Story by: Crypto Confidential
UNICEF DEPLOYS NEW BLOCKCHAIN FUND
Unicef announced its new crypto fund this week, marking the first time any part of the United Nations will be able to accept donations of digital currency. The fund will invest in early-stage, open-source companies working with children and is currently limited to no more than 1,000 bitcoin and 10,000 ether. Notably, it will not convert the assets it holds into U.S. dollars or any other fiat currency.
“Unicef has a network of 190 offices across the world that brings to the Ethereum ecosystem the ability to work with leading minds in regions that could benefit the most from Ethereum technology,” said Aya Miyaguchi, executive director of the Ethereum Foundation, which will be providing technical support to Unicef and its blockchain portfolio as part of its 10,000 ether contribution.
TAX SEASON 2020: NEW CRYPTO RULES
The IRS issued new guidance on cryptocurrencies for taxpayers this week—its first crypto update since 2014—that addresses hard forks, soft forks and airdrops. The IRS also reiterated its bottom line: taxpayers are required to maintain excellent records to establish positions taken on tax returns, whether they’re dealing with cryptocurrency, cash or diamonds. Get up to speed here.
Bitcoin and ether saw a bump on Wednesday despite the SEC’s rejection of the latest attempt to launch a bitcoin ETF. Bitcoin rose 5% in 24 hours and ether rose nearly 6% in the same period of time. Analysts pointed to several factors to account for the bump, including central bank policy and the latest progress reported by Binance.