What happened this November in the cryptocurrency world?

What happened this November in the cryptocurrency world?

It’s crypto-regulation season, while the prices and adoption of many cryptocurrencies are skyrocketing. Let’s check this November on crypto. A brief introduction to the internet of value and the New Economy – Free Course The world of cryptocurrencies continues to cause speculation. Some governments have raised questions about their future while others are considering launching national digital currencies. Cryptocurrencies are decentralized, meaning that they are not regulated by the various monetary authorities or the central banks of the various countries. Therefore, with the lack of a unanimous way to … Subscribe to our newsletter for latest news and articles of interest.

It’s cryptocurrency regulation season worldwide this November, it seems. And maybe that’s because the prices and adoption of many cryptoassets are skyrocketing this year. But hey, that’s not all. We have some slightly unsettling extra news this month.

  • The authorities in several countries are seeing privacy coins like Monero (XMR) as a possible threat. That’s why they’ve been delisted from some prominent exchanges around the world, including ShapeShift, Swyftx, Bithumb, Coinspot, Huobi, Coincheck, Upbit, and Liquid. But don’t worry, we still have them on Alfacash.
  •  The United Kingdom is planning to deliver new legal measures for stablecoins and Central Bank Digital Currencies (CBDC) starting the next year. According to the announcement by Her Majesty’s Treasury (HM Treasury), the country is preparing to remain as “an open, attractive international financial centre”, but not without proper controls.
  • The Dutch Central Bank (DNB) published new legal obligations for cryptocurrency companies. This time, it won’t be enough for them to apply the Know Your Customer (KYC) process. The company should check if “their clients and any ultimate beneficiary owners (UBOs) are on a Dutch or European sanctions list” and immediately report it to the central institution.
  • The U.S. Treasury Department’s Office of the Comptroller of the Currency (OCC) published a proposal of new guidelines for financial institutions. The bottom line of it is that the national banks can’t deny their services to legal (but disfavored) businesses, like companies that work with cryptocurrencies, without assessing the specific risks in every instance. 
  • Mikhail Mishustin, the Russian prime minister, assured this November that the next regulations for cryptocurrencies inside his country will be reasonable. They’ll design them in order to protect the users and avoid scams and fraudulent schemes. 
  • A survey conducted by financial advisory organization deVere Group revealed that at least 73% of worldwide millionaires own or want to invest in cryptocurrencies before 2022. This data was taken from more than 700 high-net-worth individuals (people with around $1M in liquid assets).
  • The companies are buying a lot of Bitcoin (BTC) worldwide. As indicated by the Clark Moody dashboard and data from Bitcointreasuries, the figure they hold in total is around 842,229 BTC, equivalent to $16.3B in today’s price. Besides, only Grayscale Bitcoin Trust holds more than 500,000 BTC (around $9.7B).
  • BayernLB or Bayerische Landesbank, the seventh-largest financial institution in Germany, published a report regarding their financial perspectives for 2021. According to the study, Bitcoin (BTC) has shown a better monetary policy than most central banks, and that’s why it may hit at least $60k per unit by 2021.
  • Bitcoin (BTC) is getting more close to its last All-Time-High (ATH). Last November saw a 43.6% growth, touching briefly $19,749. Meanwhile, the DeFi ecosystem started low, but it’s improved by over 31% during the month. The total market capitalization for cryptocurrencies raised as well, showing a 44.1% increase [CoinMarketCap and DeFiPulse].
  • After a long wait, Facebook will finally launch its own cryptoasset, Libra, by January 2021. It’ll be a stablecoin pegged to the U.S. dollar, and it’ll be launched in a “limited format” at the beginning. If everything goes fine with the authorities, they’d offer some other new stablecoins pegged to other currencies, like the British pound and the euro.
  • The mysterious Satoshi Nakamoto might’ve been British and not exactly Japanese, according to a new analysis by Doncho Karaivanov, founder of The Chain Bulletin. At least, while he worked on Bitcoin, Satoshi was active during London hours often, and he used a set of regional colloquialisms and local word spellings in his messages.
  • Pickle Finance, an Ethereum-based platform for yield farming, was hacked last November 21. The hackers robbed around $19.7M from the pDAI PickleJar, and the token lost around 65% of its value. Besides, the DeFi lending and savings protocol Akropolis, based on Ethereum, was hacked as well. The attacker siphoned $2M in DAI from their Ycurve and sUSD pools on November 12.
  • Bitcoin Cash (BCH) underwent a new hardfork, meant to split in two its blockchain network and cryptocurrency. Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCH ABC) were born during the event by two opposite parts. However, the only survivor per consensus seems to be the first one.

