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Steady Rise in Small Businesses Accepting Bitcoin Payments in Kenya

on December 11, 2018

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Cryptocurrency Is Providing a Lucrative New Revenue Stream for Governments Cryptocurrency’s resistance to government control is countered by the fact that a number of governments, including Chile, Romania, Spain and South Africa, are looking to cash in by taxing crypto assets. These countries are crafting laws that bind citizens to annually disclose cryptocurrency investments that, in some cases, are held at home and abroad, and to pay anything from 10-35 percent income tax on crypto gains. Also read: Italian Court Orders Bitgrail Founder to Refund $170M of ‘Missing’ Cryptocurrency Cryptocurrency Taxation: Coming-of-Age Responsibility or Loss of Freedom? Crypto taxation is happening despite governments’ largely lukewarm treatment of virtual currency as a bona fide financial instrument that is useful for everyday transactions. Some governments have previously issued skeptical statements in a bid to dissuade cryptocurrency usage on their turf, though others have committed to research, proactive policies and legislation to make digital coins an integral part of their economic strategy. Governmental efforts to stake a claim in cryptocurrency wealth suggest that digital currencies are at a point where the establishment acknowledges their legitimacy and value to the state. However, the warm embrace of government tax agencies doesn’t sit well with crypto visionaries for whom privacy and detachment from the state are foundational values. Chile’s new legislation, allowing it to tax cryptocurrencies starting in April, has been interpreted by observers as a major step towards legitimizing the trade and use of virtual currencies in the South American country, following previous uncertainty. Before the latest move to increase the tax base by targeting crypto assets, the Chilean judiciary had refused to protect cryptocurrency investments, noting that they are not legal tender, while taking issue with the fundamental qualities of virtual currencies. In 2018, the country’s Supreme Court upheld a bank’s closure of a cryptocurrency exchange’s accounts. It said the bank had acted in compliance with laws on money laundering and terrorist financing, a threat allegedly posed by censorship-resistant, decentralized cryptocurrencies. However, with the latest development, it may be necessary for the judiciary to protect cryptocurrency exchanges and individual investors from interference, even if their motive is merely to maintain the largest possible terrain for the taxman. Crypto Users Faced With Autonomy Conundrum Cryptocurrency users are faced with a conundrum whereby absolute autonomy from state interference denies them the protection of governments when banks and other institutions overstep the mark. However, recognition comes with a price in the form of relinquishing a degree of privacy and control to governments. Governments have previously excluded cryptocurrencies from their definition of what constitutes money, but this interpretation also seems to be evolving. Whereas Chile exempted cryptocurrencies from Value Added Tax laws in 2018 on the premise that they are “intangible assets,” investors will now be required to pay tax on earnings generated from crypto-related investments, according to the country’s Internal Revenue Service. The opacity of cryptocurrency is a source of worry for governments as it can potentially be used for tax evasion and money laundering. Then again, so can fiat currency. Spain has identified 15,000 cryptocurrency investors it will monitor to prevent illicit financial dealings and to tax for cryptocurrency transactions, as well as staking its claim in crypto assets. “The use by organized crime of the deep internet for trafficking and trade in illicit goods, as well as the use of bitcoin-type cryptocurrencies as means of payment, is one of the most demanding challenges today. In order to face this threat, the use by the tax agency’s research units of new information gathering and analysis technologies in all types of networks will be enhanced,” Spanish publication El Pais reported. Spain’s anti-fraud law, drafted in October, will require crypto investors to declare all of the assets they hold at home and abroad. Profits from cryptocurrency transactions are currently taxable under legislation covering matters related to individual income taxes, with rates of between 19 and 23 percent depending on profit. The latest taxman to join the club is Romania, which amended its tax laws this month, allowing it to start taxing gains from bitcoin investments at a rate of 10 percent. The improved fiscal code legislation categorizes earnings generated from buying and selling cryptocurrencies as “income from other sources” and therefore subject to income tax, local media reports. The evolution in governments’ perceptions of cryptocurrency and subsequent demands of its owners seem inevitable. It is up to the cryptocurrency community to also evolve in ways that allow it to manage the mixed blessings of state encroachment. While concerns about criminality are warranted, sweeping government encroachment into the space will result in loss of freedoms such as insulation from censorship. What do you think about the growing interest from governments in taxing cryptocurrency? Let us know in the comments section below. Images courtesy of Shutterstock. Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com The post Cryptocurrency Is Providing a Lucrative New Revenue Stream for Governments appeared first on Bitcoin News.

