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Pro-Bitcoin Mick Mulvaney Joins Donald Trump’s Cabinet as Acting Chief of Staff

President Trump seems to be highly interested in the potential of blockchain technologies and the benefits of using cryptocurrencies for the country’s economy. Yesterday, he addressed the nation via Twitter announcing the appointment of Mick Mulvaney as the White House’s new acting Chief of Staff.

Mulvaney joins the list of politicians with pro-Bitcoin orientations to whom Mr. Trump has given important political responsibilities within his cabinet.

“I am pleased to announce that Mick Mulvaney, Director of the Office of Management & Budget, will be named Acting White House Chief of Staff, replacing General John Kelly, who has served our Country with distinction. Mick has done an outstanding job while in the Administration,” President Trump tweeted.

Mulvaney: a Pro-Bitcoin Guy With Temporary but Strategic Responsibilities

Mulvaney’s role as John Kelly’s replacement refreshes a bit the way of doing politics inside the White House. Kelly’s conservative vision contrasts somewhat with Mulvaney, who on several occasions has expressed his enthusiasm for the use of Bitcoin and other Blockchain technologies.

According to CNN, Mr. Mulvaney will have two parallel positions: On the one hand, he will have his regular job as director of the Office of Management and Budget while assuming these new responsibilities in an “acting role.”

Trump disguised the temporary nature of these functions, commenting that his services are official until the end of the year although he did not hide his enthusiasm for working in conjunction with him.

IS Trump Playing a Slow Game of Crypto-Chess?

Previously, Trump included Elad Roisman and Hester Peirce as SEC members in a decision that clearly aimed to modify some positions within the SEC. Both are known supporters of the use of cryptocurrencies and have defended the potential of blockchain technologies as mechanisms to boost the national economy.

From left to right: Hester Peirce, Elad Roisman and Mick Mulvaney

Like Roisman and Peirce, Mulvaney played an essential role in the promotion of blockchain technologies by creating the Congressional Blockchain Caucus, an organization dedicated to promoting the study of blockchain technologies within the Congress with the aim of developing a series of legal instruments adapted to this area.

In a speech motivating other members of Congress to join the caucus, Mulvaney had already shown his passion for blockchain technologies:

“Blockchain technology has the potential to revolutionize the financial services industry, the U.S. economy, and the delivery of government services,”

The post Pro-Bitcoin Mick Mulvaney Joins Donald Trump’s Cabinet as Acting Chief of Staff appeared first on Ethereum World News.

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7 Major Exchanges Join Forces to Enhance the Cryto Ecosystem in South Korea

South Korea took another giant step forward in regulating cryptocurrencies as seven major exchanges have joined forces to enhance the cryptocurrency ecosystem in the country. According to local media, representatives of the seven major exchanges met at a parliamentary policy debate on cryptocurrencies that was held this past Monday. The representatives signed an ‘Agreement for the creation of a sound cryptocurrency ecosystem’.

The agreement included joint measures such as information sharing, real-time monitoring of abnormal transactions in a bid to prevent cyber crime as well as protect investors. The seven cryptocurrency exchanges that agreed to the new measures are as follows.

  1. Upbit
  2. Bithumb
  3. Korbit
  4. Coinone
  5. Gopax
  6. Coinplug (Cpdax)
  7. Hanbitco

The exchanges are also to establish a consultation system that will prevent money laundering, enhance KYC procedures and introduce some restrictions for transactions belonging to unverified users.

One industry official is quoted as calling it a close cooperation system:

With this agreement, exchanges can establish a close cooperation system and improve their image for investors, but in fact, there is no special penalty for failing to comply.

Lee Seok-Woo, president of Dunamu Inc., which handles all operations relating to the Upbit exchange, had stated a while back, that AML/KYC (anti-money laundering / know-your-customer) procedures were mandatory for every exchange that wished to operate in the country.

If you [crypto exchange] cannot meet the standard after a six-month or one-year grace period, you should close it.

South Korea On Track To Regulate Cryptocurrencies and ICOs

Back in June this year, regulatory officials from South Korea had stated that crypto exchanges would soon be regulated in the same way they regulate banks. The regulation shall be carried out by the Korea Financial Intelligence Unit (KFIU) in collaboration with other local financial regulators. With respect to ICOs, the country had promised to issue regulatory direction as soon as legislation was ready.

Kwon Dae-young, Head of the Financial Innovation Bureau at the Financial Services Commission (FSC), further explained the steps the country is taking towards regulating the ICO and cryptocurrency industry.

