Cryptocurrency Midday Report

May 23, 2018
  • Norway’s central bank is preparing for a future in which it might issue a digital currency due to a drop in usage of cash in the country. The Norges Bank released a report titled “Central Bank Digital Currencies” which highlighted that the bank must consider several new attributes that are important for ensuring an efficient robust payment system
  • Overstock.com’s Tzero is planning to launch a regulated exchange for security tokens in collaboration with Box Digital Markets. The companies will seek approval from the SEC. Tzero is an SEC regulated crypto alternative trading system. The joint venture aims to develop a first-of-its-kind platform that will integrate blockchain capital markets into the current US National Market System
  • A Spanish Central Bank Governor believes that cryptocurrencies will bring more risk than benefits. Luis Maria Linde said that blockchain offers interesting possibilities but that is not quite mature. The Governor believes that a global move to a digital economy requires regulators to encourage innovation without bringing the risks beyond reasonable limits
  • Rural banks in the Philippines are looking to adopt blockchain technology in a bid to improve inclusion for residents. The initiative is led by the Union bank of the Philippines, one of the country’s largest banking institutions. The bank will use the Kaleido blockchain developed by the Ethereum startup ConsenSys. The technology will aim to integrate seven rural banks, including Cantilan, one of the Philippine’s largest community banks
  • India is considering taxing cryptocurrency at 18% as ‘intangible property’ according to a report issued today. The report detailed that purchases or sales of cryptocurrencies are considered supply of goods and those facilitating transactions should be treated as services. This is an alteration of the course the country’s central bank has taken over the past month as the RBI was planning to bank all companies involved in the space

Source:

https://cointelegraph.com/news/spanish-central-bank-governor-believes-crypto-brings-more-risk-than-benefit

https://www.coindesk.com/norways-central-bank-mulls-digital-currency-as-cash-use-declines/

https://news.bitcoin.com/overstock-coms-t0-regulated-security-token-exchange/

https://www.coindesk.com/rural-banks-tap-kaleido-blockchain-for-faster-transactions-in-the-philippines/

https://cointelegraph.com/news/india-considers-taxing-cryptocurrency-at-18-as-intangible-property-reports