- G20 Country Leaders Call for Cryptocurrency Taxation
- TRON Surpasses Ethereum in Dapp Usage
- Ethereum Adoption in Developing Countries Rising Exponentially: Lubin
- Bitcoin Closer to Becoming Digital Gold: Ex-JPMorgan Executive
- Envion Shut Down by Swiss Court
- Japan’s Financial Regulator to Introduce New ICO regulations
7 December 2018
If you’re a crypto investor, you’re being mauled by the Bear right now. Bitcoin is back to embarrassing itself below the $4K level and Ether (ETH) is trading below $100. Remember the days during Jan 2018 when Ether was soaring over $1,300?
If you’re a blockchain optimist who strongly believes in its use cases and increased adoption, you had something to cheer about. TRON reportedly surpassed Ethereum in dapp usage this week. Ethereum, for its part, is seeing rising adoption in developing countries to bolster financial inclusion.
Developing countries are enthusiastically implementing Fintech solutions that involve blockchain to give their citizens easier access to financial services and lift large sections of their population out of poverty. Crypto trading and prices aside, it is great to see blockchain being adopted for the public good.
If you enjoy studying about tax law, you’ll be excited that G20 leaders are calling for crypto taxation. But, if you’re part of the other 99% who groans at the very mention of ‘tax’ and detests paying it, I’m afraid that this is not good news for you.
Since we’re thinking happy thoughts, let’s start with your upcoming crypto tax bill…
G20 Country Leaders Call for Cryptocurrency Taxation
G20 countries may speed up crypto taxation and regulation initiatives according to a report from Jiji.com, a Japanese news outlet.
A document jointly delivered by G20 leaders called for a taxation system on cross-border electronic payment services. France’s Finance Minister had earlier said that it needs to work with G20 members to see how “we can regulate Bitcoin.”
These tax and regulation initiatives will be considered in 2019, with a final version of regulations expected to be in place by 2020.
Speaking of crypto tax, just try not to end up like this poor dude.
TRON Surpasses Ethereum in Dapp Usage
Source: Invest In Blockchain
TRON dapp usage surpassed that of Ethereum on November 29, 2018, signaling that the number of dapp developments have skyrocketed.
A competitor to Ethereum and other smart contract and dapp development platforms, TRON leapfrogged Ethereum in terms of number of dapp users and transaction volume through dapps. Time will tell if they can sustain this pace.
The top 15 TRON dapps are gambling-related.
Ethereum Adoption in Developing Countries Rising Exponentially: Lubin
Joseph Lubin, co-founder of the Ethereum project, stated that Ethereum has made valuable contributions to the improvement of blockchain-driven financial and technological infrastructures in developing countries.
Lubin noted Chile’s use of Ethereum in tracking the country’s energy data. He also mentioned the partnership between ConsenSys and the Philippines’ Union Bank to develop an Ethereum-based banking solution to drive financial inclusion in the country by promoting access to financial services in rural and unbanked communities. Also, Ether tokens were used reward Manila residents for joining beach clean-up efforts.
Another benefit of the Ethereum project, according to Lubin, is that it can help combat hyperinflation since its value is not pegged to a fiat currency. Dash, another cryptocurrency, recently gained popularity and adoption in hyperinflation-ravaged Venezuela.
Bitcoin Closer to Becoming Digital Gold: Ex-JPMorgan Executive
According to ex-JPMorgan executive Alex Gurevich, Bitcoin has thrived after every fork and in spite of flashy new altcoins. He went on to compare Bitcoin’s characteristics to that of gold and argues that Bitcoin meets the need of being a digital store of value (controversial claim, we know). In contrast, he believes Ether more akin to digital copper since its value is driven by demand for the Ethereum platform.
Gurevich further adds that the longer Bitcoin survives the test of time, it becomes more stable and credible. This belief is shared by Apple’s co-founder Steve Wozniak, who called Bitcoin the “only pure digital gold.”
Envion Shut Down by Swiss Court
Source: ETH News
Envion raised $100 million in their ICO on their plan to promote crypto mining using renewable energy – a respectable goal since mining crypto that uses Proof-of-Work consensus is energy intensive. The company planned to load crypto mining rigs in shipping containers and place them near solar and wind farms or fossil fuel power plants. These farms and plants could sell excess capacity to power the mining rigs.
However, an investigation by the Swiss Financial Market Supervisory Authority (FINMA) eventually led to the firm’s shutdown due to a lack of an auditing function and non-existent board of directors, among other reasons.
Japan’s Financial Regulator to Introduce New ICO regulations
According to a report from Jiji Press, Japan’s financial regulator is planning to roll-out new regulations to Initial Coin Offerings (ICO) in the aim of protecting investors from fraud.
The regulation requires business operators conducting ICOs to first register with Japan’s Financial Services Agency (FSA). The FSA has been working on bills that will revisit laws pertaining to financial instruments, exchanges, and payment services. These proposals will soon be in the pipeline once Japan’s parliamentary sessions resume this coming January.
Check back next week for more bite-sized crypto highlights!