Inshorts

Blockchain discussion on Commonwealth Club forum
September 14,
2017
The new US bill obliges to declare cryptocurrencies

New rules for declaring cryptocurrency in the USA. According to the official text of the new bill submitted to the US Senate, from now when crossing the US border, travelers are required to declare all their digital currencies at the border if their shared market value exceeds $10,000. The Act 1241 of 2017 "Combating money laundering, terrorist financing, and counterfeiting" was introduced by the senior senator from the Republican Party Charles Chuck Grassley. In case of the law violation, the penalty is from the funds blocking up to criminal responsibility and imprisonment of up to 5 years.

The European Union contributes to the blockchain

The European Union has already contributed millions into blockchain projects. As reported by Coindesk, six blockchain startups were funded through the Horizon 2020 innovation initiative. As indicated by official data, the EU has invested over €5 mıllıon into the group of startups, three of which received over €1 million per one. Should be noted that European Commission is seeking to create a "Blockchains for Social Good" competition to work alongside with Horizon 2020 and to establish the program to fund cryptocurrency-related projects. It is also known that the European Commission is developing Blockchain Observatory which will serve as a research centre to work on the technology.

Revolutionary Bitcoin system in Finland

Bitcoin revolution in Finland. According to CoinDesk, the experts of the Central Bank of Finland, Ciamac Moallemi, Jacob Leshno and Gur Huberman claim that Bitcoin economic system is revolutionary, as they stated in their report from September 5. They inform that Bitcoin's working capacity is guaranteed by the protocol and it does not need regulation, furthermore, the fees charged are determined by the users themselves, regardless of the miners. The authors of the report believe that Bitcoin's functionality should encourage economists to further study its unrivaled structure.

Swiss canton will accept Bitcoin for taxes

Pay taxes via cryptocurrency. According to Pro.Bitcoin, from January 2018 Swiss canton residents can pay taxes via Bitcoin. Chiasso city competes with Zug city - the centre of Bitcoin and cryptoinnovations implementation. From July 2017 Zug has already received more than 40 Bitcoin payments. Unlike Zug, which limits payments to 200 CHF, Chiasso increased the limit to 250 CHF. Chiasso city administration has already took measures for cryptocurrency companies and businessmen attraction - in such a manner, as emphasised in the report, Switzerland is planning to become world leader in cryptoinnovation industry.

National Bank of China published the instruction of ICO

Publishing the instruction. As China banned the ICO 4th of September, Chinese National Bank has published the translation of ICO’s instruction 9th of September. According to the notice, the bank explained that the token or “virtual currency” used in coin offerings is not issued by the monetary authority and such currency does not have characteristics of money such as legal tender status and mandatory use, has no legal status equivalent to money, and cannot be circulated or used as currency in the market. Also on the second section of notice, the bank remarked that organizations and individuals shall return the fund, collected on fundraising through ICO.

Find out more: China Planning a War Against Cryptocurrency Trades

More interest to bitcoin in South Korea

A South Korean conglomerate Dongbu Group announced on partnership with Sentbe, Bitcoin remittance provider. According to Сointelegraph, Dongbu Group, a large South Korean conglomerate, producing chemical, shipping, insurance and financial products, is collaborating with Sentbe through its subsidiary, the Dongbu Savings Bank. The Memorandum of Understanding (MOU) was already signed on August 21. The officials said, it would result in securing joint business opportunities and build new business models, based on the new technology.

Blockchain discussion on Commonwealth Club forum

Janet Yellen, the head of Federal Reserve of US (FED) answered questions about blockchain technology, recently. During the meeting of Commonwealth Club, Yellen was asked whether the US government will launch its own blockchain cryptocurrency, such as Fedcoin. Yellen said that, blockchain is an important new technology and innovative initiative and the use of these technologies can be extremely useful for the society. She mentioned that for now there is no plan for issuing coin. Yellen also expressed that FED is looking for every chance to improve the technology in financial field, therefore blockchain can open a new white page in the realization process of global financial transactions.

September 12,
2017
A research comp CEO’s foresight

Сryptocurrency market assets will break the record again. Ronnie Moas, CEO and co-founder of Standpoint Research, quoted by CNBC, commented on that. Moas says that the cryptocurrency market value will reach $2 trillion in ten years and the investments into cryptocurrencies are not a trend but will create a new asset class. He adds that he doesn’t think digital currencies are bubbles. However, he also warns that only the Top 50 cryptocurrencies should be invested in, as others do not have much impact to the total cryptocurrency capitalization.

Estonia To Issue Its’ Digital Currency

A Baltic initiative. In Estonia it is possible to conduct a state-based ICO. This idea was expressed on medium.com by the the head of the e-residency program, Kaspar Korjus. In his opinion, Estonia may launch its’ tokens, named Estcoins. The holders will not only be the residents of the country, but any person in the world who obtain e-residency of Estonia. Estcoins can be used to pay for services that are provided on the territory of the country. If the Estcoin idea will be adopted by the government, then Estonia will be the first country in the world which launches its’ government-guaranteed tokens .

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