HyperLinq : Weekly Digital Asset Digest 27

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Rohan Raman
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The HyperLinq Weekly Digest is the one-stop source for the HyperLinq community to access relevant news involving digital assets, where we essentially outline key industry updates that our members may have missed. We are always open to suggestions and feedback so please do not hesitate to let us know what you think!


Portugal Tax Authority: Bitcoin Trading and Payments Are Tax-Free : Helen Partz | CoinTelegraph

Portugal’s Tax Authority has clarified that both cryptocurrency trading and payments in crypto will not be taxed in the country, Cointelegraph en Español reported on Aug 27. According to a report published in August, the agency reportedly provided the clarification to a local crypto mining company, publishing an official ruling document. In the document, the authority states that the exchange of crypto for fiat money is free of VAT, adding that crypto users do not have to pay any income tax. However, the Swedish Tax Agency subsequently argued against the ruling, claiming that the court did not fully understand the matter. The confirmation follows a previous tax ruling by the Portuguese tax authority that cryptocurrencies are not taxed in the country. A document published by the agency in 2016 states that income from the sale of crypto in Portugal is not subject to income tax.

US Air Force Steps Up Blockchain Use: What Else Is the Pentagon Up To? : Kollen Post | CoinTelegraph

This week saw twin reports from smart contract startup Simba Chain and blockchain data management firm Constellation, both of whom announced contracts with the United States Air Force. Judging by these developments, the U.S. Air Force is looking seriously at new tech to shore up supply chains and rearrange data. Namely, massive data processing and vast backlogs of contracts facilitating diverse supply chains delivering everything from Tomahawk missiles to tweezers — all of which demand vital security precautions. Consequently, the broader U.S. Department of Defense has been looking seriously at a range of blockchain technologies for increased security applications. Last month, CoinTelegraph reported on the DoD’s newly announced four-year plan, in which the department put forward the prospect of a "Block Chain Cybersecurity Shield". The DoD’s recent four-year plan did not explicitly mention the breadth of supply chain applications that companies like Simba Chain may be working on for the Air Force, but cybersecurity needs are evolving. Contracts may be a more mundane concern and therefore often removed from the military’s PR, but they are obviously critical. According to the U.S. Government Accountability Office, in 2018, the Air Force spent $71.3 billion on contractors within the DoD’s overall $358.3 billion contractor budget.

Telegram’s Blockchain Will Be Compatible With Ethereum : Anna Baydakova | CoinDesk

Telegram’s new blockchain project will be compatible with Ethereum, according to a tech startup building tools for the network. The messaging company is expected to release the code to run a node on the Telegram Open Network on Sunday, allowing users to trial its project in advance of the project’s expected mainnet launch on October 31. TON Labs, a tech startup helmed by investors in Telegram’s token sale, is building a number of tools for developers to help them build on the new network. As mentioned, TON is expected to launch by Oct 31. If it does not, Telegram will have to refund investors in its token sale, according to its user agreement. Code for a light client was shared with investors earlier this year and immediately leaked to the general public. Filatov said this client allowed users to play around with some of the TON blockchain’s basic functions. "You can play with GRAMs, write a simple smart contract talking to the node via a light client create a wallet", Filatov said.

The Bug Bounty Program for Facebook’s Libra Is Now Open to the Public : Kollen Post | CoinTelegraph

The Libra Association has opened its bug bounty program to the public to address security concerns in advance of Libra’s anticipated 2020 launch. The announcement comes via a post on Libra’s website on Aug 27. The association wrote that it expects opening the bug bounty program up to the public will encourage "many more people with diverse skills and backgrounds" to test the security of Libra’s blockchain. Another Aug 27 blog post on Libra’s website by Michael Engle, head of developer ecosystem at the Libra Association, said that participants can earn up to $10,000 for uncovering critical security issues. Noteworthy is that Libra’s official announcement of the bug bounty program makes no mention of Facebook, the organization many see as spearheading the Libra Association. Facebook’s involvement with the Libra Association has been a major sticking point with regulators, with one United States congressman referring to the Libra derisively as a "Zuck Buck". Partially in response to such concerns, David Marcus attempted to reassure the public that "Facebook will only be one among over a hundred members of the Libra Association by launch". Regulatory and security concerns have been at the forefront of Libra and Facebook’s efforts to launch their new digital currency.

1.4 Million Brazilian Point-of-Sale Devices to Support Crypto Payments : Max Boddy | CoinDesk

Cielo, the largest payment processing provider in Brazil, has unveiled support for Bitcoin and cryptocurrency purchases on its point-of-sale devices. CoinTelegraph Brazil reported the news on Aug 30. According to the report, users can make crypto payments through Cielo PoS devices via QR codes. The customer also reportedly needs to hold either an account with Uzzo or CriptoHub — Cielo’s network partners — in order to complete payment. Cielo president Paulo Caffarelli remarked that its partner banks, including Bradesco, are backing the new crypto payments offering. Additionally, Cielo may begin supporting crypto payments that don’t require a PoS machine in October, per the report. As previously reported by CoinTelegraph Brasil, Brazilian commercial bank Banco Inter announced that it would launch a crypto payment system that doesn’t rely on PoS machines. This service would be available through a mobile app and reportedly would not require users to hold a Banco Inter account.


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Rohan Raman

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