Featured Image by Goumbik / Pixabay

Literature professional in the crypto-world since 2016. Writer, researcher, and bitcoiner. Working for a better world, with more decentralization and coffee.

Source: blog.alfa.cash

Author: Isabel P.

Beginner’s Guide To Bitcoin Altcoins And Cryptocurrencies

Beginner’s Guide To Bitcoin Altcoins And Cryptocurrencies

A brief introduction to the internet of value and the New Economy – Free Course

  • Students will grasp the fundamentals of Bitcoin and cryptocurrencies with a solid foundation for future learning.
  • No knowledge required!

What is Bitcoin? This a question that a lot of people have been asking lately, almost as much as “How do I buy Bitcoin?” 

In this course you will learn all about the cryptocurrency market, how they work, the technology behind them and how coins derive value. By the end of this course you will understand the fundamentals of the economic revolution that is blockchain technology. 

This course will consist of 8 lectures covering all the basics that you need to know about the cryptocurrency world. By the end of this course you will understand what cryptocurrencies are, how they work, why they have value and how to use them. Furthermore, you will receive a checklist so that you can analyze any other crypto token in the world.

  • Anyone who is curious about Bitcoin or the rapidly growing cryptocurrency industry.


Source: 3cordssystem.com.ng

Author: by admin

5 Countries That Banned Cryptocurrencies and Made Them Illegal • LegalScoops

5 Countries That Banned Cryptocurrencies and Made Them Illegal • LegalScoops

The world of cryptocurrencies continues to cause speculation. Some governments have raised questions about their future while others are considering launching national digital currencies.

Cryptocurrencies are decentralized, meaning that they are not regulated by the various monetary authorities or the central banks of the various countries. Therefore, with the lack of a unanimous way to control them, governments around the world are each passing legislation on how to control them.

Some government regulations allow trade and payments in cryptocurrencies, while others have decided it’s best to ban them altogether.

Besides the United States, cryptocurrencies can be traded, stored, or used to shop in many countries around the globe, including Japan, South Korea, Australia, and Germany.

Bitcoin is the oldest of the cryptocurrencies and has been around for over 10 years now. It was warmly embraced by the Japanese government from the start. Japan even created special regulations, and over 60% of its national currency is held in bitcoin, the largest market share.

The second-largest market share of bitcoin is held in US dollars, and the U.S. has many cryptocurrency-based companies in its economy.

Even though the German government does not consider cryptocurrencies legal tender, they can be used as a currency substitute. Trade and investment in bitcoin and other cryptocurrencies are allowed.

In many counties, including Australia, cryptocurrencies are treated like fixed assets (property) and are subject to Capital Gains Tax.

Quite a few countries still consider cryptocurrencies illegal and have either banned them or have restrictions on their trade and use.

These are the five most notable countries where cryptocurrencies have been restricted or made completely illegal:

China was once home to many cryptocurrency exchanges. Being the most populated country in the world, these were large. However, cryptocurrencies were banned in 2017. Since then, Chinese authorities have introduced blockchain technology into their financial institutions for better transparency and the tracking of transactions.

It is believed that approximately 80% of cryptocurrency mining happens in China because of its cheaper resources. There have been rumors that China plans to ban mining and plans to launch a national cryptocurrency. Some believe this could lead to China lifting its ban on cryptocurrencies soon.

