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US Politician Uses Crypto to Buy Cannabis for Tax Remittance Demo

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A Californian politician has become the first elected official to use cryptocurrency to purchase cannabis in the United States.

A press release shared with Cointelegraph on Sept. 11 revealed that Berkely City Councilmember Ben Bartlett used Bitcoin Cash (BCH) and the stablecoin Universal Dollar (UPUSD) to make the purchase at Ohana Cannabis, a dispensary in Emeryville, CA.

The purchase was part of a live demonstration of crypto-financial technology conducted by blockchain company Cred and the Blockchain Advocacy Coalition. The latter is a group of California-based businesses and consumers that work to promote transparent blockchain legislation at a state and national level.

Cannabis Tax Remittance Via Stablecoin

According to the press release, the initiative forms part of the Blockchain Advocacy Coalition’s sponsorship of a new bill (AB 953) that would enable California to accept cannabis tax remittance via stablecoin. During the demonstration, the team at Cred was reportedly on hand to explain the ins and outs of blockchain and stablecoin technology to local elected officials.

The transaction involved Ohana accepting Bitcoin Cash by using Cred’s LBA token as a translation utility, with sales and city tax proceeds settled in Universal Dollar. 

Universal Dollar — which runs on the Ethereum blockchain and is pegged to the US dollar — was developed by the Universal Protocol Alliance, a coalition of blockchain firms including Cred, Uphold and Blockchain at Berkeley. 

In a statement, Dan Schatt — co-founder of Cred and the Universal Protocol Alliance — outlined:

“Not only does crypto result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.”

Crypto for the Green Rush industry

As the press release notes, 70% of California’s state cannabis industry is unbanked, significantly increasing both the risks and costs faced by local governments required to accept tax remittance in large cash deposits.

Councilmember Bartlett remarked that in providing a cash-free mechanism for cannabis tax remittance, the proposed AB 953 bill represents a piece of innovative legislation appropriate for the 21st-century so-dubbed Green Rush industry.

The politician has now reportedly requested Berkley City staff to prepare a report on acceptance of cannabis taxes using stablecoin technology.

Back in 2018, the state of Ohio was hailed for its pioneering acceptance of Bitcoin (BTC) for enterprises’ tax liabilities. Several other U.S. states had pursued — but not yet succeeded in implementing — similar initiatives prior to Ohio.

Source: cointelegraph

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Top-5 Crypto Performers: ATOM, EOS, ETH, DASH, TRX

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Facebook’s Libra continues to face opposition from lawmakers and central banks around the world. French Finance Minister Bruno Le Maire said that Europe should consider a European public digital currency to counter the Libra. German Christian Democratic Union parliamentarian Thomas Heilmann said that the grand coalition in Germany has agreed that it will not allow “market-relevant private stablecoins.” 

However, Bertrand Perez, the director general of the Libra Association, stated that the company will satisfy all regulatory requirements and that Libra might launch in the second half of 2020. He said that Libra does not aim to create new money supply, hence, it will not destabilize the fiat currencies that are a part of its basket.

United States Treasury Undersecretary Sigal Mandelker has said that terrorist organizations and their supporters are looking at new ways of raising and transferring funds to evade tracking by law enforcement agencies. She stressed the need to establish a system that will prevent illicit finance in crypto for the United States to work with governments to ensure that “non-compliant networks and fintechs do not survive.” 

With sustained pressure from regulators, let’s take a look at this week’s top performers and see what their charts project.

ATOM/USD

Cosmos (ATOM) has been a huge outperformer in the past seven days as it has risen over 34%. The rally has helped it climb back into the top-20 cryptocurrencies by market capitalization. Can it continue its stellar run or will it give up some of its recent gains? Let’s analyze the chart.  

ATOM/USD

Due to a short trading history, we are analyzing the daily chart on the ATOM/USD pair. It hit a lifetime low of $1.9101 on Sept. 5, from where the recovery has been strong. This shows that bulls have used the dip to buy aggressively. After more than an 80% rally within 10 days, the price has now reached the previous support-turned-resistance of $3.6043. 

The recovery might face some resistance at this level but once it is crossed, a move to $4.4389 and above it to $5.7961 is possible. The moving averages are on the verge of a bullish crossover, which indicates a likely change in trend. 

