October 8 2019

New Cryptocurrency Secured by Gold 👑

According to Reuters, the financial company Paxos Trust Company, regulated by the New York City Department of Financial Services (NYDFS), announced the launch of the PAX Gold cryptocurrency backed up by real gold.🥇

PAX Gold is built on the Ethereum blockchain, so it can easily integrate with various crypto exchanges, credit platforms, wallets and other crypto products.💱

“If you come to us and buy one ounce of gold, you send 1,500 Paxos tokens, and we give you one ounce. This ounce is the valid legal name for an ounce of gold bars in a Londons vault” –  said Charles Cascarilla, CEO and co-founder of Paxos, in an interview with Reuters.🤔

PAXG tokens can be redeemed in exchange for physical gold bars at partner organizations, for example, in New York Bullion Exchanges or London Brink’s. The list of these organizations will be expanded.🔍

Cascarilla considers PAXG a solution to one of the biggest problems of gold as an asset – immobility. Since it is very difficult to move gold, investors who want to speculate on the price usually choose derivatives rather than trading directly with real gold.📝

In addition to simplifying the trade in gold, the usefulness of a new token can consist in diversifying the portfolios of participants in the cryptocurrency market.🔥

The attractiveness of holding gold in a cryptographic portfolio can be confirmed not only by its relatively stable value, but also by the growth of its price. Over the past six months, the price of gold has grown by 18%, and average daily trading volumes have exceeded $ 112.5 billion, which is about five times more than the entire Dow Jones.🛅

Another aspect of PAXG could be its involvement in lending.

Genesis Global Trading, SALT Lending and Nexo have already expressed interest in a stable Paxos gold-backed coin and are ready to provide loans against PAXG.📝

The PAXG token will be available to both institutional and individual traders. Customers will be able to buy and sell their PAX Gold tokens to any other participant through various blockchain networks, which then register the reassignment of gold ownership.🥇

PAXG tokens will be available through cryptocurrency exchanges such as Genesis and others, but at the moment their availability will be limited only outside the United States. 👑

Chad Cascarilla is sure that this is a big step towards the adoption of cryptocurrencies by investors in real assets. In the future, the company intends to tokenize other property. 🔍

“We are going to make more similar products, where we take real assets and put them on the blockchain”  – said Cascarilla. 🤔

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Category: Crypto World News | Comments Off on New Cryptocurrency Secured by Gold 👑
September 9 2019

Binance Deposits – 15% Annual 🥇

August 28, the cryptocurrency multi-discipline company Binance launched a deposit program announced a few days ago, where investors can receive up to 15% annual. 🔥

According to the information posted on the website of the crypto-exchange registered in Malta, the new Binance Lending service will allow exchange users to receive passive income on the funds provided by them, the amount of which depends on the type of crypto asset.

The cryptocurrency exchange accepts Binance Coin (BNB), Ethereum Classic (ETC) and Tether (USDT), for which annual interest initially set at 15%, 10% and 7%, respectively. 🤔

The first subscription is open from August 28 to August 29, and the deposit will last for 14 days from August 29 to September 10. The interest payment time will come immediately after the loan expiration. Annual interest rates for subsequent stages will be adjusted based on market perception at this initial stage.

However, the total number of coins and the contribution amount of each depositor will be limited. 📝

Jeff Dorman, director of investment at ARCA Capital, an Los Angeles-based asset management company that invests in cryptocurrencies, praised Binance’s new initiative:

He sad: “If you can trade, store and receive passive income, all in one place, this creates the best user experience.” 💱

At the same time, he noted that 15% is an extremely large income and this cannot last long due to competition.

However, Changpeng Zhao, the founder and head of Binance, explained the source for paying such a high reward – that is the margin trading on the same platform where the borrowed digital currency will be sent.

