NEW ZEALAND CHANGES ITS LAWS – GET PAID YOUR INCOME IN BTC, LEGAL AND TAXABLE
New Zealand’s Tax Office, the Inland Revenue Department (IRD), has just announced that it is now legal to receive salaries paid in Cryptocurrencies, and they will be taxed accordingly. The new law was passed on June 27 2019 and will be in effect, at this stage, for three years from September 1st 2019. The new law falls under the Tax Administration Act 1994 (section RD 3), with the IRD publishing in their August Bulletin that an employee can be paid salaries in crypto assets as long as the payments are for services performed under an employment contract, are for a …
CHINA SET TO RELEASE THEIR OWN DIGITAL CURRENCY
After five years of extensive research, the People’s Bank of China (PBoC) has announced that its digital currency “can now be said to be ready.” PBoC Deputy Director Mu Changchun, who also states that the digital currency adopts Blockchain Architecture, made the announcement at the China Finance 40 Forum on August 10. The digital currency will operate on a two-tier system in order to cater to the nations “complex economy with a vast territory and a large population,” with the PBoC on the main higher level of operation and commercial banks operating underneath. This means that the system will convert …
AUS DOLLAR PLUMMETS TO A 10 YEAR LOW – HOW YOU CAN SAFEGUARD YOUR MONEY
The Australian dollar has plummeted to below 67 US cents for the first time in 10 years, and it could go even lower! This comes after the Reserve Bank of New Zealand followed in Australia’s shoes and unexpectedly slashed their interest rates. The cash rate was cut to a record low of one per cent, however, it was done very swiftly and dramatically. Commsec Chief Economist, Craig James, suggest that the Reserve Bank of New Zealand was worried about the nations slow economic growth pace as the United States continually engages in the Trade War with China. “Growing global trade …
AUSTRALIA SET TO LIMIT CASH PAYMENTS BUT NOT CRYPTOCURRENCY
Australia’s Department of Treasury has recently published a new set of guidelines under the Currency (Restrictions on the Use of Cash) Act 2019, and it is not surprising to see that cryptocurrency has made the exceptions list. The draft legislation, which puts forward a new set of preliminary guidelines that govern the size of cash based currency payments, proposes that a, “Payment limit of $10,000 for payments made or accepted by businesses for good and services.” Further stipulating in the draft that, “Transactions equal to, or in excess of this amount would need to be made using the electronic payment …
FACEBOOK TO LAUNCH DIGITAL WALLET IN WAKE OF LIBRA CRYPTO
In the wake of Facebook announcing that they are soon to launch their very own Cryptocurrency, dubbed Libra, it has now unveiled their latest plan to create a new digital currency wallet and financial system, in the hope to transform the way money is moved around globally. Since news broke about Facebook’s cryptocurrency, Libra, many big name global companies are standing strong behind the project. Partners include payment companies such as Visa, Stripe, PayPal and Mercado Pago. Among the tech companies these include eBay, Lyft, Uber and Spotify. The new digital wallet, named Calibra, will be initiated for its users …
BTC SET TO HIT HIGHS WE HAVE NEVER SEEN BEFORE
This month we have witnessed the price of Bitcoin (BTC) skyrocket, touching the $11,000 mark in a 15-month high. But do not hold your breath for it has been predicted that once BTC was able to push past this resistance level, we will see price highs like we have never seen before. Crypto Trader and well-known Bitcoin Bull, Josh Rager, is just one analyst that is predicting the price of Bitcoin will rise from here on in. In a tweet from Rager, posted on June 22nd 2019, he stated, “$BTC is likely to hit $60k+ this coming uptrend … And …
LIBRA WILL INTRODUCE BILLIONS OF NEW USERS TO THE WORLD OF CRYPTOCURRENCY
With the introduction of Facebook’s new cryptocurrency, Libra, soon to hit the market in the first half of 2020, it is inevitable that billions of new users will be introduced to the world of cryptocurrency. Facebook has been working consistently over the past year developing the new cryptocurrency, which will be managed by a non-profit association with ongoing monetary support from a variety of big name companies and organisations. It has been suggested that Libra will leverage Facebook’s 2.7 billion users monthly into the cryptocurrency arena, bringing digital currency into the mainstream. Head of research at Blockchain, Garrick Hileman, said …
BTC – HAIL THE NEW CURRENCY
Bitcoin (BTC) has a unique nature that puts it far above any other currency types on the market, especially the unstable and unreliable fiat currencies currently in circulation. BTC is the currency of the modern age, and as we have seen before in the histories of monetary usage and reliability, it is a great alternative to what is currently available. Throughout history we have expanded, explored and moved with the times and we have seen the evolution of money change dramatically, and for the better. We moved from the barter trade to gold, through to the metal coin and onto …
US FINANCIAL SERVICES COMMITTEE REQUESTS HALT ON FACEBOOK’S CRYPTOCURRENCY
In the latest development of Facebook’s cryptocurrency, Libra, the United States House of Representatives’ Financial Services Committee Chairwomen, Maxine Waters, has requested that Facebook put a halt to the development of its cryptocurrency. Waters, in a statement provided, explained, “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.” What has bought this decision to light by the Financial Services Committee is unclear for now. However, we do expect further information to come to light …
BTC IN A BETTER POSITION NOW THAN IN 2017 – HERE IS WHY
Bitcoin (BTC) has yet again smashed through the $9,000 threshold and all indicators are strongly suggesting that we are at the beginning of the next significant Bull Run. The last time Bitcoin hit $9,000 and above was back in November 2017, when we saw the price ultimately hit a record all time high of around $20,000 USD per coin. Investors were in a good position back then and now the coin is set to be in an even better position than it was in 2017, and here is why. Big Businesses Want To Get Involved Since 2017 to current day …
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