Cryptocurrency’s resistance to government control is countered by the fact that a number of governments, including Chile, Romania, Spain and South Africa, are looking to cash in by taxing crypto assets. These countries are crafting laws that bind citizens to annually disclose cryptocurrency investments that, in some cases, are held at home and abroad, and to pay anything from 10-35 percent income tax on crypto gains. Also read: Italian Court Orders Bitgrail Founder to Refund $170M of ‘Missing’ Cryptocurrency Cryptocurrency Taxation: Coming-of-Age Responsibility or Loss of Freedom? Crypto taxation is happening despite governments’ largely lukewarm treatment of virtual currency as a bona fide financial instrument that is useful for everyday transactions. Some governments have previously issued skeptical statements in a bid to dissuade cryptocurrency usage on their turf, though others have committed to research, proactive policies and legislation to make digital coins an int...

TA: Bitcoin Price Dives Below $20K, Why BTC Is Vulnerable To More Losses

Bitcoin started a major decline and traded below $20,000 against the US Dollar. BTC remains at a risk of more losses unless it recovers above $20,000. Bitcoin started another decline below the $20,200 and $20,000 levels. The price is now trading below the $20,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further lower below the $19,500 support zone in the coming sessions. Bitcoin Price Takes Hit Bitcoin price failed to recover above the $22,000 resistance zone . BTC started a fresh decline below the $21,200 and $21,000 support levels. The bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average . A low is formed near $19,525 and the price is now consolidating losses. On the upside, an immediate resistance is near the $19,8...

Fed Interest Rates Hike Spur Crypto Market Liquidations Of More Than $330 Million

The FOMC meeting held on Wednesday and its subsequent results deeply affected the state of the crypto market. Given the large swings in price during and after the meeting, liquidation volumes had quickly risen across the market. Tens of thousands of traders were caught in the crossfire in what has come out to be the largest liquidation trend in the last few months. Crypto Liquidations Reach $330 Million On Wednesday, the Fed had announced that it was raising interest rates by another 0.75 points. This decision directly impacted the crypto market as well as the broader macro markets, causing the price of bitcoin to plummet about 8% before a swift recovery. The decline triggered massive liquidations across the market . By Thursday, the total liquidation in the crypto market had crossed $330 million, with more than 88,000 traders affected. Given the decline, long traders had obviously suffered the most, but since the price had seen sharp recoveries too, short traders were also hit ...

TRON Hard Fork Coming Soon! Will TRX Rise or Fall? TRON’s CEO Justin Sun announced that his platform will be adding a group of upgrades this week. A TRON hard fork will take place on February 28th and will add four new features. #TRON will launch 3.5 hard fork upgrade on 2/28. New Features: 1. multi-sig and acct mng, institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better VM safety, events server for Dapps. Go! #TRX $TRX — Justin Sun (@justinsuntron) February 24, 2019 TRON Hard Fork: Odyssey 3.5 TRON ... Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

TRON’s CEO Justin Sun announced that his platform will be adding a group of upgrades this week. A TRON hard fork will take place on February 28th and will add four new features. #TRON will launch 3.5 hard fork upgrade on 2/28. New Features: 1. multi-sig and acct mng, institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better VM safety, events server for Dapps. Go! #TRX $TRX — Justin Sun (@justinsuntron) February 24, 2019 TRON Hard Fork: Odyssey 3.5 TRON ... Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer . from Crypto Currency News https://ift.tt/2U7RLCX via #crypto #bitcoin #makemoney Fibonacci Golden Zone Indicator for All Mark...

Best Ripple (XRP) Wallets for 2019

If you are interested in purchasing Ripple (XRP) coins, the first thing you will have to do is get yourself a wallet that supports XRP storage. There are many types of crypto wallets, each of them having their own advantages and disadvantages. In today’s article, we will be looking at some of the best Ripple Wallets in which you can store your XRP in 2019. Things to consider before choosing a Ripple Wallet Before getting a Ripple wallet, you should keep in mind that Ripple doesn’t recommend nor does it endorse any crypto wallet. But there are many third-party options that you can use. When looking into a Ripple wallet there are a few aspects that you should consider: XRP support: The first and most obvious thing is to make sure that the wallet supports Ripple. Multi-currency support: If you are interested in storing other cryptos besides Ripple, look for a wallet that has support for your preferred coins. Easy-to-use interface: Choose an XRP wallet that has an easy to use int...

