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Ditcoin Goes to the Grassroot

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Cryptocurrency is going to the grassroots and Ditcoin is at the forefront. The CEO of Ditcoin, Tony Nwabishop was in the  Northwestern state of Katstina in Nigeria over the weekend and he spent his time explaining the basics of the blockchain technology and importance of cryptocurrencies to the people. It is no news that about 40% of Nigeria’s population are still Unbanked and it is important to include these people in the financial revolution that is currently ongoing.

Building a Solid Foundation

Speaking on the theme, Awareness on the Blockchain Technology, Cryptocurrency and Ditcoin, Mr Tony enlightened the people on the importance of the blockchain and the need for a privacy coin such as Ditcoin. He explained that, Ditcoin which happens to be Africa’s first privacy cryptocurrency is particular about protecting the privacy of its users.

The CEO posted on his social media handle, “And finally the Prince of  Katsina goes Crypto, Ditcoin now has 100% support from the prominent men in katsina. The first crypto city Powered by ditcoin supported by Katsina state Loading…….. #cryptoAfrica #cryptotvplus #ditcoin #privacycoin #blockchaintechnology.” This spells better things for the crypto space in Nigeria.

A Future For Crypto Adoption

Currently in Nigeria, people own more sim cards than bank accounts and this is making crypto adoption possible. As there is no need to go to a bank before owning a crypto account. The popularity of cryptocurrency is rapidly growing in Nigeria and sometime this month the trading volume hit 170 billion naira mark. With cryptocurrencies such as Ditcoin preaching the crypto gospel in Nigeria we look forward to seeing a future where crypto adoption is made possible.

 

What do you think about building Insurance on the blockchain? Share your opinion with us in the comment section below.
Image credit: pixabay, cryptotvplus

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Bitcoin Theft: Winklevoss Brothers Sue Charlie Shrem for 5,000 Bitcoins

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The Winklevoss brothers Cameron and Tyler has sued Charlie Shrem for allegedly stealing 5,000 Bitcoin from them. Charlie Shrem who is also referred to as bitcoin’s ‘first fellon’ had been arrested in 2015 for using his investment knowledge to make it possible for consumers to buy drugs online. Charlie who was the former chief executive for BitInstant at that time claimed that he had little funds at his disposal when he went to prison.

However, Charlie now has a house worth $2 million in value, two Maserati’s, two powerboats, and multiple real estate properties. The
Winklevoss twins however feel Charlie has been holding out on them considering his sudden fortune. The brothers claim that Charlie had been a part of the Winklevoss twins’ investments in Bitcoin in 2012 and owes them $32 million according to the current price of Bitcoin. The lawsuit against Charlie Shrem states, “Either Shrem has been incredibly lucky and successful since leaving prison, or — more likely — he ‘acquired’ his six properties, two Maserati’s, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole”.

The Winklevoss twins claimed Charlie’s newly acquired wealth lead to the investigation. Cameron Winklevoss revealed, “When he purchased $4 million in real estate, two Maserati’s, and two power boats, we decided it was time to get to the bottom of it.” The twins had supplied $750,000 to Charlie Shrem to help them in their Bitcoin investment. Few months later, they discovered they were missing funds. In September 2012, they contributed $250,000 and  only received back $189,000 worth of Bitcoin at the price of that time. The missing bitcoins caused a lot of problems between both parties and the twins had to document the bitcoin purchase by hiring an accountant to document the missing funds. During the course of investigation, the Winklevoss’ learned that the Bitcoins had been transferred to Xapo and Coinbase using digital wallet address.

Some of Charlie Shrem’s assets were frozen by Judge Jed S. Rakoff of the Southern District of New York during the earliest stages of the trial. Charlie also has some other big issues to face as the affidavit also claims that he has not fulfilled the $950,000 restitution that he was assigned to pay in the case that ultimately sent him to prison. Charlie on the other has not found things easy in the crypto space. He had launched an ICO and a crypto card product that failed. He however claims, “My personal life goes through bull and bear markets, too. So, the key is how to deal with it when you’re in the bear markets.”

 

What do you think about the Winklevoss twins allegation? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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South Africa Targets Crypto Traders Evading Tax

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South Africa is not taking its tax regulations on cryptocurrency with linency. The country’s regulators are working towards improving ways to track crypto traders and their transactions. The South African Revenue Service is working determine if crypto traders are paying taxes. The SARS commissioner revealed that the commission is exploring ways to identify those evading tax as well as those profiting from it.

