Categories: Bitcoin

Bitcoin Daily: Venezuela May Collect Taxes In Crypto; Russian Agency Proposes AI To Track Crypto Transactions

Venezuela may be going forward with a plan to allow the use of the Petro (PTR) cryptocurrency to pay taxes, according to Cointelegraph.

A group of the country's mayors, the Bolivarian Council of Mayors, has signed onto the government's "National Tax Harmonization Agreement" that would allow 305 municipalities in the country to pay taxes with the Petro. Because of the new campaign, Petro's usage has seen a surge in recent days, according to the report.

Vice President Delcy Rodriguez said the new rules would simplify payments.

"It is the simplification of procedures, making the state's administrative activity at the service of the people more efficient, of the economic sectors that stimulate economic activity in the productive and commercial areas, framed in this week of flexibility that began on Monday," he said, according to Cointelegraph.

In other news, Rosfinmonitoring, a Russian agency tasked with gathering data to fight cybercrime, is developing new artificial intelligence (AI) that can track cryptocurrency transactions and link them to users, CoinDesk reported.

The agency's move would essentially have the effect of removing the anonymity from those making transfers of crypto. The endgame, according to a letter from Rosfinmonitoring to Maxim Parshin, Russia's minister of Digital Development and Communications, is to make an AI-based system to analyze blockchain, the report stated.

The system would be used to look into alleged illegal deals with digital assets and to locate crypto funding schemes that are involved in money laundering and terrorism, according to CoinDesk. The software would cost $10.4 million in government funding, $6 million of which would be needed by 2021.

Meanwhile, Michael Ackerman, a former New York Stock Exchange broker and the chief trading officer at investment club Q3, has pled not guilty to charges that he was involved in a crypto trading scheme that defrauded investors, according to CoinDesk.

His charges involve Q3 telling investors the company used a proprietary algorithm that guaranteed returns trading on cryptocurrency. Investors were coerced by Ackerman and other leaders to send a total of $33 million supposedly for trading crypto, with promises of up to 20 percent returns per month.

Instead, Ackerman allegedly used the money on things like jewelry, cars, personal security and a massive house renovation, according CoinDesk, citing evidence from the Securities and Exchange Commission (SEC).

Ackerman is accused of wire fraud, and if convicted, he could face up to 20 years in prison and be fined $250,000.

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

PYMNTS TV LIVE OCTOBER SERIES: B2B PAYMENTS 2021 – WHAT WILL YOU CHANGE?

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border. Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

Recent Posts

NEW REPORT: How Voice Assistants Help Win Consumer Spend – And Their Trust

More than 100 million consumers in the United States have switched from shopping in stores…

1 hour ago

Mastercard Aims To Fight ‘Gobbledygook’ On Online Card Statements

It’s happened to almost all consumers: They’re idly perusing their credit card statements when they…

1 hour ago

OAK + FORT: Flexible-Payment Plans Boost Luxury Purchases

Dramatic shifts are underway in the retail sector as it adjusts to consumers’ increasingly digital…

1 hour ago

‘What Did You Change?’ 34 Payments Execs Weigh In On Payments, The Pandemic And New Possibilities

The end of the third quarter of 2020 offers a moment to look back —…

1 hour ago

Ceridian: Payroll Modernization Readies The Public Sector For Next-Gen Talent

The public sector has a unique challenge ahead. An estimated 40 percent of professionals in…

1 hour ago

The Three Things Every Digital-Card App Needs

The wave of digitization that has picked up incredible speed in banking over the past…

1 hour ago