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The OECD warns that cryptocurrencies and Blockchain are challenging fiscal transparency

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The Organization for Economic Cooperation and Development (OECD) has issued a report to the finance ministers and directors of the G20 central banks.

The report examines the achievements and objectives of the OECD in advancing its efforts to “redefine the international landscape”, identifying new technologies, cryptocurrencies and distributed accounting technology as a unique challenge to “fiscal transparency”. The report states that the OECD, with the assistance of the G20, has made “tremendous progress” in the implementation of the OECD’s international “tax agenda”. The organization states that its policies have resulted in a transition from the “global financial system” to the “opacity and inconsistency towards transparency and coherence”. One of the main political objectives sought by the institutions has been greater “fiscal transparency”, as indicated in the report: “fiscal transparency has been at the heart of the OECD’s role in the international tax area.” Although it boasts of numerous achievements with respect to promoting greater tax transparency, the document identifies the growing “digitization of the economy” as a series of significant challenges for the OECD’s international policy objectives.

Cryptocurrencies as a threat to tax transparency The OECD states that “technologies such as blockchain facilitate both the creation of new and safe methods of record keeping and cryptocurrencies”, which are described as “possible risks to progress in tax transparency of the last decade “. Although the report states that “work is already underway to better understand and address these developments,” the OECD says that “more work is needed to ensure that governments can take advantage of the opportunities provided by these changes, and ensure the continued effectiveness of the tax system. ” The report states that “The Forum on Tax Administration, working with the Inclusive Framework, will develop practical and cooperative tools in the area of ​​tax administration, and will also examine the consequences in this regard of new technologies (for example, cryptocurrencies and technology). Distributed accounting blockchain), “indicating that the forum’s findings will be revealed in 2019.

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Bitcoin price prediction: BTC/USD stuck between strong levels of support and resistance – Confluence Detector

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  • BTC/USD went down slightly from $8,811.45 to $8,750.50 this Wednesday.
  • BTC/USD has three healthy resistance levels on the upside at $8,800, $8,990 and $9,000.

After suffering a slightly bearish Wednesday, wherein it fell from $8,811.45 to $8,750.50, BTC/USD has had a bullish start to this Thursday and is currently priced at $8,768.85. Since the price is sandwiched between strong resistance and support levels, further growth might be hampered. On the upside, there are three healthy resistance levels at $8,800, $8,990 and $9,000. While on the downside, healthy support levels lie at $8,755 and $8,530.

BTC/USD Confluence Detector

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Looking at the resistance levels – $8.800 has the one-hour Previous High, 4-hour Bollinger Band middle curve, 15-min Bollinger Band upper curve, one-hour Bollinger Band upper curve, one-day Fibonacci 61.8% retracement level and 100-day Simple Moving Average (SMA 100), while $8,990 has no confluence detected. $9,000 has the 4-hour Bollinger Band upper curve and SMA 10.

On the downside, $8,755 has the SMA 5, SMA 10, SMA 50, SMA 100, SMA 200 and one-hour Bollinger Band middle curve. Finally, $8,530 has the one-month Fibonacci 61.8 retracement level.


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Bitcoin to soon be accepted at 65,000 Swiss Retailers

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  • 65,000 Swiss Retailers will be able to soon start accepting Bitcoin.
  • The new development comes on the back of a partnership between Bitcoin Suisse and Worldline. 

It is reported that a new system will be available for the 65,000 Swiss merchants currently using Wordline’s nationwide payments infrastructure, dubbed SIX Payment Services. 

65,000 Swiss retailers will shortly be able to start accepting Bitcoin as a means of payment. It comes following a partnership announcement between the Swiss broker Bitcoin Suisse and the European payment and transaction services provider Worldline. 

It is reported that local publication Switzerland Global Enterprise has announced that both companies have signed a letter of intent. It covers ground that they promise to offer Swiss traders and consumers the possibility of paying with BTC. In terms of the partnership, it will be allowing the country’s 65,000 retailers who already use Wordline’s infrastructure to accept Bitcoin payments.

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Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag

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  • 2Bitcoin price is trading in positive territory, up some 0.50% in the second half of the session. 
  • BTC/USD price action is within consolidation mode, failing to attract commitment. 
  • The bulls must again breakdown and hold above the $9000 price mark for greater upside. 

BTC/USD weekly chart

The price is sitting just on top of a breached weekly flag structure. 

BTC/USD daily chart

Daily price action is also moving within a bullish flag, subject to a potential breakout higher. 

Spot rate:                   8,771.49

Relative change:       +0.50%

High:                          8,838.90

Low:                           8,707.85

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