For investor who writes for “Bloomberg Opinion” Aaron Brown,  such an argument seems convincing:

Aaron Brown stated: “If you want to borrow coins from Binance, you pay more than 100% annual, so the offer to pay loans from 10% to 15% still giving them a huge spread” 🥇

As can be seen from the above data, the Binance Coin is in a privileged position. Analysts believe that in this way the cryptocurrency exchange wants to raise the cost of BNB, which over the past month has lost about 10% or more. 🔍

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Category: Crypto World News | Comments Off on Binance Deposits – 15% Annual 🥇
September 1 2019

Portugal – No Tax on Bitcoin 💰🇵🇹

The Portuguese Tax Administration (PTA) has officially announced that individuals do not need to pay value added tax (VAT) when buying or selling bitcoins and other cryptocurrencies. 🥇

Portuguese tax authorities published such an explanation in response to a request from a company that plans to engage in mining.

All types of cryptocurrency transactions, including payment for goods and services, converting cryptocurrency into fiat money, and opposite, buying cryptocurrency for fiat, as well as trading in digital assets, are exempted from this fee. 🔥 📝

In addition, individuals holding Bitcoins and Altcoins are exempt from income tax. At the same time, companies will have to pay capital gains tax, which ranges from 28% to 35% of the income received.

In its clarification, the Portuguese Tax Administration refers to the decision of the European Court of October 22, 2015 the case C-264/14, concerning the major Swedish bitcoin portal Bitcoin.se and its moderator David Headquist.

The court ruled that Bitcoin is a means of payment and therefore the exchange must be exempted from Value Added Tax obligations. However, the Swedish Tax Agency subsequently objected to the decision, arguing that the court did not fully understand the issue. 📝

It should be noted that today there is no single approach in the world to the taxation of  cryptocurrencies transactions.

While the Value Added Tax exemption is applied in most countries, in many of them fiscal authorities consider it appropriate to charge residents with this tax if the virtual money held by the holders at the end of the reporting period (usually a year) has increased in value.

For example, in Germany, capital gains tax is not levied on the sale of bitcoins, but if investments are held for less than one year, then income tax is applied. Moreover, the income tax in Germany is progressive and can be up to 45%. 🔍

In Switzerland, which is considered a cryptocurrency friendly country, residents must pay income tax, income tax and property tax for their crypto assets.

Therefore, a similar step by the Portuguese tax authorities can be considered very liberal with respect to the participants in the cryptographic space of the country. 🤔

That is a huge step in the Bitcoin and other Cryptocurrancy Acception and Integration
Hype is coming. Hold on!

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September 1 2019

Crypto Companies are getting Banking Licences 🥇🇨🇭

While traditional banks are reluctant to cooperate with cryptocurrency companies, these companies themselves are boldly moving into the banking sector.

Such crypto companies include the Swiss Sygnum, which recently received a banking license from the Swiss Financial Market Supervisory Authority (FINMA).🥇

Having the status of a Swiss bank, the company can now issue, store, trade and manage both fiat funds and digital assets. Along with traditional banking operations, the crypto company can provide depository services for Bitcoins (BTC) and Ether (ETH), as well as convert between two cryptocurrencies and Swiss francs, Euros, Singapore dollars and US dollars.

As a regulated bank, Sygnum will also be able to provide digital asset storage services, brokerage services and tokenization for accredited investors and institutions.Co-founders Mathias Imbach and Gerald Guo in an interview with Bloomberg said that they are now preparing a package of documents for a similar license in Singapore, since they consider the island state as a springboard for its advancement in Asia.🔍

Matias Imbach, who is also the CEO of Sygnum has added the next: “Over the past few months, we have been approached by many parties that own many cryptocurrencies and are looking for a fully regulated bank. One of their biggest tasks is to find banking specialists to connect them with the real world, pay taxes, pay their employees”

To implement its plans, the company received an investment of about 60 million Swiss Francs ($ 61 million), including investments from institutions such as Singapore Telecommunications Limited.🤔

Sygnum previously partnered with global market infrastructure provider Deutsche Borse Group and Swiss state-owned telecommunications company Swisscom to create a financial market infrastructure for digital assets.

Together with Sygnum, another cryptocurrency company, SEBA Crypto, received a Swiss Banking license from FINMA.

