December 2018 Blockchain and Crypto Month In Review

Blockchain and crypto world is full of innovations, assumptions and sometimes wildly wrong predictions. If you’ve missed the top stories of this month, this post provides a comprehensive look at the top crypto news that made headlines. A lot has happened in the cryptocurrency and blockchain world. Here is a quick round-up of this month’s related stories you may have missed:

G20 Countries To Regulate Cryptocurrencies

G20 countries have shown their plan to start acting on a solution to the matter of cryptocurrency taxation and regulation. The countries have agreed to regulate cryptocurrencies in the ongoing G20 conference, which is taking place in Buenos Aires, a resolution which will be interesting to the cryptocurrency world.

The document signed by the G20 countries confirms that significant improvement is needed for the digitalization of the global economy. According to the document, G20 has allowed a governing strategy in line with FATF standards.

Bobby Lee Says Bitcoin Will Become a Permanent Fixture

Bobby Lee, the co-founder of BTCChina and one of the most notable people in the blockchain said that the Bitcoin will become a permanent fixture of humanity just like electricity. He also said that the crypto revolution is irreversible. He made these prophecies while tweeting about the G20 conference. The BTCChina co-founder is not concerned about current Bitcoin fall. According to Bobby Lee, the market is in the short-term recovery phase and this is the best time to buy when the market is down/crashing.

Korea’s Kakao is launching an ICO that isn’t scrutinized by the SEC

Contrasting against traditional fundraising, Initial Coin Offerings (ICOs) promise to offer many advantages. They are easier to issue, require less paperwork, and offer quick sales, thus bringing perks that other traditional methods can’t offer. This has made a lot of companies and organizations want to raise their funds through ICOs. But, with the rise in scams and trouble with regulators, this has been harder than ever. However, this has not stopped some major organizations from pursuing ICOs, like South Korea’s Kakao.

Binance To Launch Its Own Blockchain Binance Chain

Binance, the world’s largest cryptocurrency exchange will launch its own blockchain known as Binance Chain. The new Binance blockchain intends to give a foundation for building new cryptocurrencies and Initial Coin Offering (ICO) tokens. Speaking at the “Decrypting Blockchain for Business” event, Binance CEO Changpeng Zhao (CZ) said that the fresh ideas truly show an old concept of crypto, which will expectedly point to expanding its enactment on a global range.

Coinbase Exploring 30 New Cryptocurrencies

The major cryptocurrency exchange Coinbase is exploring to list more than 30 cryptocurrencies including Ripple. The California-based exchange will list numerous cryptocurrencies in the future, including dai, mana, and neo. The crypto exchange will be working with local financial institutions and regulators to add them in as many domains as viable. n the month of September 2018, Coinbase had announced its new asset listing process. The company had stated that its goal is to quickly list all assets that satisfy its criteria and are acquiescent with bounded law while giving its clients with the accessories to identify, assess, trade, and utilize digital assets.

Bitwala Launches Crypto Bank In Germany

Bitwala, a global blockchain-based payment service provider based in Berlin, Germany has launched a crypto banking service in the country. The company has also claimed that it the first ever company to do so. Bitwala was founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones in October 2015.

Users now will be able to maintain both Bitcoin and Euro deposits in one place with the security and accessibility of a German bank account. Bitwala accounts offer a debit card and a built-in bitcoin wallet with combined cryptocurrency trading. All Euro deposits up to €100,000 are shielded by the German Deposit Guarantee Scheme (DGS) because the account is regulated in Germany by the BaFin (German financial regulator).

Coinbase Launches Crypto-To-Crypto Conversion Service

Coinbase, a cryptocurrency exchange platform headquartered in San Francisco, California has launched its new crypto-to-crypto conversion service. The conversion service is available on Coinbase.com and in the iOS and Android apps. The conversion completes immediately and at a cheaper cost than if done via two different transactions.

The company will slowly release the facility to transform cryptocurrencies to customers in all 34 countries in which Coinbase gives regional payment path. Coinbase is also planning to gather client feedback along the way and proceed to repeat on the feature over time.

French Government Rejects Crypto-Friendly Tax Amendments

France’s parliament has rejected various crypto-friendly tax amendments directed at reducing taxes for cryptocurrency traders and consumers. Amidst rebuffed amendments are those regarding capital profits and losses and crypto tax exclusions. Right now, the crypto assets are taxed at 36.2% in France. That’s gained from regular income tax along with a universal benefaction. A design persists for a 30% tax rate for cryptocurrencies but it was rejected by the France Government. These amendments would have addressed the tax method for buying/selling in cryptocurrencies more profitable.

Western Union Partners with Ripple

Western Union, an American financial services company has partnered with Ripple Labs to test blockchain payments and it is also thinking about adopting cryptocurrencies. During the interview given to Reuters Plus, the president of Western Union Global Money Transfer Odilon Almeida admitted that the company has been assessing whether it should accept cryptocurrency or not. The president also told that Western Union is examining potential methods to develop their services utilizing the Blockchain technology.

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