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December 12, 2020
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Cryptocurrency is basically a digital currency. It is a medium of exchange for the purchase of goods and services. It does not come in physical form. A digital ledger shows the ownership of this currency. It is not issued by a central authority. There is no control of any legal authority on this form of currency. Bitcoin is the first cryptocurrency. In 2009, it released in the market.
Cryptocurrency and its legality
The legal aspect of cryptocurrency varies globally. There are no universal laws and regulations related to it till now. The regulations vary from country to country. In some countries, the trade and usage of cryptocurrency are legal. However, in other countries, they are completely banned. 
In eight countries, the trading and use of cryptocurrency are completely banned. After that, in the other 15 countries, there is an implicit ban. Some of them are Bahrain, Bangladesh, China, Iran, Kuwait. Due to a lack of specific laws and regulations, criminals use it for illegal purposes.
In eight countries, the trading and use of cryptocurrency are completely banned. After that, in the other 15 countries, there is an implicit ban. Some of them are Bahrain, Bangladesh, China, Iran, Kuwait. Due to a lack of specific laws and regulations, criminals use it for illegal purposes. The United States
Cryptocurrencies are legal in the United States for a long time. However, there are no centralized regulations regarding cryptocurrencies. The laws vary from state to state. The policies differ among the government agencies also. FinCEN considers it as money transmitters. The Internal Revenue System (IRS) considers it as property. Recently, the US Treasury has spoken about making regulations.
The European Union
Cryptocurrency is legal across the European Union. The rules differ from state to state. Taxation is also applied to cryptocurrency. The tax percentage varies from 0% to 50%. There were no such laws related to it in the EU. Recently, the 5th AML Directive got signed. It requires the crypto exchanges to follow the laws of the AML regulations.
The United Kingdom
Cryptocurrency is not legal in the UK. But crypto exchanges are legal. The Financial Conduct Authority (FCA) registers crypto assets. However, there are no regulations for cryptocurrency in the UK yet.
Russia
The status of crypto is a bit confusing in Russia. Initially, it was a substitute for money. But according to the recent laws of 2019, it is illegal. So, the legality of trading and the use of cryptocurrency is still not clear.
Australia
Cryptocurrency is legal in Australia. Its exchanges are also legal. Australia has better laws than other countries. AUSTRAC has established rules and regulations for the use of cryptocurrency. The cryptocurrency exchanges have to follow guidelines provided by AUSTRAC.
Japan
In Japan, crypto is legal and considered legal property. Taxation is also levied on cryptocurrency. Japan is one of the largest markets for Bitcoin. The country has implemented strict rules and regulations of cryptocurrencies.
India
The status of crypto is still ambiguous in India. The Reserve Bank of India (RBI) had banned it in the past. But due to a legal case, which is still in court, the crypto is still not banned. The future of cryptocurrency 
is still uncertain. Hence, there is no clarity on the rules and regulations surrounding cryptocurrencies.
is still uncertain. Hence, there is no clarity on the rules and regulations surrounding cryptocurrencies. Latin America
In Latin America, the laws vary from country to country. In some countries, like Bolivia, there is a ban on it. While other countries, like Brazil, are starting to make laws for it. In most countries, it is legal. Tax is also levied upon it. Mexico is the only country to have strict laws for cryptocurrencies. In other countries, there are no stringent regulations for it. So, it is a concern due to money laundering and terrorist financing in these countries.
Conclusion
The laws related to cryptocurrency vary all over the world. Most countries do have specific laws for them. Due to this, it’s exposure to financial crimes is increasing. Many countries are now trying to formulate strict laws for cryptocurrency. It would interesting to see the FATF recommendations on cryptocurrencies.
December 11, 2020
Oyster Pearl is a cryptocurrency launched in the market in October 2017. Its symbol is PRL. It has a supply of a total of 98,592,692 coins. Amir Bruno Elmaani is the CEO and chief architect of this digital currency. He operates with the pseudo name “Bruno Block”. He used the smart contract technology of the Ethereum blockchain. This way he designed the oyster pearl currency to operate. The sale is through few exchanges like KuCoin, Cryptopia, Etherdelta, and CoinExchange. 