Switzerland, considered a cryptocurrency-friendly country, at the same time tightens the rules for working with virtual assets. In particular, FINMA published a new guidance document this week, which, inter alia, states:

Institutions under the supervision of FINMA are allowed to send cryptocurrencies or other tokens only to external wallets belonging to their own clients, whose identity has already been verified and they are allowed to receive cryptocurrencies or tokens only from such clients🔥

Thus, institutions under the supervision of FINMA are not allowed to receive tokens from clients of other institutions or send tokens to such clients.📝

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August 29 2019

Libra Deals in Swiss Congressman’s trip 🧀🇨🇭

In August 25 U.S. House Financial Services Committee Chairman Maxine Waters said, that after meeting with officials in Switzerland, she remains concerned about Facebook’s plans to create a global digital currency. 🤔

“Although I appreciate the time that Swiss government officials have given us, I remain concerned that a large technology company might create an alternative global, privately controlled currency.” – commented on the outcome of the trip, the American legislator.🔍

A group of six congressmen, led by Waters, met last week with officials from the State Secretariat for International Financial Affairs (SIF), the Federal Commissioner for Data and Information Protection (FDPIC), the financial market Supervisory Authority (FINMA), and Swiss lawmakers to discuss Facebook’s plans for its cryptographic project Libra. 🔥

The decision to meet with Swiss regulators was made after David Marcus, head of the Libra cryptographic project, said during a hearing in Congress that the Libra Association would be supervised by Swiss regulators.

In response, Waters, in her opening remarks at the congressional hearings, called Switzerland a country that has long been a financial haven for criminals and doji corporations 💣

Marcus then answered evasively, insisting that Switzerland’s choice had nothing to do with regulatory evasion, and Facebook’s goal was to choose a country that could assure an organization as an international effort.

“We would like Libra to be a digital global currency and, as a result, a single digital currency for the whole world. That’s why we think that was the right approach.” he explained. 🎈

Although Waters noted that Swiss officials helped understand the “status, complexity, and scale of Facebook plans,” she said she looked forward to continuing to review the cryptographic project within Congress.

In turn, Facebook launched a broad company to lobby its project among lawmakers. 🧀

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Category: Crypto World News | Comments Off on Libra Deals in Swiss Congressman’s trip 🧀🇨🇭
August 29 2019

Craig Wright Bitcoins can crash the market 😱

The point is that approximately 200 thousand bitcoins may be put up for sale. But, let’s figure it out 🔥

On Monday, August 26, the Florida District Court made a decision that Craig S. Wright is required to pay “a little less than 500,000 BTC,” in favor of the heirs of his business partner Dave Kleiman, as been informed by the “Modern Consensus”.

Since the inheritance tax is 40%, and almost 500 thousand bitcoins received at the current exchange rate “pull” about $ 5 billion, the winners of litigation will have to pay the treasury about $ 2 billion in tax. That is about 200 thousand bitcoins to Sell. 🥧

As you know, about 16 million bitcoins have been produced to date. At the same time, there is very serious evidence that 4 million coins of the indicated number are lost forever. This means that the estimated lot of 200 thousand BTC is 1,666 …% of all coins on the market. This is a decent piece of “pie.” If we compare the cryptocurrency market with other assets, then, for example, in the oil market in 2018 – 2019, the threat of a decrease in supply by 1% – 3% due to U.S. sanctions against Iran caused a rise in the price of the Brent brand by about 20%. 🔍

It is not a fact that the heirs will sell bitcoins, and the decision itself is not yet final, since some more procedural issues need to be completed. However, participants in the cryptocurrency market should now add this factor to their “list of observations” so as not to be taken by surprise.

In addition to the material side of the case, the court also ordered the self-styled Satoshi to transfer to the plaintiffs 50% of all intellectual property that Wright owned until December 31, 2013. 🤔

Along the way, the court ruled that Satoshi Nakamoto is actually an association of three people, one of whom is unknown and missing, and the other died, but has heirs.

