Coinbase’s Visa Debit Card Adds Support for Stablecoin DAI

On Friday (December 6), Coinbase announced that Coinbase Card now supports stablecoin DAI, the native token of MakerDAO, Maker's decentralized autonomous orgnaization.

Here is how Coinbase announced the news:

The Coinbase Card was introduced on April 11, and at that time, it was only supported in the UK. The idea was to allow Coinbase's customers to easily spend any of the crypto balances in their Coinbase account to pay for goods/services anywhere that Visa is accepted or for making cash withdrawals from ATMs.

At launch, Coinbase Card supported the following four cryptoassets: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Then, two months later, Coinbase announced that the Coinbase Card had been made available in six other European countries: Spain, Germany, France, Italy, Ireland, and the Netherlands.

Today's announcement comes roughly three weeks after Coinbase said (on 14 November 2019) that Coinbase Card had expanded to 10 additional countries -- Bulgaria, Croatia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, and Sweden -- and added support for five more cryptoassets (XRP, Basic Attention Token, Augur 0x, and Stellar).

Featured Image Courtesy of Coinbase

Weekly Newsletter

Two Brazilian Crypto Exchanges Close Following Change in Tax Laws

  • Two Brazilian exchanges have been forced to close in the face of strict new regulations.
  • Exchanges are required to keep track of all transactions made with cryptocurrency or pay fines. 

Two Brazilian cryptocurrency exchanges have been forced to shut down following the enactment of new tax laws. 

Following reports of rampant cryptocurrency-related fraud in 2019, Brazilian politicians have created and enforced new tax regulations for the industry of cryptocurrency. 

According to a report by Bitcoin.com, exchanges Acesso and Latoex are two of the first casualties of the increased regulation. Both exchanges have decided to end operation, rather than pay the hefty fines and comply with strict regulation in the face of shrinking trading volume. 

Pedro Nunes, co-founder of Acesso Bitcoin, told Portal do Bitcoin, 

After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.

The new regulations, implemented in August 2019, require traders and brokerages to report all transactions involving cryptocurrencies. Failure to comply results in penalties ranging from 500 BRD to 1500 BRD ($120 - $360). 

Exchanges say that compliance with the new regulation requires expensive investment into new resources, which has been untenable for smaller and less profitable organizations.

Featured Image Credit: Photo via Pixabay.com