We are trying to institutionalize cryptocurrency exchanges, but before we do, we have to answer the question of how to deal with the damage and tears of many virtual currency investors.

We must see if any of the projects that can help the people in their daily lives have been presented. Trust and authenticity are important.

What are your thoughts on the seven cryptocurrency exchanges joining forces to better enhance the cryptocurrency trading ecosystem in South Korea? Please let us know in the comment section below. 

[Image courtesy of Bitcoinist.com]

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Why A Bitcoin (BTC) ETF Might Be Approved in February 2019

A few hours ago, the cryptocurrency and investor communities were notified of the delay by the Securities and Exchange Commission (SEC) to rule on the pending VanEck Bitcoin ETF until February 27th. Some have even linked the announcement to the current blood bath in the crypto markets that has the total crypto market capitalization at $108.68 Million with BTC trading at $3,433 ahead of a shakey weekend. Ethereum (ETH) has dropped under $90 and is trading at $87.

The only coin in the top 100 doing well is Bitcoin SV (BSV) that is up 19% in the last 24 hours. BSV has also managed to flippen Bitcoin Cash (BCH).

Why The VanEck ETF is Significant 

The VanEck Bitcoin ETF has been viewed by many as the much needed catalyst that could ignite the next cryptocurrency Bull run. An ETF would be an indirect stamp of approval by the SEC that classifies BTC is a viable investment asset. It will set the stage for other ETFs backed by other prominent digital assets such as ETH or a combination of digital assets.

Why an ETF Might Be Approved in February

Firstly, we saw that MV Index Solutions – based in Frankfurt Germany and linked to VanEck – launched the MVIS Bitcoin US OTC Spot Index (MVBTCO). This index is based on price feeds from OTC (Over The Counter) digital asset trading operations in the US carried out by the firms of Circle Trade, Cumberland and Genesis Trading.

By opening up their books, markets will better understand the price movements of BTC and other major cryptocurrencies. The additional transparency might aid in the SEC approving the ETF next year.

Secondly, Bakkt would have launched its physically settled Bitcoin Futures contracts by the end of January. This will increase the confidence in Bitcoin across the investor communities that comprise of hedge funds, high net individuals and even the regular investor who had stood on the side-lines waiting for some ‘sanity’ to present itself in the crypto-verse.

Nasdaq is also meant to launch their Bitcoin Futures products in the first quarter of 2019. Both Nasdaq and Bakkt probably have the go ahead from the CFTC (Commodity Futures Trading Commission) thus adding validity to Bitcoin.

Thirdly, the New Year brings with it the possibility of the Commissioners at the SEC having a change of heart about the pending ETF. Perhaps the Holiday Season will recharge them to the point where they see the validity of the application by VanEck. We have to remember that 2018 has been a long year and we all need some time to recharge.

A Word Of Caution from Commissioner Hester Peirce

However, Commissioner Hester Peirce – also known as crypto mom – has cautioned crypto ethusiasts and investors not to wait on the ruling of the SEC as it might take a long time for the regulatory body to approve it. She explained that the SEC has 5 commissioners and a majority ruling is needed for an ETF to pass.

She said:

Don’t hold your breath. I do caution people to not live or die on when a crypto or bitcoin ETF gets approved. You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to [crypto]. I am not as charming as some other people

In conclusion, the SEC announced that they would be pushing the ETF decision to February 2019. We have explored three reasons why the odds might be in favor of an approval next year. We have looked at the MVIS Bitcoin US OTC Spot Index; both Bakkt and Nasdaq offering futures contracts; and we have also looked at the possibility of the Commissioners having a change of heart with the new year. However, we were reminded by Commissioner Peirce not to depend too much on the decision.

What are you thoughts on the new date of February 27th as the new deadline fro an ETF decision? Do you think it will be approved? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Why A Bitcoin (BTC) ETF Might Be Approved in February 2019 appeared first on Ethereum World News.

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Why A Bitcoin (BTC) ETF Might Be Approved in February 2019

A few hours ago, the cryptocurrency and investor communities were notified of the delay by the Securities and Exchange Commission (SEC) to rule on the pending VanEck Bitcoin ETF until February 27th. Some have even linked the announcement to the current blood bath in the crypto markets that has the total crypto market capitalization at $108.68 Million with BTC trading at $3,433 ahead of a shakey weekend. Ethereum (ETH) has dropped under $90 and is trading at $87.

