France Council of State Reduces Cryptocurrency Tax-payers Burden

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April 30, 2018

France Council of State Reduces Cryptocurrency Tax-payers Burden

The crypto space is getting more vibrant in France, as the nation has a somewhat friendly stance towards the blockchain-based digital currency ecosystem.
Crypto traders in the country sure have every reason to be happy and look forward to a profiting, and bright future for the crypto industry as recent reports states that the council of state has reduced the tax rate for cryptocurrency-related transactions.

Hefty Taxation

Before now crypto taxpayers have had a rough time and massive tax demand from the government.
Proceeds from the sales of Cryptocurrency were seen as commercial and industrial profits in the case of usual and continuous activity and considered non-commercial earnings in the case of occasional activity.
Taxpayers were subjected to the agony of paying different figures as a tax without much thought, of which the tax rate could be as high as 45% sometimes as the case may be.
In the wake of this year, the Administrative court of France was approached by stakeholders in the French cryptosphere, on behalf of all crypto traders paying tax challenging the instituted regimen related to Bitcoin and other cryptocurrencies tax rate.

Reduced Taxes

Fortunately, the heart cry of claimants was heard, and crypto investors in France can now breathe a sigh of relief as the Council of States reviewed the tax rates and adjusted it in their favour according to a report by Le Monde.
The new tax rate is now fixed at 19% which is considered very low compared to the previous tax charges.
The Council looked into ways that gains from Cryptocurrency are regulated and put these profits under the “moveable property” category.
Though this new tax rate is subject to reversal under particular cases according to the Council and this will not apply when activities other than crypto-related transactions take place.
Profits from cryptocurrency mining operations fall under the category of commercial and industrial gains, and this would attract the old form of tax to be meted out on the profits made.

Crypto Fever Slowly Spreading in France

There is hope for the expansion of Crypto space in France as the Governor of the Bank of France called for a higher highlight on crypto exchanges.
The head of AMF France’s stock market regulator (Authorite des Marches Financiers) in 2017 responded positively with enthusiasm towards the cryptocurrency industry saying that “this area has the ability to fulfill to a legit business need.”
It is expected that this new development on taxes will further boost the cryptocurrency industry in the nation.

Bitcoin [BTC] Price Technical Analysis April 30 : Bitcoin on a bull run ?

By

Livine Sanchez

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April 30, 2018

Bitcoin Price Technical Analysis April 30 : Bitcoin on a bull run ?

Bitcoin on a bull run now ?

Hmm. Bitcoin has maintained some level of stability at $9200 since last week. Early last week, bitcoin made a strong bullish recovery to touch $9800.
In this technical overview of bitcoin price movement, there’s every likelihood for bitcoin to breakout soon above $10,000 within this week or pull back to $7800 if the blue trendline is broken. Bitcoin is expected to find resistance at $12,000(green horizontal line) if price is able to breakout above $10,000.
I am quite concerned about the incessant price rejection as bitcoin has found it difficult to close above $9500 since the first touch last week. I am quite envisaging a pull back to $7800 before the real bitcoin run could begin.
If at the end of the trading day today, price still rejects $9500 and volume decreases geometrically, we should expect some measurable pull back.

Another issue of concern to me while Bitcoin could possibly pull back again to $7800 is the daily volume of bitcoin. Bitcoin needs to have a strong daily volume above $10billion for strong bullish breakout to occur.
As at the time of writing this review, the average daily volume was still around $9.5billion. Strong bullish breakout is expected if and only if there could be a strong buying pressure at this current price of bitcoin with a geometric increase in volume.
Another reason bitcoin could probably pull again to $7800 could be as a result of the recent increase in circulating supply of bitcoin from 16.8million to 17 million bitcoins last week.

So an increase in money supply of bitcoin could create a decrease in price if there’s no measurable increase in demand at this current price above $9000.
So in a nutshell, I am not so bullish biased now until bitcoin is able to breakout above the yellow horizontal line($10,000) and volume increases geometrically. So I am expecting bitcoin to do some pull back to $7800 in between this week or so before the next bull run could resume.

