as Amazon denies it will accept BTC in 2021

Bitcoin price was up over 14% at one time today, taking it close to the imposing resistance beginning at $41,300. BTC falling wedge pattern breakout remains secure and projects higher prices. Amazon denied plans to launch a cryptocurrency in 2022 but acknowledged it would continue to explore cryptocurrencies.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC confirms trend change, while altcoins show impressive gains

Bitcoin price extends breakout from a falling wedge pattern with an explosive 10% gain. Ethereum price is on pace to close with the best six-day gain since the beginning of May. XRP price breaks the May descending trend line and tests the robust resistance at the May 23 low of $0.652.

SafeMoon price nears lift-off, as SAFEMOON possesses the conditions for a big move

Safemoon price has been coiling within a descending triangle pattern since the May crash, highlighted by no sustainable rallies and continuous support along the May 19 low of $0.00000261. The downward trajectory has kept SAFEMOON investors on the defensive. However, in the context of tightening price traction enforced by the triangle pattern and emphasized by the notable contraction of the Bollinger Bands, combined with a nearing apex, SafeMoon price is poised for a substantive move soon, either way.

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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Source: https://www.fxstreet.com/cryptocurrencies/news/cryptocurrencies-price-prediction-bitcoin-ethereum-safemoon-american-wrap-26-july-202107262137

Struggling Startup Lordstown Motors Gets $400M Investment | Ohio News | US News

LORDSTOWN, Ohio (AP) — Lordstown Motors has received a $400 million investment as the struggling electric truck maker continues to push toward production of its new pickup this fall.

The Ohio company, which has been under scrutiny over the claims it has made about the number of orders it has received for its trucks, said in a filing Monday with the Securities and Exchange Commission that hedge fund YA II PN Ltd agreed to to buy $400 million of stock.

Shares of the company, which are down more than 60% this year, rose about 2% Monday.

Lordstown’s operations have been under increasing scrutiny in recent months after the company said it had no firm orders for its vehicles just after saying it had enough to maintain production through 2022. The company’s CEO and chief financial officer resigned.

Lordstown acknowledged receiving two subpoenas from federal regulators earlier this month related to the company’s merger with DiamondPeak, a special purpose acquisition company, and that prosecutors in New York also had opened an investigation.

Political Cartoons

Last month, the company’s new chairwoman said it still plans to start making its electric truck called the Endurance in September.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: https://www.usnews.com/news/best-states/ohio/articles/2021-07-26/struggling-startup-lordstown-motors-gets-400m-investment

U.S. markets touch new highs; cryptocurrencies surge after Amazon job listing

The Dow Jones Industrial Average and S&P 500 touched record highs as they climbed for the fifth consecutive day. File Photo by John Angelillo/UPI

The Dow Jones Industrial Average and S&P 500 touched record highs as they climbed for the fifth consecutive day. File Photo by John Angelillo/UPI | License Photo

July 26 (UPI) — U.S. markets climbed to new highs Monday after posting modest gains, while bitcoin climbed to a six-week high.

The Dow Jones Industrial Average gained 82.76 points, or 0.24%, while the S&P 500 climbed 0.24%, as both posted increases for the fifth consecutive session, and the Nasdaq Composite closed the day up 0.025% as each index touched a record high.

Tesla stock gained 2.21% as it was set to report second-quarter earnings after the bell, while Google‘s parent company, Alphabet, increased 0.77% and Apple gained 0.29% while Microsoft dipped 0.21% as they were set to report earnings on Tuesday.

Second-quarter earnings have been strong so far as 88% of S&P 500 companies have posted positive earnings, on pace for the highest percentage since 2008.

“U.S. equities remain resilient as they continue to climb the wall of worry into a record-high territory,” Craig Johnson, chief market technician at Piper Sandler told CNBC. “An impressive start to earnings season has kept the buy the dip sentiment alive and offset concerns over peak growth and rising new cases of coronavirus.”

Bitcoin briefly rose above $40,000 as cryptocurrencies surged after Amazon listed a job opening for a digital currency and blockchain product lead.

Ethereum reached $2,363, while dogecoin climbed to 22 cents per coin for a market cap of $28.8 billion.

The role posted by Amazon would be part of the company’s payment acceptance and experience team and called for someone with a “deep understanding” of the “cryptocurrency ecosystem and related technologies.”

