Facebook has revealed plans to close its 2-year-old Gifts shop, as the social network starts testing other ways to allow consumers to buy products on its website.

"Facebook Gifts opened in 2012 as a way for users to buy gifts. The service stopped selling physical goods after a year, offering only gift cards from more than 100 merchants."

"Facebook is testing a ‘Buy’ button that will enable users to purchase goods from merchants without leaving the app."

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In Austria, 2 cabinet ministers have given guidance on Bitcoin’s status as a financial instrument and tax treatment, whereas Michael Spindelegger, federal minister for finance and vice chancellor, reiterated that the crypto-currency is not a financial instrument.

The finance minister has explained that citizens who sell Bitcoin holdings within a year of purchasing them would be subject to capital gains tax, but if the digital currency assets are held beyond a year, proceeds from a sale are not subject to taxation."

"Spindelegger claims that digital currency assets have to be declared as either fixed assets or working capital and classifies bitcoin mining profits subject to value-added tax (VAT) because the activity is comparable to industry labour."

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Chinese cross-border capital flow recorded a balanced trend in Q2 2014, according to data on foreign currencies bought and sold by commercial banks.

"Chinese banks' net forex purchases remained at USD 29 billion in the respective time frame, falling by 21% as compared with Q2 2013 and plunging 82% from Q1 2014."

"In Q1 2014, Chinese banks registered USD 159.2 billion increase in net forex purchases, which represent the difference between foreign currency purchases and sales by commercial banks."

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Malaysia’s B2C ecommerce infrastructure is one of the most developed in South East Asia and it is one of the factors which add value to the ecommerce business.

"Therefore, internet penetration, which receives incentives via governmental programs, ranks second in the region, and its logistics system is among the 30 best performing in the world. Close to 20 million people are linked to the internet and an additional 5 million are expected to go online in 2015."

"Moreover, a notable double-digit percentage of internet users shop online, motivated by price advantages, product range and availability of reviews. Online shoppers look for free shipping, convenience and exclusive online deals offered by online stores."

"Additionally, online shopping is encouraged by new ecommerce regulations adopted in 2013, aimed at protecting consumer rights and preventing online fraud."

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The National Assembly of Ecuador (NAE) has banned Bitcoin and decentralized digital currencies, while establishing guidelines for the creation of a new, state-run currency.

"As such, the law in question allows the government to make payments in e-money, but decentralized digital currencies are banned."

"The currency will operate in tandem with the USD and Ecuador’s official currency, although it is not certain what exchange rate will be established."

"As a result of the adoption of a national digital currency agenda, companies offering digital currency services will have to withdraw from operations or cease entirely, as the bill prohibits the “emission, production, initiation, falsifications, or any other type of [digital currency] simulation, and its circulation through any channel or way of representation” of non-sanctioned digital currencies.

"The amendments laid out the legal framework for those who violate the ban, which establishes the power to confiscate Bitcoins or similar holdings. Those who operate businesses using prohibited digital currencies face the risk of prosecution as well."

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