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John McAfee Launching Crypto-Backed Fiat Currency “McAfee Coin”

Tech-tycoon John McAfee is spinning heads after announcing the launch of his own crypto-backed fiat currency aptly called McAfee Coin, which is due for release in 26 days.

The cryptocurrency world often hangs tenaciously on any bullish or controversial statements made by the so-called ‘Crypto Dad’. His endless displays of eccentricity and unconventional attitudes in both personal and business practice has caused him to receive a devout following. Some would even go as far as to call him “an anti-hero of sorts to the worlds cybersecurity, economic, political landscapes”.

No Hoax

This latest serving from McAfee takes all those presumptions that much further, a crypto-backed fiat currency seems almost implausible if not impossible, but according to a Tweet, this is no hoax.

To go along with prior tweet: pic.twitter.com/7s7mpGFvnD

— John McAfee (@officialmcafee) May 29, 2018

In an exclusive with Crypto-News India, McAfee went on to explain his crypto-backed fiat currency, some of its features and inner workings.

Firstly, the McAfee Promissory Note will be the first note that is connected to the blockchain by a token or number of tokens; he also claims it to be the first “fiat currency collectors item that is 100% guaranteed as forgery proof”.

The notes can be redeemed for real-world services, and the notes themselves come in seven denominations, with some of the most prominent figures in the crypto industry featured on them.

An interesting feature of the notes is that they are redeemable for a face-to-face meeting with Crypto Dad himself; a 10 denomination note will grant you ten minutes with McAfee, a 20 for twenty minutes and so on. The instructions for meeting are as follows:

  • Show up between one and three, only.
  • Turn in your note and you receive a date, time, and address where you will meet Mr McAfee.
  • The meeting place may be in any part of the world. The note will be archived.
  • Only one set of notes may ever be redeemed by one individual. Maximum time allotted will be 100 minutes per person.

McAfee notes are to be tied to McAfee Redemption Units (MRUs), a digital currency; McAfee explains that each McAfee promissory note is denomination and serial number unique, and each note is tied to one or more cryptocurrency coins called “McAfee Redemption Units.”

These coins are “activated” once the owner of a note converts their McAfee fiat through “mail or other means”, to the MRU Foundation, which is responsible for the physical notes.

The full details of the latest McAfee project can be read here; it is also worth noting that McAfee has released a Declaration of Currency Independence, a profound statement that calls for the accelerated mass-adoption of cryptocurrencies. The website reads:

“We are not declaring Independence from State Controlled Currency — We are declaring Controlled Currencies through fiat have been rendered Obsolete.”

It is almost impossible to predict what McAfee will do next or whether or not his latest ambitious venture will hold ground after its launch. Either way, watch this space.

 

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US Cryptocurrency Holders Could Owe $25 Billion in Taxes

Tom Lee, former chief equity strategist for JP Morgan Chase, has often provided insights on the cryptocurrency market and Bitcoin; in a recent CNBC interview, he estimated that cryptocurrency holders in the United States owed around USD 25 billion in capital gains taxes.

US tax date impacting market

Lee believes that the present cryptocurrency sell-off is in anticipation of the looming US tax day on 17 April; he also believes that sometime after this date, “market misery” and selling pressure will begin to alleviate, pushing the market back up.

On 23 March, the Internal Revenue Service (IRS) released a notice describing its treatment of cryptocurrency as virtual currency and, therefore, general property taxation principles and laws were applicable. The small reminder from IRS may be partly responsible for the present sell-off which is profoundly impacting the market.

“This is a massive outflow from crypto to USD, and historical estimates are each $1 of USD outflow is $20-$25 impact on crypto market value,” Lee added in the CNBC report.

Wheels spinning in the USA

The US is undergoing a shift of attitude toward Bitcoin and cryptocurrency practices overall. Since February, the state of Arizona has been passing realistic and promising bills through the Arizona House of Representatives which would reshape how the state interacts, regulates and utilizes cryptocurrencies as well as initial coin offerings (ICOs).

The HB2603, HB2602, and HB2601 bill package, if finally voted law, would mean that Arizona would be the first state to accept cryptocurrency as payment for taxes. Providing a legal definition for tokens and amending old legislation would protect individuals who run blockchain nodes, which is primarily an issue of energy costs caused by computing power.

There is an oddly positive tone emanating from the US; BitcoinNews recently reported that Jay Clayton, chairman of the US Securities and Exchange Commission (SEC) had begun to change his tone on ICOs. He aptly identified the need for lawmakers and regulators to tackle fraudulent blockchain activities to prevent the legal frameworks from restricting “the capacity of this new security”.

In another turn of events, cryptocurrency firm Coinbase is reportedly “in talks” with SEC in regards to the trading platform becoming a licensed and regulated virtual money entity.

If Tom Lee is correct, capital gains tax made from cryptocurrency this tax period will account for about 20% of the US total. If these estimations are anywhere near accurate, it could be an indication to the government to seriously consider blockchain technologies and their accompanying cryptocurrencies as a vital fabric in the weave of technological and financial advancements of the future.

 

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