Bright future of cryptocurrencies

Crypto market is going up after a mid-week correction along with tax cuts, BTC banknotes and initiative by Goldman Sachs.

France is lowering its tax rate for trading cryptocurrencies from its current 45% to 19

France’s decision to reduce the tax rate on the trade of cryptocurrencies could become the trigger for other countries to follow suit. The French Minister of the Economy, Bruno Le Maire, urged the European Union to implement strict regulatory measures on the crypto market in the past, but has recently begun to speak in favor of its ingenuity.

During the March 2018 G20 financial summit in Buenos Aires, Le Maire emphasized that France intends to become one of the first states to propose regulatory measures on ICO companies.

France tries to remain competitive in the active cryptomarket as their neighbor Germany also takes steps to attract crypto investments. At the beginning of March, the German Ministry of Finance stated that Germany will not tax the use of cryptocurrency as a form of payment.

Goldman Sachs is set to begin its bitcoin trading desk in Q2 of 2018

The bank would not trade ‘actual’ bitcoins, but rather deal in bitcoin ‘contracts’, offered by the likes of CBOE global market and the crypto-exchange BitMEX.

Many think of this news as something extremely positive, some even say that ‘Goldman invests in bitcoin and it is necessary for us!’, but that is absolutely wrong.

By starting with Bitcoin futures, Goldman Sachs will gain income from commission charges which will be paid by traders and investors. In fact it is only one more lines in revenues of bank. Beginning trading these futures is not caused by a ‘belief in bright future of cryptocurrencies’, but by the fact that their management has seen an opportunity to fill up bank's coffers.

Cryptocurrency hardware wallet manufacturer Tangem is planning to issue Bitcoin banknotes

The first market they’re aiming at is Singapore, known for its encouraging regulatory stance on both cryptocurrency and blockchain technology. The notes will be available in denominations of 0.01 and 0.05 BTC ($92 and $463 respectively).

Bitcoin notes aren’t made of paper, but are rather hardware wallets shaped like a card with an integrated Samsung S3D350A chip inside. However, they do have something in common with traditional banknotes: every bitcoin note contains a fixed face value in bitcoin and can physically be transferred as payment.

According to developers, the technology which is utilized in these banknotes is completely protected from external intervention. Among other advantages, these banknotes can be used for instant payments and are not subject to commissions. Bitcoin banknotes do have the disadvantages of potentially being at risk of theft and have a rather limited range of transfer.

Bitcoin

BTC
Price
3,992 USD 0.10%
Volume, 24h
1,231,599,895 USD
3.24%
Marketcap
70,406,982,872 USD
50%
Emission
84%

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Bitcoin [BTC] and Bitcoin Cash [BCH] no longer payment options on streaming site Twitch

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Tim Draper is Trying to Convince Argentina to Make Bitcoin A National Currency

On his recent trip to Argentina, billionaire investor and Bitcoin advocate Tim Draper met personally with President Mauricio Macri. Draper presented a pretty bold idea to the Head of State. Make Bitcoin the national currency of Argentina. “I suggested that he make Bitcoin a national currency and to bring in 5G and let the market figure it out and build all the roads and everything else for him,” Draper said according to es.cointelegraph. Draper thinks a rush of new startups will flood Argentina if they are crypto friendly. “That could end up being just phenomenal and globally, people will start saying I’m going to Argentina to start my business.” As the blockchain movement grows so will the demand for decentralization. Draper realizes that the building of blockchain infrastructure along with killer apps is the key to money flowing into the crypto space. “It seems simple to me because all you’re doing is you’re flowing with the decentralization movement. And that movement turns out to be really important and all the geographic borders are gonna fall and we’re gonna be one big world.” Draper is known for making bold claims and suggestions, but many would see the adoption of BTC as a national currency as a mere impossibility. However, it’s hard to argue with the idea that crypto friendly rules and regulations, along with the recognition of Bitcoin and other cryptocurrencies as real money will go a long way for a country’s economic conditions. Startups are feverishly building the blockchain projects of tomorrow, and government clarity can only speed that process up. Fostering development is the most important thing for the entire blockchain sector. Only when great and useful applications are delivered will the space and all its tokens have real value. The countries that move early will wind up housing killer crypto startups. The post Tim Draper is Trying to Convince Argentina to Make Bitcoin A National Currency appeared first on ZyCrypto.
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