Weekly Updates: Latest Crypto News (June 4— June 10)
By: Hanna Arepieva
Tags: Coinbase, Btc, Bitcoin, Cryptocurrency

Google cryptocurrency, Coinbase in Japan, cryptocurrency taxation, and many more in TEOZ Weekly Updates.

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Will Google have the guts for its own cryptocurrency?

There are rumors among the expert community that Google is developing its own cryptocurrency. Officially Google can not announce this, just as the legislation is still not blocked. Google is a public company, and can not make free with with the law. Previously, Google has introduced a ban on advertising crypto and everything that is associated with them. The community has already called this prohibition unethical and dishonest, if the development of cryptocurrencies is indeed underway. We believe that in this case Google is also panders to the law. Most likely, there is some kind of regulatory pressure on this decision. Once the regulatory issues are resolved, the giant will be able to quickly announce the development of an internal cryptocurrency. And it should be noted that this currency has hundreds of millions of users at once. It remains only to wait for regulators around the world to soften their policy with respect to cryptocurrencies and to develop a regulatory framework for their functioning in the current social and economic system. Of course, the system will be partially destroyed and rebuilt according to new principles. But these principles will be a step higher and more perfect than the current world order. We need a bold step to move to a new formation. The region that will make it the first, can become a new world leader. Or someone will only strengthen their leadership positions.

Source: is.gd/XrmHnY

2. A major shopping center based in Slovenia accepts cryptocurrency payments.

A surprising case, when the name of the center opened up new opportunities for it. The fact is that the center got its name back in the last century. Blagovno Transportni Center (BTC). It is located in Slovenia, in the north-eastern part of Ljubljana. On the territory of the mall, there are shops, restaurants, fitness centers, casinos, cinemas, a business center. In total there are more than 500 business units. And now practically in all places, it is possible to pay cryptocurrency. Also on the territory of the mall, there are cryptomats, which makes the life of cryptocurrency holders even easier. Recently, the Prime Minister of Slovenia Miro Kerr visited BTC City, which opened an international conference Beyond 4.0, dedicated to digital society and blockchain technology, and also paid cryptocurrency for coffee in one of the shops of the complex.

“BTC City is an ecosystem for business based on the latest technological solutions, including blockchain technology, artificial intelligence and cryptocurrency,” explained the founder of the local fintech startup Eligma.

The idea of BTC City was commented by one of the representatives of the hub:

«The development of BTC City into a Bitcoin City is an important step towards the realisation of BTC’s openness-oriented strategy, providing its customers and business partners with freedom and choice regarding their purchases with new forms of payment.»

In fact, the legalization of Bitcoin occurred in a huge area of the capital of Slovenia. And this is just the beginning of expansion into our lives. We expect that progress will soon be point-penetrated into other as long as local hubs, gradually spreading around the world.

Source: is.gd/yt8W44

3. Coinbase is coming to Japan

June 4, the largest crypto currency platform Coinbase announced plans for expansion to Japan. The company will work in accordance with the laws of the local regulator and will comply with the requirements of the Agency of Financial Services of Japan. Coinbase has already identified a person who will head a regional unit. It will be Nao Kitatsava, a board member of the Japan Fintech Association and a former COO start-up Money Design. It can be expected that gradually Coinbase-expansion will continue to other friendly and understandable jurisdictions for cryptocurrencies.

Source: is.gd/p5qbfR

News on market regulation:

The IMF called cryptocurrency a new stage in the development of mankind

The International Monetary Fund published a note from the Director for Strategy, Policy, and Feedback MARTIN MÜHLEISEN. Martin compares cryptocurrencies with inventions that have changed the history of mankind. He put them on a par with a steam engine, an electric generator, and a printing press. In terms of money, Martin made a chain of paper money, plastic cards, and currencies, which you can manage from your smartphone. It was not without drawbacks. Cryptocurrency can be used in money laundering, and they are also volatile. However, any technological breakthrough is accompanied by the fact that it can be used by criminal elements. The author of the document eventually comes to the conclusion that the artifacts of the digital environment can do us more good than harm. To do this, countries need to agree on soft regulation and the creation of general rules of the game. Cryptocurrency is a cross-border story. For our world, this will be a real test: have we learned to negotiate in various international organizations, assemblies, and communities, or do we still have a long way to go to reach a single world consensus. The blockchain technology can teach this.

Source: is.gd/I6pcCB

2. Russians must pay tax with a crypt currency, voluntarily so far

The Federal Tax Service (FTS) of the Russian Federation sent to the supervising agencies the recommendations of the Ministry of Finance on taxation on profits from cryptocurrency operations for individuals.

The letter of the Ministry of Finance indicates that before the emergence of legislative regulation of the cryptocurrency market and the procedure for taxing incomes from transactions with virtual currencies, individuals should be guided by the provision of the Tax Code of the Russian Federation. In particular, the individual should independently determine the amount of tax and include revenues from cryptocurrency transactions in the tax return. Among the cryptocurrency community, there are already isolated cases when a person publicly decided to open his income, pay taxes and “sleep peacefully.” This behavior is more like a publicity stunt. We do not expect that people will massively pay taxes with cryptocurrency. Moreover, the majority of investors suffered losses.

Source: is.gd/RLTQBm

3. SEC Chairman does not consider bitcoin a security

SEC Chairman Jay Clayton in an interview with CNBC said that he did not consider bitcoin a valuable paper and compared it with the fiat money.

“Bitcoin can replace a dollar, yen or euro, so we can not classify it as a security class,” Jay said.

However, another thing concerns tokens, which have a centralized issuer and behind which are certain business processes. In this case, the SEC already considers them as securities and will regulate their issue and circulation.

It is surprising enough to hear assumptions from the main financial regulator in the world that bitcoin can replace the current fiat currencies. Now the financial spread of bitcoin around the world does not seem so fantastic. The dreams of many crypto-enthusiasts become a reality.

Source: is.gd/7BRjgY

The TOP-10 cryptocurrencies this week

The composition of the TOP remained unchanged, only Stellar and Cardano switched places. All cryptocurrencies demonstrate negative dynamics. This can be related to what people were taught that summer is the time for holidays and financial calm. Now these assumptions are still reinforced in red across the entire range of currencies. We expect this to be a trap for ordinary investors. Already a lot of investors were disappointed in the market and went on a summer vacation. Most likely, growth will happen when nobody expects it. And it can happen this summer. There is no doubt that in the long term, cryptocurrencies will live. The world economic forum talks about them, the IMF website displays whole notes about cryptocurrencies, the regions of European capitals turn into digital hubs where it is possible to pay cryptocurrency. This can not be stopped. Perhaps the big capital wants to go at the lowest prices. To succumb to their manipulation and exit the market at the moment will be a great life disappointment for many. In the fall, the investor who emerges from the cryptocurrency will open the Coinmarketcap and with a high degree of probability will see that we have crossed the $ 1 trillion mark by market capitalization. But it did not get on this train, because he could not stand the moral pressure of the market. Do not give in to panic, control the risks and your psychological state. If you manage to survive this volatile zone of the cryptocurrency, then in a few years you will become cryptocurrency millionaires or even billionaires.

The Teoz fund’s Token decreased from $ 2.1 to $1.87 (- 10,95%).

Russian version: is.gd/IRfgpN