Category Archives: Crypto

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Bitcoin’s 292,000 Daily Wikipedia Hits Shows Huge Public Interest

Bitcoin's 292,000 Daily Wikipedia Hits Shows Huge Public Interest

Cryptocurrency page views on popular web-based encyclopedia Wikipedia have been eclipsed by the flagship cryptocurrency Bitcoin over the past month with the page being visited more than 292,000 times a day.

The interest in cryptocurrencies on Wikipedia bears no correlation to the position of different coins global market cap position with Brave’s Basic Attention token (BAT) receiving the third number of views after Ethereum which registered 46,000 hits a day between 24 December 2018 and 24 January 2019.

Behind Ethereum, Ripple was viewed 21,500 times a day over this period followed by Bitcoin Cash with 19,700, and Monero with 17,200. Dogecoin and Litecoin registered 15,900 and 11,400 respectively.

The order of page views differs from that of cryptocurrencies ranked in terms of their market cap. Software company DataLIght commented that the figures suggested that readers of Wikipedia were likely to be more interested in “rather old and well-known coins”, which would explain the lack of correlation to the coin market cap placings.

Wikipedia’s figures highlight the continued interest in Bitcoin above other cryptocurrencies. Compared to a year ago, the computing power dedicated to the Bitcoin network has more than doubled. Investment is receiving more interest from traditional investors as security has tightened and the SEC is considering exchange-traded funds applications, which if accepted, will encourage institutional growth, inviting larger companies to utilize Bitcoin products with greater confidence.

Banks are increasingly turning to blockchain products to increase the speed of cross-border payments due to increased efficiency, cost and speed.

 

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Indiana Proposes Bill for Tax Payment in Crypto

Indiana Proposes Bill for Tax Payment in Crypto

The State of Indiana in the US has introduced a bill that will allow it to accept tax payments with cryptocurrency if passed.

The bill tagged House Bill No. 1683 is targeted at amending the Indiana Code concerning taxation. It was introduced to the house on 24 January and is expected to be effective by 1 July 2019 and 1 January 2020. The synopsis of the bill reads that if passed, it “allows a person to pay taxes using an approved virtual cryptocurrency.”

The range of application of the amended bill will include taxes, special assessments, penalties, interest, costs or any other liability included in the article. A single or multiple cryptocurrencies may be agreed upon as the accepted currency used for payment.

The article also included that the treasurer is to accept the cryptocurrency in the equivalent of the US dollar at the time of transaction corresponding to an applicable exchange of choice by the local government’s department of finance and the department of state revenue.

The status of cryptocurrency is gradually gaining credence in some US jurisdictions. Other states have also been talking about using crypto for tax payments, while some others are trying to figure out how to tax crypto earnings.

Last year, the state of Ohio announced that it was the first to consider cryptocurrency for tax payment. Earlier this year, Overstock said that it will be the first US company to pay some of its Commercial Activities Tax (CAT) to the Ohio State in Bitcoin.

Apparently, the subject of cryptocurrency remains an important subject to different governments and has become an integral part of some traditional economies. The mass adoption of cryptocurrency is evidently occurring at a slow but steady pace and if it proves to be better and more efficient alternative to currently accepted payment options, there may be more rapid development in crypto adoption.

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Romanian Crypto Nest Eggs Decimated by New 10% Tax

Romanian Crypto Nest Eggs Decimated by New 10% Tax

Romania, Europe’s third-poorest nation (GDP per capita), has amended its taxation rules in order to accommodate those taxpayers with cryptocurrency earnings, now setting the rate at 10%.

Income for cryptocurrencies is now regarded by the taxation authorities in Romania as “income from other sources” and are therefore taxable. It is a move very much in line with many other countries across Europe who have been re-examining their tax laws as they apply to cryptocurrency earnings.