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

Binance Collaborates With Bermudian Government to Promote Blockchain Technology

By

Osaemezu Emmanuel

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April 30, 2018

Binance Collaborates With Bermudian Government to Promote Blockchain Technology

Hong Kong Cryptocurrency Exchange Giant Binance is undoubtedly not letting the stains of the lawsuit filed against it by Sequoia to cage its efforts for growth and excellence.
Binance which is the world’s largest Cryptocurrency exchange had recently announced its desire to partner with the Bermudan government to establish a new global compliance center in some months time within the country.
The information which was released last week Friday during a joint press conference by David Burt revealed that both the company and Bermudan government already signed a Memorandum of Understanding.
The M.O.U revealed that $15 million had been put forward by the Binance Charity Foundation.
$10 million will be for educational programs related to tech while the remaining $5 million will be for investing in blockchain startups.
Changpeng Zhao, Binance Founder and CEO in a statement commended the Bermudian government and regulatory bodies for their open and warm acceptance towards innovative ideas from anyone.
He regarded them as “one of the most approachable on the planet” and quipped that his company is given to ensuring that development is brought to the Bermudan community at large.
Burt also added that the Binance Company would help to construct a regulatory framework that would aid the smooth operation of Cryptocurrency and blockchain, as well as establish a new office in the country.

Through this partnership, Binance proposes to develop its global compliance base here in Bermuda, creating at least 40 jobs in Bermuda with at least 30 jobs for Bermudians…(and) as soon as possible, develop a digital asset exchange in Bermuda subject to all required legal and regulatory processes.
And finally, work collaboratively with the government of Bermuda and all necessary oversight agencies in the development and improvement of the robust legal and regulatory framework,” Burt said during the press conference.

Further stressing the issue of the lawsuit filed against them that “the Hong Kong high court has already rejected it and ordered Sequoia to repay our legal fees.”
The founder and CEO wrapped it up by making it known that the Bermudian government is planning to control Initial Coin offering (ICO) conducted within the borders by passing new legislation.

Revealed: Coincheck Generated $491 Million Before the Heist

By

Osaemezu Emmanuel

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April 29, 2018

Revealed: Coincheck Generated $491 Million Before the Heist

The shamed Cryptocurrency exchange platform, Coincheck that was recently hacked is still making sensational headlines as it was recently reported that the exchange prior to the hacking incident made a colossal profit.
According to a financial data released on Thursday the attacked crypto exchange recorded 53.7 billion yen ($491 million) during its fiscal year that ended in March.
Reports have it that the more substantial part of the profit was made during the 10-month period just before the hack because the platform was not fully operating in February and March.
Notwithstanding, the company made 500 million yen ($4.5 million) in operating income within the two-month span.
The company was attacked by cyberpunks who made away with $530 million worth of NEM tokens (XEM).
It is worthy to mention that the exchange also made a net pretax profit of 6.3 billion yen ($57.6 million) for the fiscal year, after parting 47.3 billion yen ($432 million) to settle users who were affected by the hack.

Cheap Auction

The heist was a great shock to the exchange and has been touted as the most significant cryptocurrency exchange hack of all time beating Mt Gox in the race.
More on the exchanges list of issues is the fact that it did not implement NEM’s multisignature smart contract system which would have helped to secure the wallet even better plus they lacked the license to trade from Japan’s Financial Services Agency (FSA).
The above-stated reason was why Monex group, a Japanese brokerage firm acquired it at about $34 million at the wake of the hack; as it’s no longer confident that the FSA would give license to the company.
Monex is proposing to hold an initial coin offering (ICO) for the newly acquired platform and that it has plans underway to launch its blockchain that will help it oversee financial product trading.
Unfortunately, Coincheck would have been competing with companies like Japan Exchange Group the company with the most extensive stock and derivatives market in the country which made 71.8 billion yen during its fiscal year had it not been for the hack.

ICO is Outdated, STO is the New Term to Fundraise with Cryptocurrencies

By

Amanda Williams

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April 29, 2018

ICO is Outdated, STO is the New Term to Fundraise with Cryptocurrencies

Initial Coin Offerings (ICOs) is a trending word since 2016. It is a term used to describe the strategy employed by new cryptocurrency companies to raise funds for new projects. ICOs were a massive success in 2017, generating over $6 billion for startups in 2017 alone.
As much as ICOs are beneficial for these startups, one cannot say the same for cryptocurrency customers. Hence, the Securities and Exchange Commission (SEC) has tagged it a fraudulent fundraising process.
According to reports, the Chief Executive Officer of Overstock, Patrick Byrne, revealed that there is a new, safer strategy to raise fund in the cryptoverse known as Security Token Offerings (STOs).

