[Crypto Headlines] November 2018
AmEx has been Approved to Operate in China thanks to a Joint Venture with LianLian, One of Ripple’s Customers
According to ZCrypto, AmEx will be the first American company to have direct access to Chinese e-commerce markets and will be able to process payments in yuan via their joint venture with LianLian. Reports say the joint venture, called Express (Hangzhou) Technology Service Co., is likely to be ready for operation within a year and could connect to Ripple’s xCurrent, with the potential to connect to xRapid at a later date.
China’s blockchain policy continues to evolve. Could more blockchain-related payment solutions be in China’s future?
Iran Moves Forward with Plans for Its Own National Digital Currency
As mentioned in September, Iran has sought to create a national digital currency. Coindoo reports the latest, that Iran has finalized this development process and that its national digital currency will be backed by the rial, which is Iran’s fiat currency. The digital currency is reportedly being created by Informatics Services Corporation (ISC), who is waiting for the approval of the Central Bank of Iran in order to issue the currency. A name has not yet been announced for the new digital currency.
Could French Bitcoin Hodlers See Lower Taxes?
As Live Bitcoin News and Reuters report, French lawmakers may cut taxes on Bitcoin sales. As it stands, Bitcoin sales are taxed at a higher rate than other capital gains, 36.2 and 30 percent, respectively. The proposed changes would cut the tax rate on Bitcoin sales to the same 30 percent rate as other capital gains. These changes are part of an amendment to the 2019 budget bill, which still needs to be fully approved in order to take effect.
YouGov Survey Shows Consumer Attitudes Towards Bitcoin in the UK
A YouGov survey that coincided with the tenth anniversary of Satoshi Nakamoto’s Bitcoin whitepaper shows that more than 90% of UK residents have heard of Bitcoin, as reported by Bitcoinist. The survey also reports that approximately 1 in 5 UK residents think cryptocurrencies will be just as popular as cash or credit card payments in the future. Those in the 18–24 age range were the most likely to say they understand Bitcoin, have bought Bitcoin, and/or know someone who has bought Bitcoin. In the 18–24 age range, 43% said they understand Bitcoin fairly well, 9% claimed to have bought Bitcoin, and 36% reported that they knew someone who bought Bitcoin. In the general adult population, regardless of age, of UK residents surveyed, 23% said they understood Bitcoin fairly well and 4% claimed to have bought Bitcoin. The survey results also showed that men were more likely than women to have bought Bitcoin or say they understand Bitcoin.
South Korea Plans to Increase Blockchain Budget
According to Cointelegraph, South Korea will allocate a $35 million budget to investing in the development of distributed ledger and blockchain technology in 2019, which is roughly a threefold increase from their 2018 budget. The Ministry of Science and ICT also plans to double their selected blockchain projects from 6 to 12.
Could this increased involvement in blockchain foreshadow potential regulatory changes? We’ll have to wait to see. South Korea banned ICOs in 2017. Additionally, the country has sought cryptocurrency regulatory cooperation. However, Cointelegraph reported in October that there may soon be additional announcements about ICOs. The nature of these potential announcements remains unknown at the time of writing.
References
[1] Riseshine, J. (2018, November 11). Ripple Penetrates China with xCurrent, Collaborating with AmEx and LianLian Group. Retrieved November 16, 2018 from https://zycrypto.com/ripple-penetrates-china-with-xcurrent-collaborating-with-amex-and-lianlian-group/.
[2] Tayo, J. (2018, November 11). Iran has Finalized the Creation of its Nationally Backed Digital Currency. Retrieved November 16, 2018 from https://coindoo.com/iran-has-finalized-the-creation-of-its-nationally-backed-digital-currency/.
[3] Omo, N. (2018, November 10). France Mulls Lowering Taxes on Bitcoin. Retrieved November 16, 2018 from https://www.livebitcoinnews.com/france-mulls-lowering-taxes-on-bitcoin/.
[4] Rivet, M., M. Rose and L. Thomas. (2018, November 7). French lawmakers back plans to ease taxes on bitcoin gains. Retrieved November 16, 2018 from https://uk.reuters.com/article/us-france-bitcoin-tax/french-lawmakers-back-plans-to-ease-taxes-on-bitcoin-gains-idUKKCN1NC24K.
[5] Waldersee, V. (2018, November 7). One in five Brits think Bitcoin will be ‘as common as cash or card’ in future. Retrieved November 16, 2018 from https://yougov.co.uk/topics/economy/articles-reports/2018/11/07/one-five-brits-think-bitcoin-will-be-common-cash-o.
[6] Woo, Wilma. (2018, November 8). Bitcoin Ownership Hits 9% in UK, YouGov Survey Reveals. Retrieved November 16, 2018 from https://bitcoinist.com/bitcoin-ownership-uk-yougov-survey/.
[7] Yakubowski, M. (2018, November 8). South Korea to Triple the Budget for Blockchain Projects Compared to 2018. Retrieved November 16, 2018 from https://cointelegraph.com/news/south-korea-to-triple-the-budget-for-blockchain-projects-compared-to-2018.
[8] Berman, A. (2018, October 11). South Korea to Announce Its ICO Stance in November, Top Official Says. Retrieved November 16, 2018 from https://cointelegraph.com/news/south-korea-to-announce-its-ico-stance-in-november-top-official-says.
