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.