“It is the new term. The industry is distinguishing very clearly now between ICOs and STOS,” the CEO said.

These STOs allow investors to purchase digital tokens as a public offering, just like it is done with the ICOs, but there is a clear difference. Unlike the ICO fundraising, these coins will be backed by the company’s assets, revenue, or profit. It is just like purchasing shares in a company but with more versatility.
In the interview, Byrne said the STO would show regulators and other authorities that the issuing companies are transparent in their fundraising activities as the tokens are actual securities.
The actions of fraudulent players destroyed the ICO market, Byrne said.

“The ICO craze of last year created a toxic waste dump of financial assets. To me, that world of ICOs is a Superfund site. What we’re developing is a mechanism so that there will be a legal way to go forward, and not create any new toxic waste.”

Byrne’s company is currently under investigation, and when asked, the CEO didn’t comment on the charges against his company but stated that he is giving his full cooperation.
Overstock launched its ICO in December, promising its customers that the Offering would comply with the SEC rules. In February, the SEC asked Overstock to submit some documents related to the Offering as part of the investigation.
Earlier this month, the company announced the prototype trading platform for its tZERO token. The platform will support the new security token.
The e-commerce giant is aggressively invading the blockchain industry. Byrne said that the company would be reorganized to focus on the blockchain.

Pantera Capital CEO Predicts Cryptocurrencies Would Hit $40 Trillion Market Cap

By

Jide Idowu

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April 29, 2018

Pantera Capital CEO Predicts Cryptocurrencies Would Hit $40 Trillion Market Cap

Dan Morehead; the founder and CEO of the cryptocurrency hedge fund, Pantera, trusts that it is unquestionably conceivable that the crypto market cap could reach 40 Trillion dollars. Right now, the digital money showcase capitalization is 414 billion dollars. Amid the last December, it was going towards $1 trillion, and it ceased around 800 billion dollars.
He believes that the crypto market is extremely bullish on the space and this is clear. Anything that is a $400 billion resource won’t be disregarded for long. Dan Morehead also clarified amid a meeting with Bloomberg that he imagines that the cryptographic money market cap ought to be worth no less than two times more over the present numbers.
Amid the meeting, he said that the market could move towards 4 trillion dollars, and reach $40 trillion later on.
The Cryptocurrency expert had earlier suggested that Bitcoin could exceed $20,000 in 2018 and achieve new unequaled high as this isn’t the first occasion that the Pantera Capital’s CEO will give a buoyant remark about Bitcoin and other virtual monetary forms.
Morehead also clarified why Bitcoin is underestimated and how it can continue developing in the following months and years during the meeting, He said that Bitcoin is being exchanged under the 200-day moving standard and that each time that happened, Bitcoin cost climbed considerably quicker and more grounded than previously.
A few specialists in digital forms of money and budgetary markets are likewise pointing that Bitcoin and virtual monetary standards could achieve new qualities later on. For instance, John McAfee said that Bitcoin could reach 1 million dollars for every coin before 2020.
The cryptocurrency market cap would need to increase by around 10,000 percent from its present level to reach $40 trillion, and if the current piece of the overall industry dissemination held consistent, which apparently is improbable, the Bitcoin cost would exchange at an about $1 million valuation.
When the prices of cryptocurrency coins soared in December 2017, he said that the costs could decay up to half, or significantly more. That is the thing (his prediction) that occurred amid the first quarter of the present year. Bitcoin achieved its most minimal point in months following four months in a bear market.
It was recently revealed that bitcoin’s supply has quite recently reached 17 million units mined, it is presently being exchanged around 9200 dollars, and has a market capitalization of 157 billion dollars.