Oyster wallet operates with two keys. The private key is for protection against fraud. The public key is for sending and receiving coins. All this was possible due to the Ethereum Blockchain technology.
Oyster wallet operates with two keys. The private key is for protection against fraud. The public key is for sending and receiving coins. All this was possible due to the Ethereum Blockchain technology.Tax Evasion
During the initial coin offering (ICO), Elmaani had made millions of dollars. In 2017, there is a huge craze to buy digital currency in the US. Elmaani had taken advantage of this situation. He got more and more investors for his currency. In this way, he had minted a lot of money. To order to enjoy his gains, he used inappropriate means for tax fillings in 2017. He didn’t reveal his real income to the Internal Revenue System (IRS). He knowingly showed incorrect data while filing tax returns. In 2018, he didn’t file the tax returns at all. He avoided filing taxes so that he could enjoy his wealth. So, the Internal Revenue System (IRS) has charged him with two counts of tax evasion. The Securities and Exchange Commission (SEC) has also filed civil charges against him.
The findings
William F. Sweeney Jr. Is working on this case. He is the Assistant Director-in-Charge of the New York Field Office of the FBI. He found that Elmaani is channeling his funds through a shell company. Elmaani is using this shell company to hide his true income. The company is also used to hide the source and origin of his gains. So, this shell company is serving two important purposes for him. Elmaani bought multiple yachts for $10 million dollars. In these yachts, he stored gold bars. He purchased gold bars through 
his sale of oyster pearls. In addition, he had spent $1.6 million at a carbon-fiber composite company. He has also invested his wealth in real estate and home renovations. A large amount of cash is also used to pay for personal expenses.
his sale of oyster pearls. In addition, he had spent $1.6 million at a carbon-fiber composite company. He has also invested his wealth in real estate and home renovations. A large amount of cash is also used to pay for personal expenses.Exit Scam
In October 2018, he created new tokens for sale. He used the Ethereum blockchain technology to do this. The new tokens sold at below-market price rates. After that, he created free tokens for himself. He has moved his tokens to different wallets to avoid taxation. Above all, he has also converted his new PRL tokens to other cryptocurrencies. He used a coin mixer. It is a service used to hide the true origin of funds. He used these services to conceal the origin and destination of his accumulated funds. He transferred the funds to his family and friends. Finally, he transferred all the funds back to him.
After the exposure of his scam, he is now in custody. All PRL tokens are worthless at this moment, causing huge loss to its investors.
December 10, 2020
In the past few years, bitcoin has gained immense popularity and it has emerged as a source of investment. Many investment firms are investing in bitcoin for better returns. Bitcoin has turned to be a better source of an investment than gold as well. The value of Bitcoin has increased by 150% in 2020. So, it made bitcoin a debatable option among large investors and fund managers.
Bitcoin as an investment option
Several think-tanks of the investment world have spoken and predicted about Bitcoin. There were mixed opinions about cryptocurrency and its usage. While some are in favor of it due to its increasing value, others are skeptical about its volatile nature. Chamath Palihapitiya is of the opinion that 
it is his best bet to invest in bitcoin in 2012. The Social Capital CEO tweeted that nothing matches bitcoin in 2012. He had shown his trust in bitcoin. Whereas, billionaire Jeffrey Gundlach has his doubts on this matter. He said he doesn’t believe in it as it is it is traceable.
it is his best bet to invest in bitcoin in 2012. The Social Capital CEO tweeted that nothing matches bitcoin in 2012. He had shown his trust in bitcoin. Whereas, billionaire Jeffrey Gundlach has his doubts on this matter. He said he doesn’t believe in it as it is it is traceable.Dalio’s prior opinion
Ray Dalio founded ‘Bridgewater Associates’. He had pointed out the volatile nature of cryptocurrency in the past. Dalio had mentioned that the governments might outlaw the bitcoin.
