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This Week in Cryptos: Court Says Craig Wright Lied While Gemini Joins Silvergate Network

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Key highlights

  • Court says Craig Wright lied
  • Brazil Central Bank adopts IMF guidelines
  • Gemini joins Silvergate network
  • PNC Bank joins RippleNet
  • Portugal Tax Authority says No BTC Tax

Court says Craig Wright lied

This week, in an epic case judgment by the Federal Court in long-running Kleiman v. Wright lawsuit, the court found that the self-proclaimed inventor of Bitcoin (BTC), Craig Wright, to be guilty of not only submitting false documents as part of an earlier testimony but also lying about a legal dispute. The ruling justice, Bruce Reinhart, concluded that the latest hearing by ordering Wright to surrender more than $4 billion worth of cryptocurrency in favor of Kleiman’s estate.

Brazil Central Bank adopts IMF guidelines

This week, there was some regulatory news coming from the South American continent. Brazil’s central bank has become one of the few banks which has announced that it would categorize cryptocurrencies according to International Monetary Fund (IMF) guidelines. With the new classification under IMF rules, traded cryptocurrencies will now be classified as non-financial products and as such, will be counted as goods on the central bank’s balance sheet.

Gemini joins Silvergate network

This week, Winklevoss twins have added another feather in their hat. Their cryptocurrency exchange, Gemini announced it will join the USD payments platform, Silvergate Exchange Network (SEN). With this partnership, Gemini’s institutional clients are now able to transact in U.S. dollars “24 hours a day, 7 days a week, and 365 days a year,” This activity was earlier prohibited by the traditional hours of operation for banks, which obstructed the fiat withdrawals and deposits.

PNC Bank joins RippleNet

Ripple too had its share of partnerships this week as it partnered with a banking gain in the USA. One of the largest banking giants in the United States PNC, which operates in at least 19 states in the USA, has joined Ripple’s banking network RippleNet. According to PNC’s spokesperson, PNC Treasury management has gone live on RippleNet. The spokesperson said: “[Using RippleNet will give us] the ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.”

Portugal Tax Authority says No BTC Tax

Another positive regulatory news came from Europe this week, where Portugal’s Tax Authority clarified that both cryptocurrency trading and payments in crypto will not be taxed in the country. According to a report published in the local mouthpiece, Jornal de Negócios, the fiscal authority of Portugal confirmed that crypto transactions or payments are exempt from Value Added Tax (VAT).

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