Polymath Partners with SeriesOne for Security Token Issuance Security token platform, Polymath, has reportedly partnered with digital securities fundraising platform, seriesOne, to give customers “end-to-end” solution for security token issuance. Polymath and SeriesOne Partnership The news was first announced by seriesOne yesterday via a press release. The company said the new product will allow issuers to create and manage security tokens that are “compliant throughout their entire lifecycle.” This means from the initial token offering all the way to trading on an exchange. Easier The aim of the partnership is to simplify the creation and management of security tokens. seriesOne believes that ... Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

Security token platform, Polymath, has reportedly partnered with digital securities fundraising platform, seriesOne, to give customers “end-to-end” solution for security token issuance. Polymath and SeriesOne Partnership The news was first announced by seriesOne yesterday via a press release. The company said the new product will allow issuers to create and manage security tokens that are “compliant throughout their entire lifecycle.” This means from the initial token offering all the way to trading on an exchange. Easier The aim of the partnership is to simplify the creation and management of security tokens. seriesOne believes that ... Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer . from Cry...

Rumor: Facebook Wants $1 Billion in Venture Capital for Coin Project Facebook is looking at a hefty proposition in raising venture capital for its upcoming stablecoin project. According to New York Times reporter and long-time cryptocurrency writer Nathaniel Popper, the social media giant is looking at an equally large sum of capital to raise for investment into its cryptocurrency project. Popper writes in a tweet published on April 4, “Update on Facebook’s cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this year. I hear they are targeting big sums — as much as $1b.” Update on Facebook's cryptocurrency: Sources tell me that Facebook is now looking to get VC firms to invest in the Facebook cryptocurrency project we reported on earlier this year. I hear they are targeting big sums — as much as $1b. — Nathaniel Popper (@nathanielpopper) April 8, 2019 Popper, who chronicled the early history of cryptocurrency in his 2015 book Digital Gold, had an interesting take on how Facebook could use raising capital for the stablecoin project as a way to improve its appearance to the broader crypto industry. According to Popper, getting outside investors to fund the project would be one way for Facebook to keep their coin consistent with the decentralized ethos of cryptocurrency, writing, “Given that one of the big allures of blockchain projects is the decentralization, getting outside investors could help Facebook present the project as more decentralized and less controlled by Facebook.” A source also tells Popper that the venture capital could simply be used for collateral on the project. Compared to most cryptocurrencies, such as Bitcoin and Ethereum, which function similar to digital assets that can appreciate and fluctuate in price, Facebook is looking to build a stablecoin to operate on its messaging services. While such technology provides an attractive, price-stable coin that is more friendly to the average user, it also requires a substantial amount of backing to guarantee the value of the currency. Tether, the company behind the industry leading stablecoin USDT, has repeatedly been targeted with concerns over the exact 1:1 backing of its coin. Even with Facebook hosting a 500 billion market capitalization, $1 billion in venture capital backing the stablecoin would go a long way in securing the good will of coin users and investors, “One person I spoke with said that Facebook is talking about using the money as collateral for its cryptocurrency. Facebook has been designing the coin to keep a stable value, pegged to a basket of foreign currencies held in bank accounts.” Popper concluded his series of updates on Facebook and their stablecoin fundraising by posing a question many investors are probably asking themselves “It’s interesting to think of one of the richest companies on earth raising money. When was the last time they did outside fundraising?” While cryptocurrency investors and enthusiasts celebrate the most recent bullish price movement, with Bitcoin having its best day of trading last week since December 2017, the stablecoin market continues to be a big draw in terms of adoption. Price stable coins, such as the currency being developed by Facebook, provide users with the utility of digital, decentralized currencies while separating them from the daily price volatility of traditional cryptos. The post Rumor: Facebook Wants $1 Billion in Venture Capital for Coin Project appeared first on Ethereum World News.

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