WOW! Over 80% Of Bitcoin [BTC] Now In Circulation

By

Jide Idowu

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April 28, 2018

WOW! Over 80% Of Bitcoin [BTC] Now In Circulation

At present findings show that over 80% of the maximum supply of the bitcoin cryptocurrency has already been mined.
Coinmarketcap noted that the circulation of bitcoin had exceeded 17 million coins. Moreso, it should be clear that the cryptocurrency will not hit it’s maximum supply anytime soon.
As a result of misplaced or unable to recall private keys, hard drive crash, etc., bitcoin analysts said that about 30% of the total bitcoin currency might forever be lost.
The question on the lips of investors and lovers of the bitcoin cryptocurrency is what will be the faith of bitcoin after the max supply is reached. Well, transaction fees for miners will remain a way of earning some bitcoin coins just when that happens. Analysts believe if the gain for mining decreases, there will likely be inflation in bitcoin value.
Miners will be sure motivated to remain and hold the community together when the increase in transaction fee becomes so valuable.
Analysts say the cryptocurrency will hit it’s maxed supply of 21 million coins sometime by 2140.
Miners create bitcoin cryptocurrency whenever a new block is discovered. Every 2,016 blocks the creation rate of a block is slowed down and approximately every four years the block creation rate halves.
Miners receive a 12.5 bitcoin reward presently in mining for every block they mine. The Bitcoin virtual currency is currently recovering from a significant dip from about $20k and now trading at over $9k.
Tom Lee, the co-founder of Fundstrat Global Advisors once said that bitcoin’s price could double in the coming year. He also emphasized that bitcoin being an asset like gold can push the price much higher in coming years.
The limited supply of bitcoin cryptocurrency made it maintain its value for holders. Bitcoin cryptocurrency max supply makes it indistinguishable to gold, it posses numerous attributes of gold in a seeming intentional decision from bitcoin inventor Satoshi Nakamoto.
Originally, the total supply of bitcoin was designed to battle the traditional mode of banking operations. A total of 1,623,400 bitcoin coins were in circulation by the end of that year, 2009.
Bitcoin supply rose to 5,010,150 by the end of 2010, which was a 300% gain from the previous year 2009. In December 31St, 2011, total bitcoin supply was about 8 million constituting a 60% increase of the prior year record of 5 million.
The total number of bitcoin coins left to be mined stands at 3.99 million.

First Crypto Exchange Opens In Germany For Huge Investment Opportunities

By

Jide Idowu

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April 28, 2018

First Crypto Exchange Opens In Germany For Huge Investment Opportunities

Many dire buyers are willing to devote to cryptocurrencies as virtual currencies have relatively become more popular. However, they usually face difficulties in an attempt to obtain controlled exchanges. Germany has just launched its first cryptocurrency exchange that will enable significant traders to spot their bets on the present market.
Germany is opening its underlying crypto exchange for whales. The German organization VPE Wertpapeierhandlesbank AG (VPE) declared that an authorized cryptographic money trade bolsters for institutional brokers will be launched.
The exchange has gotten a permit that will make of it sheltered and directed for its buyers. The license will guarantee that the trade is secured and synchronized for its traders.
The representative of VPE, Katharina Strenski, clarified that institutional financial specialists have been confronting high passage hindrances to the crypto showcase and virtual money exchanging administrations.
As indicated by her, VPE is currently offering a substantially more helpful option for institutional and critical speculators. According to Mrs. Strenski, digital currencies, for example, Bitcoin, Litecoin, Ethereum, and others, have turned into a promising resource class as of late.
To date, exchanging advanced tokens has been confined to crypto trades and online commercial centers. We are satisfied to be the principal German bank to offer our clients digital currency exchanging administrations.
VPE is managed by the Federal Financial Supervisory Authority (BaFin) and the main bank in the nation to offer a digital currency exchanging administration. Based on the announcement on the bank’s site, the administration is accessible “only to institutional and proficient customers,” despite the fact that a private customer may request that in composing be to be viewed as an expert customer.
VPE is also known as a driven trade based OTC dealer. Distinctive customers, including budgetary endeavors, speculators, and establishments can approach venture exhortation and portfolio administration.

Germany’s Cryptocurrency Lifestyle

Germany has an exceptionally intriguing crypto life. A few ventures are working in the nation, and the legislature did not take stable directions to control the market. The Ministry of Finance transferred a record in which they clarify that virtual monetary forms have been acknowledged as a method for installment in the nation.
Virtual monetary standards turn into the identical to lawful means for installment, seeing that these purported virtual monetary forms of those associated with the exchange as an option legally binding and quick methods for installment have been acknowledged.
Along these lines, Germany positions itself as an exceptional nation for cryptographic forms of money and Bitcoin speculations. It is likewise imperative to call attention to that Deutsche Lender has cautioned different minutes about utilizing computerized monetary standards like Bitcoin.