According to a local daily Ziarul Financiar, who quoted tax consultant Adrian Benta, this means that only gains will be taxed as opposed to revenues. Gains from transactions below RON 200 (Romanian ron worth USD 50) won’t be taxable under the new laws, but any earnings above RON 600 (USD 150) per annum will be liable for the 10% tariff. Benta suggested that the new rate was fair:

“Before this, we had a more cumbersome procedure in which one had to register as freelancer if he was trading repeatedly. It is now treated as an extraordinary income from other sources.”

Under EU leadership, cryptocurrencies are still closely monitored by the Romanian authorities as all jurisdictions in Europe continue to regulate the industry. In the hope to further encourage cryptocurrency adoption throughout Romania, the country’s top exchange Coinflux added Ripple to its trading platform last year by popular demand from clients.

Coinflux facilitates users in trading across cryptocurrencies and also with fiat currencies like Leu or RON.

 

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Ghana Mulls Positive Crypto Legislation

Ghana Mulls Positive Crypto Legislation

There are indications in some cryptocurrency circles in Ghana that its Securities and Exchange Commission (SEC) may be prepared to release its stranglehold on the space, which currently doesn’t allow trading.

This would represent a major turnaround though, given that currently all businesses are banned from conducting cryptocurrency transactions in the African nation. This despite Paxful, the world’s leading cryptocurrency-marketplace, claiming that business is currently booming.

A Paxful report just last month indicated that both Nigeria and Ghana are propping up African transactions which are currently generating USD 64.3 million per month, putting the two countries alongside the world’s top 10 markets, such as the US and the UK.

The hope is that the SEC lifts the ban and creates an environment where legitimate companies are able to thrive without going underground. However, the regulators’ deputy director general Paul Abadio argues against the SEC’s case but hints at change:

“When you choose to go there, you are on your own. We have adopted a wide range of changes on it and we are still doing our research and gathering information, and we welcome any input that people might have to help us formulate a view on how we should deal with it in Ghana.”

A fact that the SEC is still formulating a view has given rise to local crypto analysts beginning to think a positive change for the industry in Ghana could be on the way. 2018 was very much a headache year for the Ghanaian SEC who claimed that many crypto-related businesses chose to “play around” with clients money having no intention of registering their services.

With many investigations still underway into companies who may have infringed Ghana’s financial regulations, it seems very much a “wish and hope” situation at present. However, other countries on the African continent are coming at cryptocurrency from a complete direction, such as Cameroon’s independent movement boosted by an ICO and its own cryptocurrency, the AmbaCoin.

 

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IG of Police in India Wary About Crypto Investments

IG of Police in India Wary About Crypto Investments

The news outlet Business Standard reported yesterday that Jammu and Kashmir police in India have issued a public warning with regard to investing in cryptocurrencies, noting the associated heightened risks.

The Inspector General of the police crime branch issued the warning in a statement saying: “The general public is informed not to make any type of investment in cryptocurrencies, virtual currencies such as bitcoin because there is a real and heightened risk associated with them,” citing the instability of the market values of the digital asset class.

His concerns were especially directed towards retailers who were at risk of losing their “hard earned money” as a result of exposure to “sudden and prolonged crash.” He further cautioned the citizens of the state to be wary of such investments as they are not backed as a “legal tender” and not under the control of any “central financial institution.”

India has been careful on deciding a suitable regulatory oversight of digital assets and has in the recent months been more focused on the blockchain and AI technology aspects than yielding to the acceptance of cryptocurrency within its walls.

The final draft for a crypto-bill which was expected last month is yet to be released meanwhile a rather strange development ensued. Just a few days back, the Central Bank of India pulled back from its state-issued cryptocurrency project. This was rather puzzling as few days before the project was shelved, a local English news outlet reported on the possibility of legalizing digital currencies, according to an unnamed official.

However, recent stats from its population reveal that those currently involved with bitcoin stands at an amazing 2.5 million. One could say that an approximate 5% of the total population of India into cryptocurrency isn’t a fact to ignore.

On the bright side, it would seem that some within the government are optimistic about the distributed ledger technology and the fight is only against bitcoin, altcoin, and cryptocurrencies in general – since it has decided to stop its own “crypto-rupee” indefinitely.

 

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