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Facebook may unleash crypto-adoption with GlobalCoin; will India lead this revolution?

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With non-financial businesses placing their bets on a crypto-powered future, goliaths such as Facebook, Nike and Microsoft are in the race to register patents and trademarks to lead the crypto-era. The social media giant, Facebook, recently made headlines for meeting the US Commodity and Futures Trading Commission [CFTC] over concretizing its crypto-stablecoin initiative, GlobalCoin. Although numerous crypto-companies have previously approached the government for mainstream acceptance, CFTC chairman Christopher Giancarlo, mentioned,“The goal (of the meeting) was to better understand Facebook’s crypto stablecoin’s potential under the CFTC’s regulatory remit.”

While Facebook’s stablecoin initiative managed to get the green light in its initial stages, the crypto-verse’s spread was crippled by tremendous resistance from key markets of the world, including India and China. In a more surprising turn of events, countries such as Venezuela have started accepting crypto to survive the fiat economic collapse.

Clearly, the world is ready and desperate for financial stability and independence (from the US) in most cases. What’s concerning for traditional financial institutions is the fact that Facebook’s GlobalCoin project, once active, would be accessible to the largest global customer base. While this would bolster the reinvention of cross-border asset transfers, Facebook would also bring new investors into

the crypto-market.

The main factor for GlobalCoin’s anticipated global acceptance is its brand recognition and trust. Facebook recently amped up efforts for setting up an e-commerce presence within its app ‘Marketplace’, signaling a bigger roadmap for the crypto-future. While speculators took center stage, @Frances_Coppola tweeted,“Facebook’s proposed digital currency has nothing to do with cryptocurrency adoption and everything to do with challenging Amazon.”

Although Facebook’s stablecoin promises an increase in crypto-adoption, its widespread usage would be factored based on government acceptance. India, although leading the tech revolution, continues to restrict its banking authorities from supporting crypto, while smaller economies are being forced to adopt it. It is also important to note that the Facebook-acquired WhatsApp has over 200,000,000 users in India alone.

Source: Coin Dance

Despite the ban, a consistent YOY increase in India’s BTC trading volumes can be seen, signaling GlobalCoin’s tremendous potential. The new Finance Secretary, Subhash Chandra Garg, has even reportedly signaled his interest to re-discuss the status of cryptocurrency acceptance for the world’s largest democracy. As more countries adopt crypto, for better or worse, crypto is destined to redefine the existing financial structure. And, Facebook’s GlobalCoin may be at the head of this movement.

Source/ambcrypto

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MARKET DAILY: Nike and the ECB Are Thinking With Tokens

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With markets continuing their slide, today we’re looking at Nike’s recent shoe patent and the ECB’s digital currency discussions. Later, we’re joined by CoinDesk analyst Galen Moore for some insight into exchange fees, token listings and more…

Having trouble with the embedded player? You can download the MP3 here.

Tune in as CoinDesk podcasts editor Adam B. Levine

and senior markets reporter Brad Keoun run down recent action, track interesting longer-term trends, and highlight the best “thinking with tokens” and some of the most important crypto industry developments of the day.

Topics for December 11, 2019:

  • Crypto and traditional markets update
  • Alleged Mining Ponzi Arrests, Nike & the ECB are thinking with tokens
  • Crypto Liquidity Takeaways from our recent conversation with Binance.us and FTX
  • A bad week for MATIC

Join us again on Thursday, for the next Daily Markets from CoinDesk.

If you have any thoughts or comments on the Daily Markets show so far send an email to [email protected]

source:coindesk

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China Crypto Insider Lifts Lid On What’s Really Going on in Beijing

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Last Updated on December 10, 2019

There has been a lot of news out of China in recent weeks buffeting the markets – both to the upside and downside.

The “Xi put” in the shape of President Xi Jinping’s blockchain-friendly pronouncements in November got the juices going.

And yesterday we heard that the People’s Bank of China is supervising the rollout of a yuan-backed digital currency in Shenzhen and Suzhou.

