Archive for  April 2018

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The Chinese e-commerce giant launched an initiative to protect product authenticity and by this enhance consumer confidence and create trust and transparency for cross-border trade. The integration of blockchain technology will incorporate standards and controls including product tagging with unique QR codes and blockchain technology in a bid to authenticate, verify, record and provide ongoing reporting of products throughout the shipping process.

Following the news that French authorities slashed the crypto taxes by half, meaning that traders will now have to pay 19% in taxes – significantly lower compared to previous taxes, the prices of major coins went up. BTC is now trading at $9,370, ETH at $684 and XRP at $0.85 (press time).

The French Council of State has decided to change the classification of cryptocurrency capital gains, thereby lowering the tax rate from as high as 45% to a flat rate of 19%. With the new classification as “movable property,” cryptocurrency profits become more akin to assets that can be transported, such as vehicles, planes and precious metals as well as intellectual property.

Bermuda’s Premier and Minister of Finance, David Burt has signed a memorandum of understanding (MOU) with Binance Group, the operator of the world’s largest cryptocurrency exchange. Premier David Burt said: “Binance Labs are incubators to encourage greater innovation and scope for future investment in a variety of projects.” According to the MOU, Binance will spend up to $10 mln on university level training for Bermudians in blockchain technology development and compliance through the Binance Foundation. The company will also provide up to $5 mln in investments in new Bermuda-based blockchain companies through Binance Labs.

$1,7 bln from the total amount was spent on food and industrial resources, and another $1 bln will be forwarded to country’s Central bank for further sales through auctions of DICOM system. Petrol-based El Petro was launched on 20th of February this year, and by the end of March President Nicolas Maduro announced about the development of four exclusive economic areas, where El Petro can be used to buy or sell products or services.

San Francisco startup Ripple Inc reported that the company sold $167.7 million worth of XRP in the first three months of 2018, which is an 83% uptick compared to previous quarter and 2,400% increase compared to Q1 of 2017. Total volume of XRP traded worldwide increased by 68% and reached $160 bln for the peiod. However, the direct sales of XRP declined by 17%, compared to the previous quarter, totaling to $16.6 million.

The main reason for this decision made by Ethereum founder are two publications made by CoinDeck. Referring to the first article, Buterin said that CoinDeck was “recklessly complicit in enabling giveaway scams”, referring to their publication on OMG (OmiseGo), an article containing a direct link to scam giveaways. In another article CoinDeck “revealed sensational info about ETH’s future hardfork”, referring to EIP999, which as it later turned out, had a very misleading information.

Crypto exchange platform OmiseGo joined Buterin in his boycott stating that: “We can’t in good conscience support a publication that puts its readers at risk through careless reporting and reacts with hostility rather than humility when the error is brought to its attention.”

The significant year on year profit growth of $14 bln is mainly a reflection of growing demand for chips used to mine Bitcoin. The company started producing ACIS chips in January this year and is planning to invest further into the development and improvement of such chips for smartphones and mining devices.

World’s second largest stock exchange is looking to enter the burgeoning cryptocurrency market, as the company would consider creating its own cryptocurrency exchange. Nasdaq is also set to launch its own bitcoin futures trading sometime in the first half of 2018. In addition to this development, the digital asses exchange Gemini signed a contract with Nasdaq to tackle crypto trading fraud by using its SMARTS software to monitor the Gemini platform to prevent fraud and manipulation.

Wirex sees Litecoin as an alternative to BTC and believes that the “digital silver” will become the key cryptocurrency for everyday payments, as it’s faster than Bitcoin and has cheaper transaction fees. With fully integrated Litecoin wallet users will be able to use LTC for purchases, by immediately converting it into local fiat currency, using Wirex Visa card. In addition, the company announced that in Q2 of 2018 the contactless crypto debit cards will be available to residents of South-East Asia and Japan.