Ripple [XRP] Signs New Partnership Deals With Asia And European Countries

By

Jide Idowu

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April 28, 2018

Ripple [XRP] Signs New Partnership Deals With Asia And European Countries

Ripple (XRP); one of the leading three digital forms of money by market capitalization, has marked new partnerships with various ventures from Europe and Asia. The undertakings are FairFX, RationalFX, Exchange4Free, UniPAY, and MoneyMatch.
The initial three specified are from the United Kingdom, UniPAY is from Georgia and the last one from Malaysia. Ripple is widely identified in the crypto world by being virtual cash for cross-fringe installments between money related establishments and banks. Inevitably, a few focal and imperative private banks are working with the distinctive innovations offered by Ripple.

Expanding Ripple’s Business

xVia is one of the numerous arrangements offered by Ripple that permits installment suppliers and banks to send and get installments over a few systems utilizing an institutionalized interface.
As indicated on Ripple’s website, xVia’s API doesn’t require software installation and enables clients to make transactions all around in a straightforward way.
The senior vice President of product at Ripple explained that by tapping their worldwide system with xVia, clients now get to new markets snappier and cost productively. These customers continue running into a similar issue: building the bespoke relationship with banks and frameworks wherever all over the world.
It’s expensive and repetitive. xVia enables them to build up their general bit of the pie by accomplishing new customers in new markets, less requesting than whenever in late memory.
Ripple boasts of a wide range of products. Therefore money related organizations can process installments anyplace on the planet, right away and in a dependable and savvy way. Besides, banks and establishments can lessen their expenses considerably more.
Right now, Ripple has more than 100 clients everywhere throughout the world, and the aim is to continue developing and extending in more nations and landmasses. Ripple had previously announced five new partners in February 2018, with an emphasis on developing economies.
These added partners that joined the 100+ member RippleNet from various countries: Itaú Unibanco (Bank, Brazil), IndusInd (Bank, India), InstaReM (Remittance provider, Singapore), Beetech (Remittance provider, Brazil), Zip Remit (Remittance provider, Canada).
The CEO of RationalFX; Chris Humphrey, insisted that it is a thrilling new partnership for RationalFX, and they anticipate passing on the benefits and advantages of xVIA to our customers over the globe.
With the use of xVia and power payments over RippleNet, payment originators can now to maintain a single standard connection. These platforms ensure the rapid reduction in the rate of failure linked with traditional wire, consequently minimizing the costs of manual reconciliation.

The Real Reason For the Existence of Cryptocurrencies

By

Jide Idowu

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April 28, 2018

The Real Reason For the Existence of Cryptocurrencies

When the word cryptocurrency is mentioned, many think of bitcoin. Yeah, you would be right to think of that, but like money/currency, the U.S. Dollars is not the only circulating money. There are about 180 world currencies. Likewise, we have some cryptocurrencies which are further divided into coins and tokens.
Both coins and tokens are both referred to as cryptocurrencies; coins are given to those with the intention of being used as a medium of exchange while tokens power platforms which they are built.
The good news is, whether you are holding coins or tokens, it can be exchanged for each other and can ultimately be converted into fiat/real money depending on the number of coins/tokens you own and their prices on cryptocurrency exchanges.
How Cryptocurrencies Came Into Existence
Way back in 2008, someone nicknamed Satoshi Nakamoto (who we do not know who he is until now or his real name), shared a vital message via a cryptography mailing list. This message was soon to be something to not only disrupt the current world’s financial system but to make international transactions much more comfortable than it used to be. The write-up was titled “Bitcoin: A Peer-to-Peer Electronic Cash System.”
This detailed article explained methods of making use of a peer-to-peer network in generating what was known as a system of transaction which solely relied on trust, which meant users transacting with cryptos where only sending among each other with no help of financial institutions.
The network as described came into existence on the 3rd of January 2009 with Satoshi mining the first set of bitcoins into existence on that same day.
For What Purpose?
The essence of cryptocurrencies was to cut down transaction times and most importantly, massive fees we pay to send money across the world. It was much more introduced to reduce the intimidations people faced as a result of the government being able to trace “who sent what to whom.”
Because bitcoin wallets (likened to bank accounts) had no connections with their owners, it is impossible/difficult to connect individuals to their bitcoin wallets.
What The Future Holds For Cryptocurrencies
Currently, we do not know how far this will go; it’s just in its early stages even after almost of decade of being in existence. Not up to 10% of the world’s population are making use of this new way of financial transactions.
People shouldn’t expect the governments to help facilitate the use of bitcoins or cryptocurrencies at large as it’s not of any benefit to them. They are only interested in what will generate income for them and also a way of keeping a close eye on every citizen of the country; against bitcoin’s policy.
But if the people come to agree on using this, cryptocurrencies can be the most powerful financial tool we could ever think.