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” a spokesperson told CNN. “We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

“U.S. equities remain resilient as they continue to climb the wall of worry into a record-high territory,” Craig Johnson, chief market technician at Piper Sandler told CNBC. “An impressive start to earnings season has kept the buy the dip sentiment alive and offset concerns over peak growth and rising new cases of coronavirus.”

Source: https://www.upi.com/Top_News/US/2021/07/26/markets-touch-new-highs-cryptocurrencies-surge-Amazon-listing/7911627329691/

FOREX-Dollar eases as focus turns to Fed, cryptocurrencies jump


* Focus turns to Fed meeting
* Bitcoin eyes $40,000 after report Amazon to accept it as payment
* Ifo German business climate index falls unexpectedly

LONDON, July 26 (Reuters) – The dollar slipped against a basket of currencies on Monday as investors turned their focus to this week’s Federal Reserve meeting and cryptocurrencies jumped to their highest levels in weeks.The euro ticked 0.2% higher to $1.1795.

German business morale fell unexpectedly in July on continuing supply chain worries and rising coronavirus infections, a survey showed on Monday. The Ifo institute said its business climate index fell to100.8 from a revised 101.7 in June.

A Reuters poll of analysts had pointed to a July reading of 102.1. The yen gained as much as 0.4% to 110.11 yen per dollar. . Sterling gained against the dollar and the euro ascoronavirus infections in Britain receded for now.

The dollar index , which measures the currency against six major peers, slipped 0.2% to 92.688 under pressure from the euro and yen, but was still close to last week’s 3-1/2-month high of 93.194.

It has gained nearly 4% from a low on May 25 as an improving U.S. economy bolstered the outlook for the Fed to start paring asset purchases as early as this year.

“We think that the Fed will have detailed tapering discussions, but without providing any concrete guidance and short of a taper warning or decision,” CitiFX analysts Ebrahim Rahbari and Lenny Jin wrote in a note to clients.

They added that there were risks for a slightly later announcement of a taper decision from the Fed – for example, out to the fourth quarter – given the uncertainty associated with the Delta variant of the coronavirus.

The Fed at its last meeting on June 16 dropped a referenceto the coronavirus as a drag on the economy.

“Given the policy divergence between the Fed and a staunchly dovish ECB, we see euro/dollar as broadly range-bound, but that this environment does not point to dollar strength,” the CitiFX analysts said.

The U.S. data calendar is light, with the focus on the Dallas Fed Manufacturing Activity index, which is expected to have gained in July.

Cryptocurrency Bitcoin jumped by as much as 10% to a more than five-week high of $39,850 , while ether gained 7.35% to $2,353 after London’s City A.M. newspapercited an un-named insider at the weekend as saying Amazon is looking to accept bitcoin payments by year-end.

The report followed Twitter boss Jack Dorsey’s comment on Friday that the digital currency is a “big part” ofthe social-media company’s future.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Source: https://www.kitco.com/news/2021-07-26/FOREX-Dollar-eases-as-focus-turns-to-Fed-cryptocurrencies-jump.html

Top Cryptocurrencies to Buy and Hold in July 2021

Cryptocurrencies

Here are the 10 best cryptocurrencies to invest in, right now!

The popularity of cryptocurrencies is increasing at a rapid pace and this influence is attracting new investors along with seasoned financial investors who want to give cryptocurrencies a shot. With several headlines every day, cryptocurrencies like Bitcoin and Ethereum are spreading the needed awareness of crypto potential. If you want to invest in cryptocurrencies or expand your already existing crypto portfolio, here are the best cryptocurrencies to watch out for in July 2021.

Bitcoin

Bitcoin was the first-ever digital coin that could record transactions on a decentralized blockchain network. Launched in 2008, it’s now the largest cryptocurrency in the market and dominates the crypto movements in terms of size, volume, value, and market cap. People who heard about Bitcoin in 2008 and did not believe in it have a love-hate relationship with this cryptocurrency now, as it touched its peak of US$60,000 earlier this year.

Ethereum

Next to Bitcoin, Ethereum is the second-largest cryptocurrency. It was launched in 2015 with just a supply of 72 million coins. Since last year, Ethereum has seen a 946.8% increase, and the new launches on its network are exciting market experts and experienced investors. According to predictions, Ethereum’s price will touch the US$5,000 mark.