Bolivia is reluctant to allow cryptocurrencies because of increased criminal activities within the country. Recently, a hidden pyramid scheme involving cryptocurrency investments was also uncovered and condemned. This prompted a statement by the Central Bank of Bolivia reiterating that the use of cryptocurrencies is prohibited in the country.

It is illegal to operate cryptocurrencies in Colombia, even though it is one of the important FinTech economies in Latin America. Many companies risk losing access to financial services if they unlawfully handle cryptocurrencies. However, many new startups focus on blockchain and cryptocurrency and are facing an uncertain future.

There was one recent attempt to regulate the industry in 2018, but the proposal was rejected by the Colombian Senate. The plan was for cryptocurrencies to generate a 5% tax on each transaction, but fears of criminal activities and pyramid schemes are what lawmakers appear to worry about the most.

Up until now, it is partly legal to trade in cryptocurrencies in Russia, but not to buy goods and services. Russia is set to pass a bill on digital assets soon and plans to pass a ban on issuing and selling cryptocurrencies. According to a report in Forbes, the authorities in Russia worry about the financial instability digital currencies can cause. They say that consumer protection is vital, as is the need to prevent money laundering.

A while back, the Iranian Central Bank banned the use of cryptocurrencies in transactions. Their biggest fear is money laundering and terrorism, but it was also implemented as a measure to control the demise of their rapidly devaluating currency.

The senior editor of Legal Scoops, Jacob Maslow, has founded several online newspapers including Daily Forex Report and Conservative Free Press

Source: otcpm24.com

Author: Jacob Maslow

The new generation’s cash – De Villiers Attorneys Garden Route

The new generation’s cash – De Villiers Attorneys Garden Route

1.1 Background to Bitcoin

Bitcoin, Ether and Litecoin. These are some of the most prominent cryptocurrencies on the market today. Bitcoin is by far the best-known cryptocurrency due to the substantial increase in the price that was experienced in the past couple of years.

Bitcoin is a cryptocurrency – a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. Bitcoin was developed by an anonymous creator – Satoshi Nakamoto – to enable society to operate with a digital cash system, without the need for third-party intermediaries which are traditionally required for digital monetary transfers.

Should you wish to read the original paper used to introduce bitcoin to the word, please follow this link:  https://bitcoin.org/bitcoin.pdf.

1.2 Tax consequences of cryptocurrencies

For the most part, South Africans have only been able to enter the crypto market locally for a short while, which has drawn the attention of the South African Revenue Service (SARS) to cryptocurrencies.

SARS released a statement on the 6th of April 2018, declaring its stance regarding the taxation of cryptocurrencies. The following is an extract from the statement:

“The South African Revenue Service (SARS) will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income.”

The statement further indicates that for purposes of the Income Tax Act, SARS does not deem cryptocurrencies to be a currency (due to the fact that wide adoption has not been reached in South Africa and crypto can’t be used on a daily basis to transact), but rather defines cryptocurrencies as assets of an intangible nature.

The definition has the effect that cryptocurrencies will be treated as any other investment for tax purposes. The onus lies on the taxpayer to declare all cryptocurrency-related taxable income in the tax year which the taxpayer received or accrued.

Should a taxpayer thus trade in bitcoin, the trades will be deemed to be income in nature and the profit and loss on the trades should be included in the taxpayer’s taxable income. However, if the taxpayer holds the bitcoin as a long-term investment (the same way some investors hold a share portfolio for long-term investing), the income derived from the disposal of the bitcoin will be deemed to be capital in nature, resulting in capital gains tax needing to be declared on the disposal.

1.3 Conclusion

Whether you are for or against cryptocurrencies, it is evident that cryptocurrencies have formed a part of the modern era and will likely remain relevant. This new form of currency/investment has caused quite a stir at SARS and taxpayers are advised to familiarise themselves with the tax treatment of these currencies to prevent any unexpected tax consequences.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Source: devilliersatt.co.za

What happened this November in the cryptocurrency world?

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