He has said that governments might ban bitcoin. Nobody will transact in bitcoin. There will be laws to curb the usage of bitcoin. He stated that he would prefer to invest in gold than bitcoin. Bitcoin might be a good option but governments would like to control its usage. The control by the government is one of the basic aspects of a currency. This does not apply to bitcoin. So, the digital currency may not be a success as expected. He has mentioned all these points in an interview last month. He didn’t see bitcoin as a great source for investment. At the same time, there are many fund managers willing to invest in bitcoin.
Recent changes
In his latest Reddit Ask-Me-Anything (AMA) session, he spoke about bitcoins. His opinion towards bitcoins and cryptocurrencies seems to have taken a shift. Now he is seeing the brighter aspects of it. He told that 
bitcoin has established itself as an investment option. It could a better choice than gold. According to him, Bitcoin has a lot of similarities to gold with a few differences as well.
bitcoin has established itself as an investment option. It could a better choice than gold. According to him, Bitcoin has a lot of similarities to gold with a few differences as well. An investor always looks to diversify his investment portfolio. Now bitcoin could be one of the better options than those already present in the market. He has always focused on diversifying his funds. Now he is seeing up to bitcoin to diversify his funds. He also hinted that he is looking for an alternative for investment purposes. Bitcoin fits the bill perfectly as of now. He told it is a great option than gold and other wealth management assets.
Conclusion
Focusing on diversification, he hinted at the need for an alternate option. Many investors welcomed his change in opinion. It would be interesting to see the new heights bitcoin go will reach.
December 7, 2020
Efforce is a new venture from Apple Co-Founder Wozniak. It is going to transform the green energy sector. Above all, it is Wozniak’s second venture after the famous Apple. He along with Steve Jobs had launched Apple in 1976. Efforce is planning to use Blockchain technology and Cryptocurrency. In addition, the technologies would make the funding process cheaper and simpler for energy companies. 
According to the media reports, Efforce will be shortly on Bithumb Global. Bithumb is also an exchange for decentralized currencies.
According to the media reports, Efforce will be shortly on Bithumb Global. Bithumb is also an exchange for decentralized currencies.Key Features of Efforce
· It is the world’s first blockchain-backed energy-saving company.
· It is also the first company that permits contributors to take advantage of the project.
· Cryptocurrency and blockchain technology would result in fast processing. The security level is very high. This makes the process for funding for ‘green’ projects quicker, cheaper, and simpler.
· It is the first platform in the world for such an operation.
· Everybody from everywhere can take part and gain.
· The venture would contribute to the field of environment and climate change.
· The venture is foreseeing a market for energy-efficiency projects worth $250 billion.
· It has created its own and unique Cryptocurrency token named “WORX”. The token name is an influence from the name of the owner of the company Mr. Wozniak.
· The total WOZX tokens amount is 1,00 million
· The emission rate is zero. No creation of fresh Tokens will ever happen.
How does it work?
Efforce uses blockchain technology that links the investors and the energy companies. Contributors can take part in energy efficiency projects. After that, they can take part in the acquisition of future savings tokens.
Companies gain from free energy efficiency enhancement. The outcome is savings that are there on the blockchain 
in real-time. Blockchain’s Smart contracts make transactions seamless. There is no involvement of any third-party in transactions. The crypto-token issued by Efforce is WOZX.
in real-time. Blockchain’s Smart contracts make transactions seamless. There is no involvement of any third-party in transactions. The crypto-token issued by Efforce is WOZX.More about Efforce
WOZX token was used in financial transactions of energy-efficiency projects. For this, the energy service companies have to list them on their platform. Efforce finds out the achievement of energy savings through energy projects. The company returns the saved energy to the investors. The gained energy is like an energy credit. One can use it later.
Efforce makes it easy for businesses to register their projects related to energy on the web. After that, they can attract investors from around the world. The initiative will benefit the companies.
In conclusion, the initiative is a great step towards energy efficiency. It will have much positive effect on the environment. It would promote energy efficiency. In addition, there will be more investment in this “green” energy sector. The sector may get a boost.
Efforce is Wozniak’s second company of life after 44 years of the formation of Apple Inc. Wozniak’s brainchild is going to create a transformation in the ‘green’ energy sector. Its model encourages energy savings. It is also very timely and relevant.