The specified three enthusiasts in the period from 2009 to 2011 gained 1.1 million BTC, which were then invested in the so-called “Tulip Trust”. Now, by the court order, Wright should transfer 50% of these funds to Dave Kleiman’s brother.

Well, maybe to name himself the Satoshi Nakamoto was the not so good idea for the Craig Right. 
Who knows, maybe the story with the Semi Satoshi is not actually become a true, at all !

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Category: Crypto World News | Comments Off on Craig Wright Bitcoins can crash the market 😱
August 26 2019

Rakuten – Japanese Crypto Exchange 🥇

Japanese e-commerce giant Rakuten Group has launched its own cryptocurrency exchange, Rakuten Wallet.

The company informed that the crypto-asset spot trading service is available from August 19, through the Android mobile app. An iOS version will be released in September.

Initially, Rakuten Wallet will trade bitcoins (BTC), ether (ETH) and bitcoin-cache (BCH) against the Japanese yen. The service is available 24 hours a day, 365 days a year.

Rakuten Wallet separates the money deposited by customers (customer assets) from the company’s own funds by managing the assets in the trust accounts provided by the Rakuten Trust, the trust company of the Rakuten Group. The Rakuten Trust manages these trust assets through Rakuten Bank‘s savings accounts. To increase security, funds deposited by users will be in cold wallets in offline storage.

The absence of commissions for the purchase and sale of crypto should attract users who make frequent transactions. Today, the Rakuten Group is the largest e-commerce site in Japan and one of the largest online retailers in the world.

The optimistic foray into crypto is perhaps to be expected from the group that is already an online mall, credit card company, Japan’s largest online bank, and owns an actual baseball team.

With Rakuten riding the crypto wave in the East, and spreading integration worldwide, it can’t be too long until other giants follow suit.

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August 16 2019

China Digital Currency is Ready 🥇

A senior official of the Central Bank of China at a meeting of China Finance 40 Group announced that the country will soon deploy the Central Bank Digital Currency of the (CBDC). 🏦

Mu Changchun, deputy head of the Payment and Settlement Department of the National Bank of China, said theCentral Bank Digital Currency prototype that has been under research and development since 2014, now exists. 🔥

Changchun said: “Now we can say that the digital currency of National Bank is ready”. The digital currency will not be completely built on the “classic” blockchain architecture, as this will not allow reaching the required liquidity for use by retail customers. 🤔

Changchun said the Central Bank Digital Currency will use a two-layer structure:

The National Bank of China is the highest level, and commercial banks are the second level. This dual delivery system is suitable for our national conditions. It can use existing resources to mobilize the enthusiasm of commercial banks and smoothly improve the adoption of digital currency.

A two-layer system is preferred due to the complex economy of China, its vast territory and large population. It will also allow the use of the intellectual and innovative capabilities of commercial enterprises that will collaborate with the National Bank of China to deploy currencies. In addition, such a system will help to avoid concentration of risk. 💼

Mu Changchun noted that the two-layer operating system will not change the foreign currency debt and debt relations in circulation. Upon receipt of each transaction from the Central Bank, commercial institutions will pay the full amount and 100% of the reserve to the National Bank of China.

The digital currency of the National Bank of China remains central. The forum was also attended by Shaofu Dzjun, Executive Director, Chairman of China UnionPay. He noted that digital currency can solve the problems associated with cross-border transactions, long delay times and outdated inefficiencies.

But the goals of China’s Central Bank Digital Currency will be difficult to achieve due to the lack of clear operational processes and a detailed regulatory framework. 📝

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Category: Crypto World News | Comments Off on China Digital Currency is Ready 🥇
August 13 2019

Will AltCoins Die? ⚔️

CoinMarketCap published a study of the cryptocurrency market on the example of the largest Coinbase Pro exchange. 🥇

According to CoinMarketCap, on Coinbase Pro, approximately 75% of the trading volume goes exclusively on bitcoin trading.