Any dip from current levels is likely to find support at the upsloping 20-day EMA. Our bullish view will be invalidated if bears sink the price below $2.40. If that happens, a retest of the lows is possible. The traders can wait for a pullback to the 20-day EMA before initiating long positions. 

EOS/USD

A hacker exploited a bug in the EOS gambling game EOSPlay to steal over $110,000 in cryptocurrency. The hack did not freeze the network, but it caused an overload due to which  “there was just no extra bandwidth available for free use,” according to Daniel Larimer, the CTO at Block.One. However, this event did not affect the price as the cryptocurrency was the second-best performer of the past seven days. The upcoming hard fork on Sept. 23, the largest upgrade to the network since it was launched, has kept sentiment bullish, but what do the technicals projec

EOS/USD

The bulls are attempting to push the EOS/USD pair above the descending channel. A breakout and close (UTC time) above the channel will indicate a possible change in trend. However, above the channel, the pair is likely to face stiff resistance at both moving averages and above it at $4.8719.

Once the price ascends $4.8719, it will signal the start of a new uptrend that can result in a move back to $8.6503. The traders can initiate long positions as we recommended in the previous analysis.

If the bulls fail to scale $4.8719, the cryptocurrency might remain range-bound for a few more days. Our bullish assumption will be negated if the price turns down from any of the overhead resistance levels and plummets below $3.1534. Below this level, a drop to $2.20 and below it to $1.55 is possible.

ETH/USD

Spanish bank Banco Santander issued a $20 million bond, the first end-to-end blockchain bond, on the Ethereum blockchain. Santander Corporate and Investment Banking said that the whole transaction was faster, simpler and more efficient.
With positive technical news on the Ethereum network, let’s see what the charts project for Ether (ETH).

ETH/USD

The ETH/USD pair is attempting to bounce after hitting $163.755 the week before. It has risen above the 50-week SMA and will now attempt to rise above the 20-week EMA. Both moving averages have flattened out and the RSI is gradually climbing back toward the midpoint, which shows a balance between buyers and sellers.

A breakout of the 20-week EMA will be a positive sign that will shift the advantage in favor of the bulls. Above $235.70 the recovery can reach the critical overhead resistance of $320.84. 

However, if the price turns down from the 20-week EMA or $235.70 and plunges below $163.755, it will signal weakness.  

DASH/USD

Coinbase Pro announced that it will add support for the Dash (DASH) token next week. The professional trading platform will accept DASH deposits for 12 hours before full trading begins. Dash also received support from Brazilian cryptocurrency exchange NovaDAX and cryptocurrency payments merchant solution PumaPay. These positive developments have kept the cryptocurrency among the top five performers for the second straight week. Can it continue its run? Let’s analyze the chart.

DASH/USD

The pullback in the DASH/USD pair is facing selling at the previous support-turned-resistance of $95.4264. Above this level, the bulls will again hit a roadblock at the downsloping moving averages. If the price breaks out of the moving averages, it is likely to turn positive and rally to $162 and above it to $188.5598.

However, if the pair turns down either from $95.4264 or from the moving averages and plummets below the recent lows of $77.9187, it might complete a 100% retracement of the entire rally and decline to $58.49. 

The gradually down-sloping moving averages and RSI in the negative territory suggests a bearish sentiment. Therefore, we will wait for the price to break out of the moving averages before suggesting a trade in it.

TRX/USD

According to Cointelegraph Analytics, Tron (TRX) is likely to release an update for the Sun Network. The Sun Network protocol aims to improve the security and efficiency of decentralized applications (DApps). The number of DApps on the Tron network continues to rise according to DAppTotal. Can the price follow higher? Let’s study its chart.

TRX/USD

The TRX/USD pair is still struggling near the yearly lows. It is likely to face stiff resistance in the $0.016–$0.01774 zone, which had previously acted as a strong support. The 20-week EMA has turned down and the RSI is in the negative zone, which shows that bears have the upper hand. If the price turns down from the resistance zone and dips below $0.0139038, it can retest the lows at $0.01124. A drop to new yearly lows will be a huge negative. 