Mark Kingon, the acting Commissioner of SARS explained that identification of the crypto trader is one of the most critical aspects. He says, “The key thing is identifying people who are trading because it’s easy to say cryptocurrency gains must be deductible, but there are also those who lose. That’s why it’s important to identify the trader.” Since most digital asset trade utilise credit cards it isn’t that easy but once a trader that isn’t complying to the rules is discovered, SARS will launch an investigation into it.

Traders are expected to include their gains and losses from trading crypto in their taxable income when they report their tax returns. This is because the agency had determined that cryptocurrency related transactions will be subjected to the regular tax laws.

Earlier in April, SARS had stated, “The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties.” The SARS had revealed that cryptocurrencies would not be charged in terms of Value-Added Tax (VAT), since they are treated as an exempt financial service. Also the issuance, collection, selling, buying, acquisition or transfer of ownership of cryptocurrencies would not be covered with VAT.

While cryptocurrency is growing in South Africa, we cannot help but wonder how far this tax regulation will go in crypto currency in Africa.

 



 

What do you think about crypto tax in South Africa? Share your opinion with us in the comment section below.
Image credit: pixabay,

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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World’s First Blockchain Based Bond ready for Launch.

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The World Bank is collaborating with the Commonwealth Bank of Australia (CBA) to launch the first blockchain based global bond. The initiative is already catching the interest of investors in the new debt instrument. Applying the blockchain will help reduce a lot of processes between intermediaries and agents in the debt capital market. It can also improve operations and regulations.
The World Bank had revealed that about $50-60 billion is issued annually in bonds just for sustainable development. World Bank treasurer, Arunma Oteh explained: “Since our first bond transaction in 1947, innovation and investor satisfaction have been important hallmarks of our success with leveraging capital markets for development.
“Today, we believe that emerging technologies, equally offer transformative, yet prudent possibilities for us to continue to innovate, respond to investor needs and strengthen markets.
“We are therefore delighted that after working with our information technology colleagues and the Commonwealth Bank of Australia over several months, that we are now in a position to launch our first blockchain bond transaction. CBA’s commitment and Microsoft’s wealth of experience have been instrumental to achieving this historic milestone.”

The platform which is built by the CBA Blockchain Centre of Excellence. The CBA team has been dedicated to putting out the bond-i platform and has acted as a lead manager for a number of IBRD bond issuances in the Australian and New Zealand capital markets since 2009. The teams is keeping its focus on applying the blockchain to capital markets.

 

What do you think about blockchain based bond? Share your opinion with us in the comment section below.
Image credit: pixabay,

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Marvel and Crypto Based Group Tussle Over the Wakanda Trademark

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Marvel is the latest company filing a lawsuit in a bid to protect the name of its characters. Marvel filed for an extension with the U.S. Patent and Trademark Office while it decides whether or not to oppose the trademark submissions of Wakanda Wine Fest and Wacoinda. The application was filed by Linda K. McLeod of Kelly IP, a legal team for Marvel Characters.

Wacoinda is actually a facebook group focused on black technology and economic centred around black wealth and influence as well as cryptocurrency and financial education. Wacoinda is named after the fictitious Marvel comic Book nation, Wakanda.


The Wacoinda group tried to register ‘Wacoinda’ as a trademark that offers  ‘Education services such as live and online cryptocurrency classes, conduct cryptocurrency programs and provide cryptocurrency educational speakers.

Wacoinda is co-founded by Lamar Wilson and the application for the trademark from a Kentucky company called Wilsondom. However Marvel had an extension of time to oppose the trademark application made by Wacoinda although it is not sure whether it will be granted or not.

 

Wacoinda is not the only startup trying to create a hype by using a famous name. The name Wakanda had earlier being linked to to the city famous rapper Akon proposed to launch. He equally launched his own digital coin and has plans of creating a crypto city in Africa that would be similar to Wakanda, the fictitious city in ‘Black Panther.’ However, we will know if Wacoinda can keep its name or not by November 14th, 2018.

 

 

What do you think about the trademark saga? Share your opinion with us in the comment section below.
Image credit: pixabay,

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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