The only coin in the top 100 doing well is Bitcoin SV (BSV) that is up 19% in the last 24 hours. BSV has also managed to flippen Bitcoin Cash (BCH).

Why The VanEck ETF is Significant 

The VanEck Bitcoin ETF has been viewed by many as the much needed catalyst that could ignite the next cryptocurrency Bull run. An ETF would be an indirect stamp of approval by the SEC that classifies BTC as a viable investment asset. It will set the stage for other ETFs backed by other prominent digital assets such as ETH or a combination of digital assets.

Why an ETF Might Be Approved in February

Firstly, we saw that MV Index Solutions – based in Frankfurt Germany and linked to VanEck – launched the MVIS Bitcoin US OTC Spot Index (MVBTCO). This index is based on price feeds from OTC (Over The Counter) digital asset trading operations in the US carried out by the firms of Circle Trade, Cumberland and Genesis Trading.

By opening up their books, markets will better understand the price movements of BTC and other major cryptocurrencies. The additional transparency might aid in the SEC approving the ETF next year.

Secondly, Bakkt would have launched its physically settled Bitcoin Futures contracts by the end of January. This will increase the confidence in Bitcoin across the investor communities that comprise of hedge funds, high net individuals and even the regular investor who had stood on the side-lines waiting for some ‘sanity’ to present itself in the crypto-verse.

Nasdaq is also meant to launch their Bitcoin Futures products in the first quarter of 2019. Both Nasdaq and Bakkt probably have the go ahead from the CFTC (Commodity Futures Trading Commission) thus adding validity to Bitcoin.

Thirdly, the New Year brings with it the possibility of the Commissioners at the SEC having a change of heart about the pending ETF. Perhaps the Holiday Season will recharge them to the point where they see the validity of the application by VanEck. We have to remember that 2018 has been a long year and we all need some time to recharge.

A Word Of Caution from Commissioner Hester Peirce

However, Commissioner Hester Peirce – also known as crypto mom – has cautioned crypto ethusiasts and investors not to wait on the ruling of the SEC as it might take a long time for the regulatory body to approve it. She explained that the SEC has 5 commissioners and a majority ruling is needed for an ETF to pass.

She said:

Don’t hold your breath. I do caution people to not live or die on when a crypto or bitcoin ETF gets approved. You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to [crypto]. I am not as charming as some other people

In conclusion, the SEC announced that they would be pushing the ETF decision to February 2019. We have explored three reasons why the odds might be in favor of an approval next year. We have looked at the MVIS Bitcoin US OTC Spot Index; both Bakkt and Nasdaq offering futures contracts; and we have also looked at the possibility of the Commissioners having a change of heart with the new year. However, we were reminded by Commissioner Peirce not to depend too much on the decision.

What are you thoughts on the new date of February 27th as the new deadline fro an ETF decision? Do you think it will be approved? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Why A Bitcoin (BTC) ETF Might Be Approved in February 2019 appeared first on Ethereum World News.

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US Congressman is Working On a Bill To Exempt ICOs and Cryptos From Securities Laws

United States Congressman Warren Davidson from Ohio has announced plans of introducing legislation that will regulate ICOs (Initial Coin Offerings) and cryptocurrencies as a different asset class thus exempting them from current securities laws. Mr. Davidson represents Ohio’s 8th District and can be considered as a voice of reason when it comes to the topic of crypto and ICO regulation in the United States.

The legislation has not yet been made public but Mr. Davidson promised that it would be soon as there was an urgent need to provide clarity into the new industry. He added that ICOs and cryptocurrencies provided an alternative method for entrepreneurs to raise capital.

Warren Davidson announced his plans this past Monday at the Blockland Solutions Conference held in Cleveland, Ohio. The four day event was from the 1st of December till the 4th and included the following list of prominent speakers.

  • Joseph Lubin – Ethereum Co-founder and Founder of Consensys
  • Mark Hurd – CEO, Oracle Corporation
  • Jerry Cuomo – IBM Fellow, Vice President, Blockchain Technology, IBM
  • John Donovan – CEO AT&T Communications
  • Jeremy Gutsche – CEO, Trend Hunter AI and bestselling Author
  • Jason Kelley – General Manager, Blockchain Services, IBM
  • Beth Mooney – Chairman and CEO, KeyCorp
  • Larry Sanger – Wikipedia Co-founder and Chief Information Officer of Everipedia
  • Nick Szabo – Inventor of Smart Contracts and Bit Gold
  • Alex Tapscott – Author, Blockchain Revolution and Co-founder of Blockchain Research Institute

Republicans Leading the Charge for Clarity from the SEC Regarding Cryptos and ICOs

To note is that Warren Davidson is a member of the Republican party. Members of the party have been noted to be the most vocal in demanding clarity from the Securities and Exchange Commission (SEC) with regards to how to regulate Bitcoin and other cryptocurrencies in the United States.