Conversely, if the bulls can propel the price back above the overhead resistance zone, it will indicate demand at lower levels. The pair will face resistance at the moving averages, above which it is likely to pick up momentum and move up to $0.0409111 in the medium term. We will wait for the buyers to assert their supremacy before suggesting a trade in it.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

source.cointelegraph

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Crypto Market & Bitcoin Sighting Upsides: BCH, EOS, TRX, ADA Analysis

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  • The total crypto market cap is currently holding the $250.0B support area.
  • Bitcoin price is struggling to gain momentum above the $10,400 and $10,500 resistances.
  • EOS price is up more than 2% and it recently broke the key $4.000 resistance area.
  • BCH price is back above the $300 pivot level and it could climb towards the $320 level.
  • Tron (TRX) price is consolidating losses below the $0.0165 resistance area.
  • Cardano (ADA) price is eyeing an upward move towards the $0.0500 resistance level.

Bitcoin and the crypto market cap are likely eyeing more upsides. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are likely to extend gains.

Bitcoin Cash Price Analysis

After a downside correction, BCH price started a fresh increase above the $290 level against the US Dollar. The price broke the key $300 resistance level to enter a positive zone. It is now trading above the $305 level and it seems like the next stop for the bulls could be near the $320 level.

On the downside, an initial support is near the $302 and $300 levels. If the price fails to stay above $300, it may perhaps decline back towards the $290 support area.

EOS, Tron (TRX) and ADA Price Analysis

EOS price performed really well in the past few days and it broke the main $3.850 resistance. The upward move was such that the price even surpassed the $4.000 barrier. It is now trading above the $4.100 level and it seems like there could be a minor downside correction towards the $4.000 level.

Tron price remained in a bearish zone below the $0.01650 and $0.0160 resistance levels. TRX price is currently trading near $0.0158 and it might continue to face hurdles on the upside near the $0.0165 level.

Cardano price tested the $0.0450 level and recently started an upside correction. ADA price climbed above the $0.0465 level and it seems like it could continue to rise. The main resistance on the upside is near the $0.0500 level, above which it could test the $0.0520 resistance level.

Bitcoin Crypto Market Cap Total

Looking at the total cryptocurrency market cap 4-hours chart, the $245.0B support level acted as a strong support recently. The market cap climbed higher recently and broke the $250.0B resistance level. Moreover, there was a break above a bearish trend line with resistance near $255.0B on the same chart. The current technical structure suggests more upsides above the $260.0B level in the coming sessions. If there is a downside correction, the $245.0B level might provide support. Overall, there can be a slow and steady rise in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.

Source: newsbtc

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Gloomy Future For Libra Crypto as Central Banks Pose Tough Questions

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Not a week has gone by since Facebook announced its lofty crypto ambitions that it hasn’t been torn apart for one reason or other. Now it is the chance for the central banks of the world to grill the social media giant on its plans to compete with them all.

Calibra Crypto Concern Intensifies

US lawmakers have had their turn at lambasting the crypto project and this week it will be the turn of the bankers to get their gloves on. Officials speaking to the Financial Times said that Libra representatives are meeting with officials from 26 central banks in Switzerland today.

Two of the planet’s largest banks will be represented which are the Bank of England and the US Federal Reserve and it is unlikely either of these will be supportive of the project. The session is to be chaired by the European Central Bank’s Benoît Coeuré.

Facebook, who haven’t really had a choice, has said it welcomes dialogue with regulators and banks and purposefully set a long launch schedule for this purpose. Clearly Zuckerberg et al knew there would be heavy resistance to a new global currency with potentially billions of users that is controlled by a billionaire and a consortium of US tech and finance giants.

Politicians and bankers generally share the same opinion of cryptocurrencies, knowing that they have the potential to undermine central banks and the existing financial system that is tightly controlled by the governments of the world.

Both France and Germany have already stated that they want nothing to do with Libra and that it should be blocked in the EU. It appears that the market for this crypto coin is diminishing before it has even got off the ground. India, which is the social media platform’s largest user base, has said Libra would not be permitted on its shores, and China has banned the platform in entirety.

Scam Central

It was also reported this week that scams relating to the sale of Libra tokens were already increasing. This is surprising since the minting press has not even been fired up yet. Tomer Barel, Calibra’s chief operating officer, said that the company has no connection to any trading that is taking place in Libra investment tokens, adding that they don’t even exist yet so whatever is being sold at the moment is thin air.

Ironically users have been setting up fake pages and groups on Facebook’s own platform impersonating official Libra token sales outlets. It is this sort of thing that makes the company totally unsuitable to manage global finance when it cannot even control what users are doing on its own website.

Facebook is clearly running out of friends, and it sure doesn’t have many likes for the crypto project but considering its track record, that notion is hardly surprising.

Source: newsbtc

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