Crypto News Recap: $600K Ghosn Great Escape Paid In Bitcoin, Mastercard Accelerates Crypto Adoption

Published July 27th, 2020 - 06:40 GMT
Crypto News Recap: $600K Ghosn Great Escape Paid In Bitcoin, Mastercard Accelerates Crypto Adoption
In general, the crypto markets sailed through a very interesting turn in events after a tough week. (Artwork by Rami Khoury - Al Bawaba)
Here are the markets highlights for the week

Last week had been a positive week for Bitcoin (trading at $10,217.63 at the time of writing). In general, the crypto markets sailed through some very interesting turn of events after a tough week.

The markets showed some good recovery signs jolted by some good regulatory news from Russia, South Korea, and the announcing of Mastercard's new crypto program that aims at strengthening the global cashless encrypted economic infrastructure.

Russia Passes Major Law to Regulate Cryptocurrencies
In a sudden change of heart, Russia decided not to criminalize crypto usage or at least not just yet. According to Cointelegraph, The country has drafted a new version of the bill named “On Digital Financial Assets” as The State Duma proposition this time didn’t introduce any punishments or fines on facilitating crypto usage.

Although, as previously reported by the same source, Russian regulators suggested in May a fine up to $30,000 as well as seven-year jail terms for dealing in cryptocurrencies. The new neutral bill defined crypto as ‘a means of payment in the form of electronic digital codes, but at the same time, it is neither an international monetary unit, nor a monetary unit of a foreign state or of the Russian Federation’ according to local RIA Novosti news agency.

Mastercard Accelerate Crypto Adoption with a New Crypto Card Partner Program

In a remarkable step towards the sustainable development of crypto infrastructure, Mastercard announced the expansion of its cryptocurrency program. The new program, which is the fruit of the new partnership with the global digital payment platform Wirex, aims at helping fintech brands and start-ups access all the fundings they need to grow quickly. 

South Korea to Impose 20 Percent Income Tax on Cryptocurrencies in 2021

The South Korean Ministry of Strategy and Finance announced the finalization of tax on income generated by cryptocurrency trading, according to South Korea’s Yonhap News Agency.

The Korea Times also reported that cryptocurrencies exchanges must grant the Korean government access to trading records in order to identify traders and retain separate records for each trader so that taxes can be calculated accordingly.

Son of Ousted Carlos Ghosn Sent $600K in Bitcoin to Aid Father’s Grand Escape

In a new twist to the never-ending Nissan’s Ex-Boss story, the US prosecutors announced that Anthony Ghosn, Carlos Ghosn's son, sent $600K in Bitcoin to former Green Beret Michael Taylor in order to facilitate father’s escape from Japan last year, as Forbes reported.

Famous crypto exchange Coinbase shared details of transactions dated between January and May 2020 from Ghosn’s Son account to Taylor’s. Subsequently, both got arrested by authorities for their parts in the smuggling of the international fugitive.

Binance to Start Sending its Debit Cards

After announcing the news of the new exchange-issued debit cards in April, Binance crypto exchange announced the beginning of sending out the cards to registered users. 

Binance CEO Changpeng Zhao, also known as CZ, announced the big news on Twitter:

The new card will work exactly as any bank-issued debit card and will be accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before, according to the exchange's announcement.

Crypto Market Cap:


Events to keep an eye on:

Ethereum in the Enterprise 2020 (Jul 30, 2020 - Jul 30, 2020) to be held virtually!

Blockchain World Forum Beijing 2020 (Jul 30, 2020 - Jul 31, 2020) to be held virtually! 

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