Back in August, Davidson had invited 32 cryptocurrency organizations to discuss ICO regulation. The round-table discussion was held on the 25th of September at Capital Hill. A recording of the discussion is available on the popular video streaming website of Youtube through this link.

What are your thoughts on the possibility of Congressman Warren Davidson introducing legislation that exempts ICOs and cryptos from the current securities laws? Please let us know from the comment section below. 

[Image courtesy of davidson.house.gov]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post US Congressman is Working On a Bill To Exempt ICOs and Cryptos From Securities Laws appeared first on Ethereum World News.

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US Congressman is Working On a Bill To Exempt ICOs and Cryptos From Securities Laws

United States Congressman Warren Davidson from Ohio has announced plans of introducing legislation that will regulate ICOs (Initial Coin Offerings) and cryptocurrencies as a different asset class thus exempting them from current securities laws. Mr. Davidson represents Ohio’s 8th District and can be considered as a voice of reason when it comes to the topic of crypto and ICO regulation in the United States.

The legislation has not yet been made public but Mr. Davidson promised that it would be soon as there was an urgent need to provide clarity into the new industry. He added that ICOs and cryptocurrencies provided an alternative method for entrepreneurs to raise capital.

Warren Davidson announced his plans this past Monday at the Blockland Solutions Conference held in Cleveland, Ohio. The four day event was from the 1st of December till the 4th and included the following list of prominent speakers.

  • Joseph Lubin – Ethereum Co-founder and Founder of Consensys
  • Mark Hurd – CEO, Oracle Corporation
  • Jerry Cuomo – IBM Fellow, Vice President, Blockchain Technology, IBM
  • John Donovan – CEO AT&T Communications
  • Jeremy Gutsche – CEO, Trend Hunter AI and bestselling Author
  • Jason Kelley – General Manager, Blockchain Services, IBM
  • Beth Mooney – Chairman and CEO, KeyCorp
  • Larry Sanger – Wikipedia Co-founder and Chief Information Officer of Everipedia
  • Nick Szabo – Inventor of Smart Contracts and Bit Gold
  • Alex Tapscott – Author, Blockchain Revolution and Co-founder of Blockchain Research Institute

Republicans Leading the Charge for Clarity from the SEC Regarding Cryptos and ICOs

To note is that Warren Davidson is a member of the Republican party. Members of the party have been noted to be the most vocal in demanding clarity from the Securities and Exchange Commission (SEC) with regards to how to regulate Bitcoin and other cryptocurrencies in the United States.

Back in August, Davidson had invited 32 cryptocurrency organizations to discuss ICO regulation. The round-table discussion was held on the 25th of September at Capital Hill. A recording of the discussion is available on the popular video streaming website of Youtube through this link.

What are your thoughts on the possibility of Congressman Warren Davidson introducing legislation that exempts ICOs and cryptos from the current securities laws? Please let us know from the comment section below. 

[Image courtesy of davidson.house.gov]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Cryptocurrency Firms Now Licensed Under Updated Banking Regulations in Switzerland

Swiss FINMA recently introduced new guidelines for companies, including blockchain and cryptocurrency-based firms interested in the new FinTech license.

Details of the Guidelines

Switzerland’s financial regulatory body, the Financial Market Supervisory Authority (FINMA), recently published a set of guidelines for the procurement of the new FinTech License. Cryptocurrency and blockchain-based firms are among companies who are eligible to apply for the new license.

According to FINMA, the license comes with “relaxed requirements,” and it enables companies to accept public deposits as high as CHF 100 million. The move by the regulatory body comes after an amendment to the Banking Act back in November.

The Switzerland financial regulatory body, however, gave specific conditions to companies interested in the new license. FINMA said:

The FinTech license allows institutions to accept public deposits of up to CHF 100 million, provided that these are not invested and no interest is paid on them. A further requirement is that an institution with a FinTech license must have its registered office and conduct its business activities in Switzerland.

Beginning from January 1, 2019, blockchain and virtual currency firms would meet specific criteria to qualify for the new license. FINMA stated that applicants are to submit their applications in one of Switzerland’s official languages. Part of the requirements includes reasons for applying, description of the proposed organization and target audience.