Since January 2018, when Bitcoin reached its lowest share in the capitalization of the cryptocurrency market, the dominance of cryptocurrency No. 1 began to grow up from a minimum of 33% to the current 68%, and the main increase occurred in April 2019. 🏦

At the time of the publication of the CoinMarketCap report, the daily trading volume on Coinbase was about $ 480 million, of which 75.1% were Bitcoins, 8.8% were generated by Ethereum, 7.5% were covered by LitecoinRipple and Bitcoin Cash both gained 2.4 %, and the remaining altcoins account for the remaining 3.9%.

Thus, the volume of BTC trading on Coinbase Pro is now three times higher comparing to all other cryptocurrencies combined. For complete objectivity, it should be noted that CoinMarketCap monitors about 50 exchange pairs on Coinbase Pro, with 15 of them having Bitcoin. ⚔️

Another study made by CoinShares are showing that the Bitcoin rally in the first half of 2019 was mainly driven by institutional investors.

At the same time, Retail interest in bitcoin is relatively cool compared to 2017 and implies that the rally in the first half was largely due to the long-awaited release of institutional money

As evidence, CoinShares notes that the four factors present during the 2017 rally are clearly absent in 2019:

–          widespread attention of media; 🔥

–          peaks in search of bitcoins on Google search engine; 🔥

–          tweet peaks on bitcoins; 🔥

–          corresponding altcoins rally. 🔥

CoinShares believes that institutional investors invest in Bitcoins not only for speculative purposes, but also in the form of long-term investments in the growing technology sector.

At my opinion Crypto market within the mass media wants to show the weakness of Altcoins in purpose  to dump them in order to offer them on a white plate  to Institutional Investors for a very sexy prices. 👛

The same was happening with Dot.coms market before. 

However, smart man ones sad that if future there will be just two very expensive things: its Land and Cryptocurrency. 🤔

Altcoin hype is coming. Be hold ! 💰

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August 12 2019

LightCoin Halving 💊 12 5 LTC per Block 💰

On August 5, there was finally a halving of the fourth largest market capitalization coin – the Litecoin (LTC) coin. 🏦

The long-awaited event occurred at the block 1,680,000 block at 10:16 UTC on Monday, and now miners will receive half as much instead of 25 LTC for mining each subsequent block – only 12.5 LTC. 🔥

One of the most important consequences of reducing the remuneration of miners, of course, is a decrease in inflation, since now the market will receive half the number of coins in the same period of time. Until the “halving” of the miners ’award, 75% of the total available Litecoins were circulating on the market, which is 63 million out of a total 84 million LTC

For each mined block, miners received 25 LTC, which, multiplied by an average of 576 blocks checked every day, meant 14,400 new litecoins issued daily. Thus, at the current price of $ 95 per LTC, the daily “flood” was $ 1.4 million, which corresponds to an annual inflation of 8.7%. This level is much higher than that of bitcoins and other cryptocurrencies.

Now, only 7,200 coins will come into circulation, which, will lead to inflation of 4.35%. A decrease in inflation always has a beneficial effect on price in the long run due to significant drop in supply.
🤔

At the same time, many LTC miners will inevitably leave this sector in search of more profitable mining. At the time of the halving, the network was pretty close to the maximum hash achieved in mid-July, when it recorded a maximum hash of 523 TH / s, exceeding the previous record in June.

Due to the increase in prices in anticipation of the expected event associated with the halving, the calculation of the hash rate in the litecoin network and the complexity of mining jumped 200% since the end of December 2019. Since the beginning of this year, the price of LTC has risen significantly from $ 30 in January to $ 120 in June, but has since dropped to about $ 95.

Many investors were sure that the market had long “digested” the positive expectations in connection with a decrease in cryptocurrency emissions and expected either a sideways price movement or even a decrease in the LTC rate. Nevertheless, against the backdrop of a surge in trading volumes, the coin was pumped more than 10%, breaking the $ 100 line.

Further, much will depend on what will happen to the markets in the coming months, so it is very difficult to make a reliable forecast. Litecoin creator Charlie Lee is so far pleased and tweeted the next:

“Litecoin Halving was successful! The coin price has just reached $ 100! Block 1,680,000 was awarded with 12.5 LTC per block. We must come to the next halving in August 2023!”

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