Samsung’s Revenues Head to the Moon, Thanks to Cryptocurrency Mining Chips

By

Osaemezu Emmanuel

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April 27, 2018

Samsung’s Revenues Head to the Moon, Thanks to Cryptocurrency Mining Chips

Samsungs decision to expand into the production of chips for crypto mining has paid off big time as the company is smiling to the bank and having enormous proceeds from it.
The company recently decided to go into the mass production of ASIC chips and has already begun to yield dividends as its first quarter was boisterous.
Robert M. YI, the executive vice president of investor relations on Samsung’s earnings call, stated that;

“In the semiconductor business, earnings increased significantly year-over-year thanks to favorable memory market conditions driven by a strong demand for server and graphics memory as well as earnings improvement in both Systems LSI and foundry businesses led by increasing demand for chips used in flagship smartphones and Cryptocurrency mining.”

The company recorded an operating profit of 15.64 trillion Korean won estimated to be around $14.45 billion. This profit is the reason why South Korea can boast of a total revenue of 60.56 trillion won.
SeWon Chun, Samsung’s semiconductor business for memory senior vice president, made it clear that “for graphics…..total demand increased thanks to strong demand for graphics cards for cryptocurrency mining.”
Some of the major areas of interest include the following;
In the foundry business where cryptocurrencies are grouped, “earnings grew as orders increased for high-performance computing chips.”
Also, for Q2 earnings growth is expected to persist due to “increased supply of 10nm products and high-performance computing chips.”
Finally, another area to be noted is that for the second half of this year, a focus of the foundry business is to “diversify the consumer base.”

Competitive Market Poses Threat

Samsung gave a peep into its future for the second half of the year to be far more successful than the first thanks to its component business “DRAM.”
This, however, might have to contend with some obstacles like Taiwan Semiconductor a strong competitor and rival in the ASIC market for the mining of bitcoin.
Taiwan semi is a strong contender in the market for chip sales and has mining giants like Bitmain and Canaan Creative in its list of customers.
According to a report by Tech Crunch, the company’s revenues were a catalyst to the vast income generated by the ASIC chip industry which recorded $350 to $450 million
Another threat might be the weakness in smartphone components which may rub off terribly on earnings.
With all the possible setbacks, Samsung is still very confident for a better and brighter future no doubt; we surely wish the company all the best in its journey to the moon.

Bitcoin-Friendly Arizona Reviews Blockchain Bill

By

Osaemezu Emmanuel

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April 27, 2018

Bitcoin-Friendly Arizona Reviews Blockchain Bill

The journey for Cryptocurrency has been a long walk, slow and steady. While some states and nations have created regulations that make it almost impossible for the virtual currencies to survive, Arizona has embraced the gospel of bitcoin, wholeheartedly.

Adjusted Bill

The bill that was written formerly to tackle issues on State Income Tax by the Senator has been recently modified to focus mainly on point-of-sale crypto tax payments otherwise known as the transaction privilege (TPT).
The Republican senator is excited about this new development and has attested to the fact that blockchain technology is the new rave in the Western United States, positioning his state as a pioneer in the crypto movement.
The bill which is also known as SB 1091 will be delegated on by the State Legislature soon, and there are high hopes that it will make its way to the house floor in a couple of weeks.
If the bill can pull through which Senator Warren is quite optimistic that it will, as he expects that there will be enough votes in its favor to pull it through; Arizona will be the first state in the U.S to integrate Cryptocurrency into its operations.

“I think we will win the House and we’ll have the votes to get to the finish line. It has to come back to the Senate. It still has a way to go. But I feel good about it. I feel more optimistic about this getting signed than the income tax bill,” Senator Warren said.

Technicalities of the Bill

The new development on the SB 1091 makes the bill to become more streamlined to cryptocurrency payments, which is “positive progress” for the industry that will encourage people to use cryptocurrencies anywhere. The enthusiastic Senator revealed.
According to his explanation, “We’re going to allow TPT payments at the point of sale using blockchain technology. That means you are going to use blockchain technology, but you’re also going to pay with cryptocurrencies, cash, credit card- whatever you pay with. There will be an immediate sales tax payment made to the state of Arizona,
whether it’s in cash, cryptocurrencies or credit card payment.”
While states like Arizona are making massive progress in the area of embracing the use of digital monies, New York, on the other hand, is doing very poorly in that regard as strict laws have stifled such progress.

