Friday events: the Ripple becomes the recipients and users of its technology; the Bank of England believes that the time has come to turn the ecosystem on crypto currency to another the financial system; German Finance Ministry believes Bitcoin for tax in certain conditions; Russia is finalizing the draft law on digital of financial assets; On Bittrex came to the Throne, asleep altcoin will comes into play; the Falling prices on the stock exchanges.
• Ripple becomes the recipients and users of its technology:
The South Korean bank, Woori Bank, intends to enter commercial international money transfers this year based on Ripple, according to local channel ChosunBiz in piątkek, 2. Mar.
Based on the positive transaction diagnostics conducted by the Department of Digital Strategy, after preliminary tests in January, the Bank plans to introduce the technology to the global Ripple of their remittances. The whole process took place within the framework of the Japanese program with the participation of the Ripple and SBI Group, 37. other agencies that participate in the test. The vast majority of them are Japanese banks. The second largest Bank of South Korea, Shinhan, was also on Board.
The company Ripple noted another successful month, despite the fact that his assets kryptowalutowe XRP lose much in comparison to the highest level since early January. In mid-February, the company announced that Western Union is also trying to use this technology to reduce the time and costs associated with cross-border transmission.
• The Bank of England believes that it is time to enable the ecosystem for bitcoin to another part of the financial system:
The Governor of the Bank of England, mark Carney, urged the authorities to resolve on crypto currencies, instead of to ban them directly in his speech at the first Scottish Economic Conference in Edinburgh 2. March, as the Financial Times reports.
According to Carney, kryptowaluty not threatened at present financial stability, but may attract more consumers. Carney believes that the time has come to turn the ecosystem on crypto currency to another the financial system by applying the same approach to regulation and the same strict standards. Carney believes that not only zminimalizowałoby is the risk of money laundering, but also helped in the adaptation of technologies for broad public use.
After their recent performance in London’s Regent’s University, where Carney argued that Bitcoin failed as a currency, the head of the Central Bank reiterated its view that digital currencies such as Bitcoin, should really be considered assets. He also drew attention to the tremendous volatility of these assets, stressing that kryptowaluty reveal the classic signs of a bubble, because their prices are based on beliefs concerning future supply and demand and have no intrinsic value or external support.
The British electoral Commission, the Treasury announced that it would begin an investigation on cryptocurrencies and their implications for British investors and businesses. The aim of this study is to study the risks and benefits of digital currencies and the Blockchain technology.
The Federal Ministry of Finance considers Bitcoin tax under certain conditions:
The German Federal authority published a decision on what buy with bitcoins and other crypto currency is not for paying taxes, on the day 27. February, citing a decision of the European Court in 2015., which set a precedent for all members of the European Union.
The court based its decision on the tax, saying he believes the crypto currency legal tender:
The so-called virtual currencies (kryptowaluty such as Bitcoin) is considered equal to legal means of payment, if these so-called virtual currencies are accepted as an alternative and contractual means of payment, the parties involved in the operation, and have no other purpose than using them as means of payment.
According to the decision of converting from fiat to crypto or Vice versa is classified as «other services subject to taxation». Therefore, the party that is acting as intermediary for the exchange, will not be taxed. In accordance with this provision, the operators of the exchanges on crypto currency can also receive tax benefits if they make buying and selling Bitcoin as an intermediary on their behalf.
• Russia is finalizing the draft law on digital of financial assets:
Russian officials want a number of amendments to the draft law «On digital of financial assets» during the meeting of the Ministry of Economic Development of the Russian Federation, which took place on 27. Feb.
The main changes proposed by the officials include relief of tax on profit from digital currencies, as well as a tenfold increase in the limit on individual investment in the first exchange transaction (ICO) from beginning the proposed 50,000 rubles, or about $ 900, to 500 000 rubles, which corresponds to approximately 9.000. dollars.
The working group also suggested that Russian investors digital assets should be able to open accounts on foreign exchanges for crypto currency, and buy token-ICO from abroad. Also, non-residents must have the opportunity to invest in Russian projects, ICO, officials say. The meeting was attended by representatives of the Russian Ministry of Communications and Mass Media (Minkomsvyaz), who had previously published a document that defines the rules for project ICO. Also participated the Russian Ministry of Justice, Central Bank, Federal Federal Federal Antitrust Service (FAS) and others. Their proposals will be analysed by a special Commission of the Government. The Ministry of Finance (turned out to be the richest among Europeans) who actually thought the bill «About digital of financial assets» 25. January 2018, did not participate in the meeting.
Recently, the Moscow Arbitration Court ruled that excludes the digital currency assets that can be used to repay the debt, citing the fact that kryptowaluty remain not legally defined in Russia. The German government took a similar decision to release the agreement kryptowalutowe from taxes when they are used as means of payment.
• On Bittrex came to the Throne, asleep altcoin will be included in the game:
Nothing lifts better prices altcoina than the entrance to a large market. Bittrex, today announced the introduction of the Thrones (TRX). The throne behind the time its a powerful pump at the beginning of January, when kryptomania was not in the best shape.
The throne is a Chinese cryptocurrency based on entertainment, founded by entrepreneur Justin Sun. Part of his early success was a sharp increase in activity in social networks, propelling the price of coins at 0.002 dollar in early December to 0.28 per dollar in early January. This epic pump caused an increase of almost 14,000 percent less than a month. Many people did participate a lot of money on the TRX, including the founder, however, has a lot to lose if you entered the project at the top, because the Throne from this time slides down – it’s up to today’s announcement about the campaign on one of the world’s largest stock exchanges – Bittrexie.
Price recorded a jump during the morning trading session in Asia. TRX increased the turnover by 20% during the day. Coin brand is present in about 0.05 of the dollar, but it is still far from its best result in history.
Justin Sun has established several partnerships with smaller Chinese companies, but it is small in scale, which ożywiłaby great interest in this kłębiącą yourself kryptowalutą. The fact is that the Throne has not yet introduced a reliable product that is easy to understand why the credibility of this coin has dissipated over the last two months.
To raise prices, scheduled «Smoking coins», which would reduce their number in the total supply. The figure is currently 100 billion, of which $ 65 billion is in circulation. In peak time the Throne was occupied by 6. place on graphs from the point of view of market capacity, but fell to 15. Current market capitalization is $ 3.2 billion, and daily trading volume is less than $ 500 million.
Bittrex could only Wake the Chinese dragon, but further development requires much more than an appearance in the list of currency exchange to be able to reckon with the major players.
• The drop in prices on the stock exchanges:
During the last days in the exchanges was dominated by rather color red. Despite the fact that Bitcoin has remained stable and recorded an increase in value by 1%, the vast majority altcoinów lost in the past. Ethereum noted a decline of 1.7%, Ripple Is 2.7%, Litecoin or 3.4%, NEO 4.4 percent, Bitcoin Cash of 1.4%.
One exception is today showed that TRX, which increased the value by 15%, and Monero, which marks a growth rate of 5%.
Market capitalization increased by only $ 2.3 billion and is currently 452,3 billion. The total turnover on the exchange amounted to 18.3 billion dollars.
source: cointelegraph.com, coinmarketcap.com.