However, it was the initial euphoric response in the marketplace to Xi’s speech to the Chinese Communist Party’s powerful Politburo, and the subsequent supposed renewed clampdown on cryptocurrencies that followed, that has been moving markets.

Western media reporting on Chinese crypto matters is often inaccurate or confusing. The crypto ban is a case in point. Although China did ban crypto exchanges operating in the country in 2017, it didn’t stop Chinese citizens trading offshore – a fact that is often overlooked. Also, over-the-counter business still allowed those who wished to buy bitcoin.

Also, in some ways Xi’s speech was nothing new as blockchain technology was previously identified as a key technology by state planners.

To get behind the headlines and to glean some insights into what China’s leaders in government and tech are up to, we spoke to Randolf Zhao, vice president operations at crypto derivatives exchange BaseFEX.

We began by considering some of the issues raised in a recent major South China Morning Post article on Chinese crypto developments and how blockchain was likely to affect governance in China.

Randolf Zhao, vice president operations at BaseFEX
Randolf Zhao, vice president operations at BaseFEX

RZ: The thing that I see commentators in the SCMP article haven’t touched on is, some use cases of blockchain in China’s government services might not be as revolutionary as they thought. Instead, it could just make complicated things much simpler, thanks to the distributed nature of blockchain technologies.

A pain-killing application could be an inter-departmental-blockchain of all levels of all administrative departments.

The databases of different government departments in China are NOT shared. It is not because they refuse to do so. It is because it is such a lengthy, expensive, and complicated process for different departments to connect their cloud databases with each other.

I still remember how painful that was back in 2015 when the city government of Beijing was syncing the Business License, Corporation Code Certificate and Tax Registration databases all together, which was called ‘3in1’  (三证合一) back then. For four weeks, all paper-based processes in Beijing came to a halt until the syncing was completed. And this entire process took the three departments half a year to prepare for.

And now, what if they want to sync more databases – for example with the Social Insurance database – to the system they have? It will be another half year in preparation for all government departments involved.

An inter-departmental blockchains at different levels of all administrative departments could be a perfect pain-killer for situations like this. Data can be immediately visible to different departments and to local layers of all government agencies.

These blockchains will be semi-private – what the community usually calls ‘consortium blockchain’ or ‘permissioned blockchain’ – in which authorised personnel can access and update different info, with different types and levels of authority on the blockchain.

And on top of this mega inter-department blockchain, different departments and agencies can develop a variety of complex, blockchain-based applications, for example social benefits calculations, anti-financial crimes, anti-corruption, or

fugitive hunting. Of course, these can all be artificial intelligence-based as well.

As a matter of fact, this is happening now. Some provincial and municipal governments in China are already pioneering these use cases, such as Zhejiang province, where Alibaba helped with development, and in Xiongan and Shenzhen where Tencent was involved.

So what about the reported crackdown on bitcoin mining and exchanges?

RZ: We all know it is pretty much an open secret that although the Chinese government regulations banned cryptocurrencies and crypto and bitcoin trading, it gave implicit consent to local operations that are not involved in Ponzi schemes or other forms of fraudulent behaviour.

Legitimate projects and exchanges voluntarily moved registration offshore, yet the majority of their teams remain in China, and as long as they don’t play too wild, the local government sees no problem with this. I would say local governments are silently happy with the revenues and employment opportunities we bring to the local economies.

How do you see the government’s crypto/blockchain strategy evolving?

The general idea is, China cannot be absent from the upcoming cryptocurrency financial system, and the Chinese government will not give up the economy’s existing advantages in cryptocurrencies and crypto trading. This is the open agenda of People’s Bank of China (PBOC) and the Ministry of Industry and Information Technology (MIIT), both of which are actively promoting China’s Digital Currency Electronic Payment (DCEP) system.

The main concern is Ponzi schemes and other types of fraud occurring under the name of cryptocurrency or blockchain. Thus, fraud-related exchanges are the targets for crackdowns. Also note I am separating the term cryptocurrencies from the term blockchain. They are being assessed separately.

This hasn’t changed during the recent events. Beijing local government recently raided a few China-focused exchange that were allegedly associated with frauds. But they are by no means targeting everyone.