Philippines to Allow Cryptocurrency Trading in Special Economic Zone

By

Stephen Brown

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April 27, 2018

Philippines to Allow Cryptocurrency Trading in Special Economic Zone

Raul Lambino, leader of the Cagayan Economic Zone Authority or CEZA, has announced that cryptocurrency exchanges will soon be operational in the Philippine Cagayan Special Economic Zone.

“We are about to licence 10 platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans…They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange,” Lambino said.

However, he advised people looking to buy crypto for Philippine Pesos or other fiat currencies should do so abroad.
This is a preliminary step for Philippine authorities, and it shows both a willingness to adapt to the new technology, but a reluctance to allow mass adoption. The World bank defines Special Economic Zones as geographically limited areas, that are usually physically secured or fenced-in with separate customs area including duty-free benefits and streamlined procedures.
In other words, SEZs offer citizens an area where the country’s normal economic laws do not apply. The goal of these zones is to make it easier for enterprises to do business. By making laws simpler, the host country expects an economic boost via increased investing and increased trade.
When these initial plans take effect, it will allow for the Philippines to have a trial period, and not be left in the proverbial cryptocurrency dust. But also, the country will be able to cautiously wade forward and protect many initial investors from possible scams.
In addition, the country hopes to bring a huge amount of money into the economy. According to the rules that have been set up by CEZA, licensing fees will cost the exchanges $100,000 and each of the ten new companies are expected to invest at least $1 million over a two year period.
If these exchanges proceed over secure and fair trading it could open the sector up for future investors. Philippine authorities have urged lawmakers for strict laws with harsh punishments for crypto scammers in the past, but have since taken this more cautiously optimistic approach.
Raul Lambino even mentioned that CEZA is thinking about creating schools and training programs in the Cagayan Economic Zone to teach blockchain technology and ensure that there are enough people competent in the new movement.
Vietnam, Thailand, and Singapore have all made statements regarding crypto regulations in the last few weeks. With this announcement, Philippine authorities have followed suit with other Southeast Asian countries in cautiously entering the cryptocurrency market.

OKEx To Disable ERC-20 Tokens On The Platform

By

Jide Idowu

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April 27, 2018

OKEx To Disable ERC-20 Tokens On The Platform

As a result of a newly detected bug – BatchOverFlow – associated with a smart contract token, OKEx cryptocurrency exchange halts deposits on all Ethereum ERC-20 Tokens.
This decision came as a result of the discovery of a new smart contract bug, which affects the BeautyChain token and a dozen others. This bug allows attackers to generate a whole lot of tokens and make deposits in regular wallet addresses.
The effect could be dangerous as hackers could use this method to enrich themselves, making a ton of wealth off the bug and also manipulating coin/token prices at will.
Until the bug is fixed, OKEx, though having contacted all teams which tokens are affected for them to conduct a proper investigation and fix the bug.
How The Bug Was Discovered
PeckShield, which is a blockchain security startup, has developed a program which can analyze transactions on Ethereum ERC-20 tokens, they were able to spot an unusually high volume transaction.
Sighting this, the team swung into action to deciphering one of the latest bug discoveries which allowed cyber attackers generate a lot of tokens and also let them deposit those tokens in a regular Ethereum ERC-20 compatible wallet.
The transaction which flags a warning contained two large amounts from a BeautyChain contract to two different addresses. After a closer look, it was discovered that the transfers originated from an outstanding integer overflow issue.
In a bid to further look into the problem, it was found that over a dozen ERC-20 smart contracts are vulnerable as well. Though there is nothing the PeckShield team could do to rectify this correctly, they have informed those whose tokens were vulnerable.
Control Measures
Though the OKEx cryptocurrency Exchange has stopped the process of trading and withdrawing ERC-20 tokens, it is also very important that more exchanges also do the same thing, as attackers could simply trade this large token volume for more valuable ones like BTC, ETH, or even fiat like the USD.
Aside from the tokens being cashed out, holding large tokens could easily give holders the opportunity to drive market prices at will.
Much earlier in the year, some attackers were able to gather Finance users details and creating an API you. This was what was used to perpetuate the attack on the Siacoin cryptocurrency.
We could see in the next few days that more exchanges unlike before.