FINMA also requests full accountability from the board members of the firm, including names, date of births, nationality, and a curriculum vitae. Others include Swiss criminal records six months old and a debt enforcement register extract.

Swiss FINMA and the Cryptocurrency Industry

Switzerland is home to hundreds of cryptocurrency startups. The country’s various policies show its strong support for the growing market, while it solidifies its position as the world’s leading virtual currency hub.

The Swiss financial regulatory body, FINMA, granted a license to the Zug-based company, Crypto Fund AG, a subsidiary of Crypto Finance. The asset management license enables the firm to give a variety of collective investment products that monitor cryptocurrencies. The company received a distribution license back in June.

Also, a blockchain startup operating in Switzerland, Smart Valor, received a license from FINMA to launch an online investment platform. The firm further expressed its desire to expand its services by mid-2019, by applying for a banking license.

SEBA, a virtual currency startup formed by former Swiss bankers, raised $100 million from local and foreign institutional investors to fund its regulated cryptocurrency bank. The startup, however, needed a securities dealer and banking license from FINMA to form a licensed virtual currency banking solution.

Imaged courtesy of Shutterstock.

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Japanese Government to Track Down Cryptocurrency Income Tax Offenders

The Japanese government will establish a system that would track down individuals who refuse to pay tax on profits made from cryptocurrency transactions.

Tax Payments on Cryptocurrency Capital Gains

News coming from a Japanese newspaper, The Mainichi, reports that according to sources, the Japanese government is planning to form a system that would monitor individuals who make profits from cryptocurrency transactions and catch individuals who refuse to pay taxes on gains from such operations.

The new system would empower the National Tax Agency (NTA) to request transactional details from intermediaries such as cryptocurrency exchanges. These exchanges would provide information on customers whom the agency suspects of tax evasion.

Under Japan’s Income Tax Act, gains gotten from cryptocurrency transactions are categorized as miscellaneous income. By this, individuals who gain a minimum profit of 2000,000 yen per annum fall under Income Tax.

Following the present legislation, cryptocurrency exchanges and other virtual currency businesses can release data on clients voluntarily. The Japanese government would also enable the NTA demand information from these businesses, including clients’ names, the address of the customers, and a 12-digit individual identification number.

The government is, however, considering the protection of personal information. The taxation authority would only demand data on customers earning a minimum of 10 million only when it can verify that the individual failed to report half of the income. Digital currency businesses not in favor of these requests can appeal.

A recent NTA survey revealed that over 300 individuals declared earnings of at least 100 million yen from virtual currency transactions in 2017. This profit was due Bitcoin’s record price of $20,000 in 2017.

The outline for the new taxation system would launch in the 2019 fiscal year.

Regulating the Local Cryptocurrency Landscape

Japan is not relenting in its bid to regulate the cryptocurrency industry, improve security, and protect investors. The country which is home to two of the biggest hacks on virtual currency exchanges has tightened regulatory rules for digital currency exchanges in the country.

Reports recently revealed that Japan’s regulatory body, the FSA, had plans to regulate Initial Coin Offerings (ICO). This move by the FSA was to curtail fraudulent ICOs and limit individual’s investment in ICOs to protect them.

EWN also reported that Japan made its registration process stricter for cryptocurrency exchanges who wanted to operate in the country. This move was in response to the Coincheck hack that saw the loss of $538 million worth of XEM and to prevent the future disappearance of customers’ funds.

The FSA also granted self-regulatory status to the Japan Virtual Currency Exchange Association (JVCEA), This body would monitor exchanges in the country and sanction erring businesses.

Image courtesy of Shutterstock.

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South Korea Mulls Imposing Taxes on Cryptocurrency ICO

The South Korean government reportedly has plans to tax cryptocurrency and ICOs, despite the lack of a regulatory framework.

Cryptocurrency ICO Taxation Policy

According to The Korea Times, Hong Nam-Ki, Finance Minister nominee, revealed that the South Korean government is planning to tax cryptocurrency and initial coin offerings (ICO). Nam-Ki submitted his written answer before the South Korean National Assembly in response to a question based on taxation of digital currency.

The nominee further stated that the tax method for virtual currencies would be finalized in line with the taxation infrastructure and progress by global stakeholders. Furthermore, Nam-Ki said:

A task force consisting of experts from relevant government agencies including the National Tax Service and the private sector will be formed to examine overseas examples and hammer out the taxation plan.