I, together with most people I know in Beijing’s crypto industry, don’t agree with articles like this [SCMP article] feeding FUD.

When it comes to the question of the party and government using blockchain to tighten control from the top do you think there may be push back from local governments  and other areas of the party who might see it threatening their control?

RZ: I beg to differ.

The recent events, Xi’s blockchain speech and local governments’ anti-fraud raids, strongly suggested an approval in the Politburo’s standing committee for blockchain technologies and crypto initiatives esp. China’s DCEP. [If there was opposition in the provinces and elsewhere then…] provincial governments wouldn’t be doing anything, such as implementing the 2017 ban so swiftly.

It should also be noted that provincial governments report to the Politburo. It seems a general roadmap has already been drafted, but details are still being discussed by relevant ministries so local governments are taking some preventive measures to avoid social instabilities stemming from crypto as camouflage for frauds.

By the way, it would be PBOC and MIIT that first brought the topic to the Politburo’s standing committee – that’s how the internal initiative process goes. They have been researching and promoting the topic for years. The PBOC and MIIT both have working groups researching on blockchain and crypto matters.

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Korean government working on legislation to tax capital gains of crypto in 2020

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  • Legislation is being prepared by the government in Korea to introduce a crypto tax capital gains.
  • It is expected to be released in early 2020 according to the Korea Times. 

The Korean government is undergoing preparation for legal tools to tax capital gains from the sale of crypto assets. 

Specialized legislation to target digital asset deals is expected to arrive from the tax season for 2020. 

The Ministry of Economy and Finance is working on building the measure that will become a tax bill from next year. An official from the ministry said:

“Related discussions have been taking place.“The revised bill will be drawn up by the first half of next year.” 

The Korean National Assembly has also been working on a crypto taxation bill. An eventual bill would increase the transparency on all parts of the process of trading digital coins. But for sure, Korea will try to tax capital gains from the sale of digital assets.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

  • Legislation is being prepared by the government in Korea to introduce a crypto tax capital gains.
  • It is expected to be released in early 2020 according to the Korea Times. 

The Korean government is undergoing preparation for legal tools to tax capital gains from the sale of crypto assets. 

Specialized legislation to target digital asset deals is expected to arrive from the tax season for 2020. 

The Ministry of Economy and Finance is working on building the measure that will become a tax bill from next year. An official from the ministry said:

“Related discussions have been taking place.“The revised bill will be drawn up by the first half of next year.” 

The Korean National Assembly has also been working on a crypto taxation bill. An eventual bill would increase the transparency on all parts of the process of trading digital coins. But for sure, Korea will try to tax capital gains from the sale of digital assets.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

  • Legislation is being prepared by the government in Korea to
    introduce a crypto tax capital gains.
  • It is expected to be released in early 2020 according to the Korea Times. 

The Korean government is undergoing preparation for legal tools to tax capital gains from the sale of crypto assets. 

Specialized legislation to target digital asset deals is expected to arrive from the tax season for 2020. 

The Ministry of Economy and Finance is working on building the measure that will become a tax bill from next year. An official from the ministry said:

“Related discussions have been taking place.“The revised bill will be drawn up by the first half of next year.” 

The Korean National Assembly has also been working on a crypto taxation bill. An eventual bill would increase the transparency on all parts of the process of trading digital coins. But for sure, Korea will try to tax capital gains from the sale of digital assets.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

  • Legislation is being prepared by the government in Korea to introduce a crypto tax capital gains.
  • It is expected to be released in early 2020 according to the Korea Times. 

The Korean government is undergoing preparation for legal tools to tax capital gains from the sale of crypto assets. 

Specialized legislation to target digital asset deals is expected to arrive from the tax season for 2020. 

The Ministry of Economy and Finance is working on building the measure that will become a tax bill from next year. An official from the ministry said:

“Related discussions have been taking place.“The revised bill will be drawn up by the first half of next year.” 

The Korean National Assembly has also been working on a crypto taxation bill. An eventual bill would increase the transparency on all parts of the process of trading digital coins. But for sure, Korea will try to tax capital gains from the sale of digital assets.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

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