According to Forbes, China’s central bank is ready to launch a state-backed cryptocurrency and hand it out to several major institutions in the country.
Some of the Institutions are Commercial Bank of China, Alibaba and Tencent to help distribute the cryptocurrency into the country’s economy.
According to Forbes‘ sources, the plan is to launch the digital currency as soon as Singles Day on November 11, China’s busiest shopping day.
China’s central bank is hoping to eventually spread the currency to the West through participating banks — but it’s unclear if and when that will occur.
Cryptocurrency and telecommunications company Telx Technologies announced the launch of the first crypto SIM card wallet that enables transactions via SMS.
On Aug. 22, The company published a post explaining how this will work, the card allows its users to send cryptocurrencies via SMS with their dedicated crypto phone number. The thing to note here is, these transactions do not require a smartphone or an active Internet connection. On the other hand, the system also offers no control over a user’s crypto wallet.
Telx also mentioned this in its announcement: “At Telx our goal is to make transacting digital currency as easy and accessible as possible. This means creating solutions that technical and non technical people alike can adopt. We believe there is tremendous synergy between payments and messaging.”
According to the post, the crypto SIM card is available in over 180 countries, allows unlimited SMS messaging and supports Bitcoin (BTC), Litecoin (LTC), DASH, Zcash (ZEC) and Bitcoin Cash (BCH). To execute a crypto transaction via this service, its user can send an SMS to any phone number.
The company promises to prevent SIM swapping and phone number porting, to accept transactions originating only from the proper SIM card, to protect the wallet with a dedicated PIN number and to provide backup keys in case of a theft or loss.
Binance recently revealed it’s open blockchain project “Venus” focused on developing localized stablecoins worldwide.
In an announcement on Aug 19, Binance argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures.
Binance is looking out for partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries.
As per the report, Binance’s vision for the project, is to “build a new open alliance and sustainable community” that enlists partners who wield influence on a global scale.
With its choice of name, “Venus,” Binance is also stepping into the astrological waters of both Facebook’s Libra project and the Winklevoss Twins’ Gemini exchange and Gemini dollar.
While Donald Trump is busy bashing Bitcoin, New Zealand’s tax authorities have ruled that income in cryptocurrencies is legal and provided guidance on how exactly it should be taxed.
In a tax information bulletin published on July 4, the New Zealand Inland Revenue Department summarized the provisions of the public ruling, made under s 91D of the country’s Tax Administration Act 1994.
This doesn’t applies to self-employed taxpayers, it only applies to salary and wage earners, covering both remuneration for services and bonuses, commissions and gratuities.
“In the current environment where crypto-assets are not readily accepted as payment for goods and services, the Commissioner’s view is that crypto-assets that cannot be converted directly into fiat currency on an exchange are not sufficiently ‘money like’ to be considered salary or wages.”
As reported, tax authorities and lawmakers globally are increasingly turning their attention to cryptocurrencies. Last week, crypto industry sources claimed that the United Kingdom’s tax authority was allegedly requesting that digital currency exchanges provide it with information about customers’ names and transactions aiming to identify cases of tax evasion.
Bitcoin miners earned up to four times the revenue accrued by their counterparts on the Bitcoin SV and Bitcoin Cash networks combined in one day!
Bitcoin miners earned $540,000 in transaction fees. This figure is more than four times the $130,000 earned by miners on the BSV and BCH chains combined over the past 12 months, According to August 2, 2019 tweet from “Shakepay.”
BCH miners see under $200 in transaction fees per day and Bitcoin regularly posts $500,000 in transaction fees alone on a daily basis. BSV miners were still running at a loss, five months after the chain split, Back in April 2019.
The top-ranked crypto is still some way off from the likes of Visa in terms of the daily transaction load. Thus, for BCH and BSV, the distance to the pinnacle of global payments appears even more insurmountable.
Similar to Facebook’s Libra cryptocurrency, A new patent filing suggests that United States retail giant Walmart may be developing its own U.S. dollar-backed digital currency. Walmart filed patent for Digital Currency via Blockchain.
Patent filing number 20190236564, “System and Method for Digital Currency via Blockchain,” was published by the U.S. Patent and Trademark Office (USPTO) on Aug. 1. The document outlines a method for:
“Generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit.”