With the current ICO ban in South Korea, the Finance Minister nominee said that the government would reach a definite stance on ICOs after studying various factors. These factors include market conditions, investor protection issues, and global trends.

Also, Nam-Ki said that results from the survey done by the financial regulatory market and experts would form the government’s orientation concerning ICOs.

The nominee, speaking on virtual currencies, described them as a phenomenon with no generally acceptable regulatory structure. With 2,000 digital currencies traded worldwide and 160 traded domestically, Nam-Ki called for caution when regulating the industry.

Hong Nam-Ki added that the government would nurture blockchain technology, citing that 90% of business fall under blockchain-related businesses. These businesses, excluding virtual currency exchanges, can be classified as venture companies.

Korean Cryptocurrency Exchanges Helpless in the Face of Chinese Influx

The South Korean market is receiving an influx of Chinese virtual currency exchanges. Major virtual currency exchanges like Binance, OkEx, and Huobi, have penetrated the Korean space.

OKEx recently announced its move into the South Korean market and Huobi initially declared it would enable traders to use the Korean won to trade cryptocurrency. Binance has also made moves to spread within the South Korean community. With the influx of these Chinese exchanges, however, local cryptocurrency exchanges are powerless.

The Korean government has been inconsistent in providing a regulatory framework the cryptocurrency industry. Towards the end of Q2 2018, the country declared that it would regulate digital currency exchanges, bringing some relief. However, less than a week after the announcement, the government deliberately postponed regulations.

The Korean cryptocurrency exchange community express growing concerns over the avalanche of Chinese exchanges into the country. Domestic cryptocurrency companies find it challenging to expand abroad because of money laundering concerns.

The Korea Bar Association recently urged the government to create laws that would develop the cryptocurrency industry in the country and improve investors’ protection.

Images courtesy of Shutterstock

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The Bahamas Plans to Become a Leading Blockchain Hub

An NGO in collaboration with some institutions announced plans to establish blockchain developers in the Bahamas. The group also aims to place the Island at the forefront of distributed ledger technology (DLT) adoption.

A Leading Blockchain Hub in the Caribbean

According to The Nassau Guardian, an NGO known as the Caribbean Blockchain Alliance (CBA) is seeking to establish a group of decentralized technology developers in The Bahamas. In a press release, Stefen Deleveaux, founder of the CBA, talked about the inherent opportunities found in decentralized technology.

The founder further explained thus:

Blockchain technology is seen as the next step in Internet and financial technology, in what many describe as Web 3.0. There is a huge opportunity to use this technology to improve public and private services in this country. In addition, competent blockchain developers are in high demand, in an industry that almost guarantees access to a high-income job or potential project.

Deleveaux also said that part of the objectives was to build several cohorts of DLT developers. The CBA founder also recognized the importance of blockchain technology in software infrastructure as the reason for the groups.

Furthermore, Deleveaux announced a collaboration involving Inter-American Development Bank (IDB), CBA, Blockgeeks, and the University of the Bahamas. These four institutions would host a hackathon. Also, twenty-five Bahamian citizens would partake in a course for decentralized technology developers, from November 30 – December 1, 2018.

The press release further stated that after the course, students would get a certificate recorded on the decentralized technology.

Michael Nelson, who serves as IDB’s Chief of Operations, added that the bank seeks to empower Bahamian citizens. With the collaboration and the incentives in place for DLT developers, Ameer Rosic, the CEO of Blockgeeks, believes that the Island could be “the blockchain hub of the Caribbean.”

Island Governments Adopting Cryptocurrency and Blockchain Technology

Blockchain technology and cryptocurrency adoption are recording high among Island governments. Some of these countries go further to aspire to become “blockchain Islands.”

Towards the end of the second quarter, the Bahamas announced plans to issue its digital currency. According to the Island, a state-owned virtual currency would help to improve its economic development and eliminate barriers.

Malta, another DLT-friendly country, is at the forefront of decentralized technology and cryptocurrency adoption. Popularly known as the “blockchain Island,” it was the first country to have a holistic legislative framework regulating DLT technology.

Furthermore, Malta introduced the Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS). Both Acts would regulate virtual currency and decentralized technology.

However, Marshall Islands’ plan to adopt cryptocurrency isn’t receiving complete support. President Hilda Heine’s announced moves to create a virtual currency that would act as a legal tender but received a “no confidence motion” from some of the country’s senators. The IMF and the U.S. also disagreed with the president’s plan.

Image courtesy of Shutterstock.

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