Ethereum’s Merge dominated the crypto world in September with promises of quicker transaction times, improved security and a 99% reduction in energy consumption. However, will you end up with a surprise tax bill too? Let’s examine. During the Merge event, the Ethereum mainnet — the then current proof-of-work (PoW) blockchain — merged with the proof-of-stake (PoS) Beacon Chain, marking the end of PoW as the consensus mechanism for the Ethereum blockchain. On the Beacon Chain, Ethereum joined ranks of other major PoS blockchains such as BNB Chain, Cardano and Solana. Ether (ETH) is the second largest cryptocurrency by market cap …

Prices in the United Kingdom continue to rise, hitting another 40-year high of 10.1%. According to figures from the U.K’s Office for National Statistics, the Consumer Prices Index (CPI) rose by 10.1% in the 12 months to September 2022, up from 9.9% in August. The 10.1% figure mirrors July’s recent high. According to ONS data, “Rising food prices made the largest upward contribution to the change in both the CPIH and CPI annual inflation rates between August and September 2022.” The BBC reported that the Ukraine war led to an increase in grain prices, also sharing that dairy products have …

The Law Commission of England and Wales hopes to establish the United Kingdom as a leading jurisdiction to grapple with legal disputes involving emerging technologies like cryptocurrencies, digital assets and electronic documentation. The project, dubbed "Digital Assets: Which Law, Which Court?" was announced on Oct. 18 with the aim of reviewing international legal challenges involving cryptocurrencies and providing recommendations for legal reform in the United Kingdom. Cointelegraph reached out to Professor Sarah Green, law commissioner for commercial and common law, to unpack the driving force behind the authority's latest law reform project. The U.K.’s legal review body has previously conducted …

The Law Commission of England and Wales will set about reviewing private international legal challenges involving cryptocurrencies through a government-commissioned project. The review, launched on Oct. 18, will provide clarity on how international law approaches emerging technologies like cryptocurrencies, digital assets and electronic documentation. The law reform project, dubbed ‘Digital Assets: Which Law, Which Court?’, will outline current international legal rules and their application to digital contexts with the purview of making recommendations for legal reform to keep United Kingdom laws relevant. The project is sponsored by the Ministry of Justice and intends to develop reform proposals to be published …

While opening a Bitcoin-themed bar sounds like a dream for many Bitcoiners, it also comes with its challenges, according to Adam (who did not share his last name), the founder of Satoshi’s place. Cointelegraph reporter Joseph Hall visited a Bitcoin-themed pub called Satoshi’s Place and sat down with its founder. The duo talked about the place’s history, how it came to be, and the difficulties of running a Bitcoin business in the United Kingdom. According to Adam, he first got into Bitcoin (BTC) in 2013. Five years later, the founder said he opened a coffee and breakfast shop that accepts …

Members of the United Kingdom’s House of Lords have introduced legislation aimed at eliminating the need for paper trade documents, increasing the likelihood of using blockchain technology to trace records. In an Oct. 12 announcement, MP Michelle Donelan and the U.K. Department for Digital, Culture, Media and Sport said the Electronic Trade Documents Bill had been introduced in the country’s parliament. The legislation proposed removing “needless paperwork and bureaucracy” by making digital documentation legally recognized for trade. “Electronic trade documents also increase security and compliance by making it easier to trace records — for instance, through the use of blockchain …

It is becoming increasingly challenging to support a bullish short-term view for cryptocurrencies as the total crypto market capitalization has been below $1.4 trillion for the past 146 days. Furthermore, a descending channel initiated in late July has limited the upside after two strong rejections. The 1% weekly negative performance in cryptocurrency markets was accompanied by stagnation in the S&P 500 stock market index, which remained basically flat at 3,650. Uncertainty continues to limit the eventual recovery as worsening global economic conditions have caused trans-Pacific shipping rates to plunge 75% versus the previous year, forcing ocean carriers to cancel dozens …

The United Kingdom’s Financial Conduct Authority, or FCA, has added cryptocurrency-friendly payments app Revolut to its list of companies authorized to offer crypto products and services in the country. In a Monday update to its list of registered cryptoasset firms in the U.K., the FCA showed Revolut was in compliance with amended regulations from 2017 on ‘Money Laundering, Terrorist Financing and Transfer of Funds.’ The fintech firm joined 37 other companies with the green light to offer crypto services in the country after being granted an extension to operate as a cryptoasset firm with temporary registration in March. Firms offering …

Bitcoin (BTC) will see increased interest from the United Kingdom “very quickly” as fiat currency volatility makes BTC look like a stablecoin. That was the conclusion from Gabor Gurbacs, strategy advisor at investment giant VanEck, one of many flagging Bitcoin’s appeal over the pound this week. UK becomes fertile ground for Bitcoin "orange pill" As the U.S. dollar runs rampant, its strength has come at the expense of trading partner currencies, notably the euro, pound and Japanese yen. The pound’s disintegration gathered pace this week, however, as GBP/USD hit its lowest on record at nearly $1.03. With the United Kingdom’s …

The Official Monetary and Financial Institutions Forum, or OMFIF, an independent global think tank for central banking and economic policy, has released a report suggesting that blockchain technology in a public finance management system could provide information essential to “formulate and design fiscal policy.” According to a Tuesday report, the OMFIF said modernizing public finance management through blockchain could help governments identify potential corruption and waste by providing “enhanced transparency and traceability of payments.” The report suggested the technology could facilitate the prevention of embezzlement of funds given the global rise in fraud from cases including ransomware and cybersecurity attacks. …

On Sept. 26 the British Pound hit a record low against the U.S. dollar following the announcement of tax cuts and further debt increase to curb the impact of a possible economic recession. The volatility simply reflects investors' doubts about the government's capacity to withstand the growing costs of living across the region. The U.S. dollar has been the clear winner as investors seek shelter in the largest global economy, but the British Pound's weakness could be net positive for Bitcoin. The GBP is the world's oldest currency still in use and it has been in continuous use since its …

The Great British pound sterling has fallen to the lowest level ever against the U.S. dollar. In a flurry of overnight trading activity, the pound reached lows of 1 pound = $1.04. It lost 5% of its value in a spiral. The United Kingdom’s sovereign currency, the pound sterling, is the world’s oldest currency that is still in use today. It is currently clinging above USD-pound parity, since regaining $.03 cents, bouncing to 1 pound = $1.07. The pound has been on a steady decline against the USD since 2007 and the subsequent financial crisis. While it has lost 20% …