Walmart continues to outline that the proposed digital currency project can provide a zero – or low-fee place for users to store wealth, one that can easily be redeemed and converted to store cash at selected retailers or partners. Such accounts could even be interest-bearing, the filing adds.
Early on in the filing, Walmart proposes that the launch of its digital currency could provide low-income households, for whom banking is costly, with “an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”
“The digital currency may act as a pre-approved biometric credit. A person is the ‘credit card’ to their own digital value bank.”
This would allow customers to buy products or services for themselves and for others — using the platform to hire a technician for repairs, an associate or a designated shopper for a given amount of time.
Bitcoin is one of the most preferred investment options in the world, Bitcoin was intended as currency, rather than an investment tool. As per a new survey by Grayscale Investments, about 36% of the investors in the United States are willing to invest in BTC. That means, despite all the controversies surrounding it, BTC has a potential of over 21 million new investors alone from the US.
The report states “Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another. Increasingly, savvy investors recognize that bitcoin and other digital currencies may have unique investment characteristics that provide diversification far beyond the basic 60% stock/40% bond portfolio allocation.”
At a time when regulators across the globe, including the US President Donald Trump, are criticizing crypto and calling for stricter regulations, the report brings new hope for the US industry stakeholders.
Union minister Anurag Singh Thakur, told the upper house of Indian parliament, Holding or trading cryptocurrencies like bitcoin is not banned in India.
The Minister of State to Ministry of Finance said, issues and concerns relating to Crypto currency is still under radar and investigation of a government-appointed inter ministerial committee.
He stressed that the Reserve Bank of India and the Ministry of Finance had issued a string of circulars and notices regarding the use of bitcoin and other similar coins.
As of now it’s cleared that Bitcoin is not banned in India! only a final report from the committee could shed more light on the final status of such nascent asset class.
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies,” wrore Thakur in his response. “Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
Thakur went on stating “It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorising any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Starting today The blockchain ready Opera Touch browser for iOS is available for download. This follows Opera’s addition of Crypto Wallet support on Android and PC, that means Opera is now Web 3 ready across all major platforms.
“I am happy to let you know that the award-winning Opera Touch browser for iOS now features crypto wallet integration and Web 3 support. This completes our efforts to offer Web 3-ready browsers with built-in Crypto Wallet on Android, Windows, Mac, Linux and now iOS. Opera Touch for iOS lets you seamlessly interact with the next generation of Web 3 applications on the Ethereum blockchain.”
Opera has won couple of awards the Red Dot Design Award and Gold IF Design Award. Opera Touch is an innovative web browser which is used by millions.
Opera supports all ERC-20 tokens, stablecoins and non-fungible tokens (NFT). Ethereum is a popular and quickly growing protocol that allows people to make transactions and enables developers to create decentralized apps (dApps) which provide practical use for this technology.
Opera Touch for iOS with Crypto Wallet, like the Opera browser for Android, supports the Ethereum Web3 API, making interacting with dApps seamless, without the need for browser extensions.
On June 18, in a blog post, The Litecoin Foundation has announced a partnership with Bibox Exchange and blockchain firm Ternio to release a physical cryptocurrency debit card.
The companies has formed a partnership to release physical cryptocurrency debit card, that will let users spend their cryptocurrency funds both online and in physical store locations around the world. Within the project, Bibox Exchange will act as the custodian of users’ funds and leverage over $200 million worth of cryptocurrency trading volume.
Ternio will provide a dedicated platform. The Litecoin Foundation and Bibox Exchange will integrate the card directly into the Bibox Exchange and Litecoin’s official wallet, LoafWallet.
“This is an exciting partnership for us as it furthers the Litecoin Foundation’s mission to create more use cases for spending Litecoin in everyday life. Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”
Litecoin is not the only one or the first one to introduce a cryptocurrency debit card. Just recently, American crypto exchange Coinbase launched its Visa debit card in six European countries. Coinbase’s new offering allow users to spend cryptocurrencies they hold at any merchant that accepts Visa cards.
Visa itself published a crypto and blockchain-related job opening in March 2019. The company is looking for a Technical Product Manager at Visa Fintech at its Palo Alto office. The position’s description states that a candidate should have an in-depth understanding of distributed ledger technology and the crypto industry.