Tether

Tether is a unique cryptocurrency. In the crypto market, Tether is the most popular stable coin. A stable coin has its value pegged to a fiat currency like the US dollar and the Euro. They make for low-risk investments and the investor is guaranteed the value of a fiat currency for every Tether purchase.

Binance Coin

Binance Coin is a token that can be used on Binance exchange, one of the largest cryptocurrency exchanges in the world. It’s the fourth-largest cryptocurrency in the market and its value will continue to grow as long as there is activity on the Binance exchange platform.

Cardano

In just 4 years, Cardano became the fifth-largest cryptocurrency. Known as the Ethereum killer, its blockchain network is the rival for Bitcoin and Ether. Amidst market volatility, Cardano has the capability to withstand the lows and stabilize quicker than other cryptocurrencies. Adding this to the fact that new launches await Cardano’s network, this is potentially strong crypto to invest in.

Dogecoin

Made as a joke by two software programmers, Dogecoin rose to popularity thanks to Elon Musk. In May 2021, Elon Musk made Dogecoin the first cryptocurrency to be accepted by Tesla and the rest made history through several headlines. The value of the coin has plummeted because of the hype, but experts are still counting on its foreseeable big boom.

Ripple

Ripple has a unique technology behind its network, it is both, a cryptocurrency and a digital payment network. Made as a token to be used on the Ripple platform, this crypto can be used to buy other cryptocurrencies and for overseas transactions. This major utility has made Ripple an investor favorite.

USD Coin

Just like Tether, USD Coin is also a stable coin but its value is strictly connected to the US dollar. It runs on the Ethereum, Stellar, Algorand, and Solana blockchains and guarantees the value of one US dollar for one USD Coin to all investors.

Polkadot

There are more than a thousand cryptocurrencies in the market and Polkadot has an ambitious project in mind, to connect all the blockchains. When successfully done, Polkadot holds the ability to transform the cryptocurrency market. Polkadot’s protocol was created by Ethereum’s co-founder and experts predict that Polkadot will hit the US$50 mark soon.

Uniswap

In less than a year, Uniswap made its way to the top 10 cryptocurrencies in the market. Uniswap is a decentralized finance protocol that is used to exchange crypto. It’s one of the most affordable cryptocurrencies to buy at the moment and also comes with huge growth potential.

Next to Bitcoin, Ethereum is the second-largest cryptocurrency. It was launched in 2015 with just a supply of 72 million coins. Since last year, Ethereum has seen a 946.8% increase, and the new launches on its network are exciting market experts and experienced investors. According to predictions, Ethereum’s price will touch the US$5,000 mark.

Source: https://coingraph.uno/2021/07/26/top-cryptocurrencies-to-buy-and-hold-in-july-2021/

Legaltech Startup “Clara” Opens in Dubai Following Investment from DIFC FinTech Fund

legaltech-startup-“clara”-opens-in-dubai-following-investment-from-difc-fintech-fund

DUBAI, UAE, July 26, 2021 /PRNewswire/ — Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, announced that it has invested in UK-based legaltech startup, Clara.

Clara’s innovative platform digitises and automates many of the legal tasks founders need to perform, including setting up companies in different jurisdictions.

The investment reflects the DIFC’s commitment to driving the automation and digitisation of legal services. The investment was made by the DIFC FinTech Fund, a USD 100 million fund announced in 2017 to help establish, grow and upscale startup and growth stage companies seeking access to MEASA markets.

Additionally, recognising the growth opportunities associated with operating in the DIFC, given the Centre is home to the largest and most comprehensive FinTech and innovation ecosystem in the region, under Clara’s new license, it will now be able to provide its streamlined corporate services platform to DIFC companies. This is the third jurisdiction to grant Clara a license to set up companies.

Commenting on the announcement, Arif Amiri, CEO of DIFC Authority, said: “DIFC continues to be a catalyst for innovation in the region by investing in businesses that can help transform the finance industry. We are therefore delighted to announce the DIFC’s FinTech Fund investment in Clara, a rapidly growing legaltech startup that will make doing business easier for emerging companies and other businesses that form part of the region’s largest financial services ecosystem.”

“Startups are looking for a new approach to help them overcome the pain and complexity of dealing with legal matters,” said Patrick Rogers, CEO and Co-Founder of Clara. “We are thrilled to be setting up in the DIFC which will allow us to completely streamline the customer experience of incorporating DIFC entities – adding further value to the Clara platform, which digitises and automates startup legals.”

Clara is led by a team of seasoned lawyers and technologists who have worked at some of the top companies within their sectors. The company’s platform automates many of the tasks currently performed by lawyers for startups including forming companies, drafting agreements, building cap tables, structuring data rooms and predictively educating founders on legal concepts. The company has raised USD 3.5 million in seed financing from institutional investors, including 500 Startups and Techstars.

View original content to download multimedia:https://www.prnewswire.com/news-releases/legaltech-startup-clara-opens-in-dubai-following-investment-from-difc-fintech-fund-301340647.html

SOURCE Dubai International Financial Centre (DIFC)

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

Commenting on the announcement, Arif Amiri, CEO of DIFC Authority, said: “DIFC continues to be a catalyst for innovation in the region by investing in businesses that can help transform the finance industry. We are therefore delighted to announce the DIFC’s FinTech Fund investment in Clara, a rapidly growing legaltech startup that will make doing business easier for emerging companies and other businesses that form part of the region’s largest financial services ecosystem.”

Source: https://www.financialnewsherald.com/2021/07/26/legaltech-startup-clara-opens-in-dubai-following-investment-from-difc-fintech-fund/

Cryptocurrencies could lead to ‘limitless’ losses for UK government

The government could face “limitless” losses as a result of businesses that accept payments in untaxed and untraceable cryptocurrencies going bust, an insolvency expert has warned.

A growing number of companies, including the ethical cosmetics firm Lush and office-sharing firm WeWork, have begun taking payments for goods and services in cryptocurrencies such as bitcoin, alongside debit payments, credit or cash.

But while the shift has been welcomed by crypto-enthusiasts, experts said it could be an easy way for directors to hide cash from authorities, particularly when companies go bust.

Julie Palmer, a managing director at insolvency firm Begbies Traynor, said the growing popularity of cryptocurrency payments would make it harder for administrators – who are in charge of winding down a business after it fails – to track where money has come from, and whether owners, staff or directors are stripping funds out of the business illegally.

It means criminals could walk away with income that would usually be clawed back and distributed to creditors, including the tax collectors at HM Revenue and Customs and local authorities.

Palmer said that without new regulations and taxation plans, the government could face huge losses. “The potential is limitless, depending on how popular this becomes,” she warned.

It is the latest threat emerging from the rising popularity of cryptocurrencies, which have been linked to money laundering and black market dealings.

Criminals hoping to conceal wealth from tax collectors and administrators have traditionally had to go through the onerous process of setting up an investment vehicle, such as an offshore trust, to hide cash. In recent years, it has become easier for small businesses, tradespeople and criminals to accept payment in cryptocurrency by setting up “virtual wallets” online.

With trusts, “at least we could see the source of that money and where it’s gone”, Palmer said. But with cryptocurrencies, which are harder to trace, “we’ve got even less of a chance of actually tracing that and seeing the money that’s been taken out”.

Palmer said there was nothing the insolvency profession could do to tackle the issue on its own and believes UK authorities – who are a “year or two behind” the US on the issue – should take action and introduce laws to ensure crypto-assets are properly regulated and taxed. “It’s potentially a major loss of income tax revenue,” she said.

HMRC said it recently released a manual outlining the tax consequences of different types of crypto-asset transactions.

An HMRC spokesperson said: “We take action, including using powers provided by parliament to gather data from a range of information sources, to identify and investigate those that have failed to declare all their income and gains, ranging from individuals operating in the hidden economy, through to sophisticated organised crime groups and offshore structures used to hide earnings and other assets.”

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The Treasury is reviewing evidence from a consultation on how to regulate crypto-assets.

The review is taking place at the same time as the Bank of England and the Treasury weigh up the possibility of digital assets being integrated into the UK’s monetary system, potentially via a Bank-issued asset sometimes dubbed “Britcoin”.

While the Bank has signalled that it is open to the idea, its chief economist Andy Haldane has dismissed as fanciful the idea that existing cryptocurrencies such as bitcoin could become a standard payments mechanism.

Julie Palmer, a managing director at insolvency firm Begbies Traynor, said the growing popularity of cryptocurrency payments would make it harder for administrators – who are in charge of winding down a business after it fails – to track where money has come from, and whether owners, staff or directors are stripping funds out of the business illegally.

Source: https://www.theguardian.com/technology/2021/jul/25/cryptocurrencies-could-lead-to-limitless-losses-for-uk-government