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US States Sets up Regulations On Bitcoin And Cryptocurrency Implementation.

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United States, which is has the highest adoption for Bitcoin and Cryptocurrency in the world is on the verge of increasing it’s tally in the sector as major states within the country are gearing up to implement regulations that would support Bitcoin and cryptocurrencies at large.

With Some states lagging behind and have not yet introduced regulatory regimes to take full advantage of the technology, some state governments are at various stages of implementation of the crypto and blockchain technologies. These governments believe that taking full advantage of the technology would help stimulate local economies and improve public services.

From Ignorance to Wisdom.
There’s a belief that there are two a major waves that have swept the cryptocurrency world in terms of adoption since its inception. It is believed that only few states has absorbed it with the state of New Mexico and Carlifornia issuing warnings about investing in cryptocurrencies. About 10 states accepted cryptocurrecy from its inception. The second one came in the last two years when a large group of states started exploring the potential implementation of blockchain technology in the public and the private sector.

One of the states that took precautionary measures is Colorado. Wyoming has been mentioned as a state seeking broader impact on the state economy. Recently, its legislature passed a bill exempting cryptocurrencies from property taxation. The state has been praised for becoming the most crypto-friendly jurisdiction in the country.

As the number of states adoption of this technology increases, Many state legislatures have introduced regulations mostly clarifying matters related to the exchange of cryptocurrencies and the application of existing money transmission laws. Nevertheless, the majority of US states have taken at least some form of regulatory stance concerning cryptocurrencies and the blockchain technology, as the researchers point out.

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Draft Cryptocurrency Law Released in South Africa

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Earlier in April, the South African Revenue Service (SARS) announced its plans to tax cryptocurrencies. The SARS just released a draft cryptocurrency tax legislation to define the framework of digital currency taxation in the country.
SARS aims to place a tax on incomes generated from crypto trading and operations.

Since April 2018, the tax agency had laid out plans to tax cryptocurrency income. The SARS confirmed by press release in April stating,

“In South Africa, the word “currency” is not defined in the Income Tax Act (the Act). Cryptocurrencies are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange. As such, cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax (CGT). Instead, cryptocurrencies are regarded by SARS as assets of an intangible nature.”

However, under the draft taxation legislation, cryptocurrencies will be classified as intangible assets subject to income tax. South Africans may be mandated by the Law to declare every income accrued from cryptocurrency if this law is adopted.

The draft equally added that cryptocurrency transactions are excluded from value-added tax (VAT). This is because such transactions are viewed as separate financial services transactions by the SAR. So, if you sell, purchase, transfer ownership, issue or hold cryptocurrency there will be no VAT to be paid.

Despite the looming presence of regulations and scams, the S.A cryptocurrency industry continues to thrive. A recent survey even revealed that about 38 per cent of South Africans expressed their regrets in not investing in cryptocurrencies earlier.

 

What do you think about the taxation law? 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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Blockchain transforms Cocoa Farming in Ghana

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The blockchain technology has proven that financial inclusion can be made possible to all. Farmers in Ghana are beginning to employ the technology to increase the production of Cocoa. The Olam Farmer Information System (OFIS) is helping to change the profits of farmers, tripping their production and reducing dependency on the pesticide. Farmers now share farm data with advisors using the OFIS app and receive recommendations on how to increase their yields.

Olam apps allow products to be tracked from the farm, and farmers can check cocoa prices and trade online, achieving a better price for their crops. Olam technology is applying the blockchain technology to the supply chain management of cocoa. Allowing products to be tracked from the moment it leaves the farm. Farmers can also use the Olam app to check cocoa prices and trade online, receiving a better bargain price for their crop. This is increasing the farming yield as a farmer from Sefwi, Muhammed Adams, explained that since he started using the OFIS farm development plan, he now harvests 25 bags of cocoa instead of his usual 7 bags.

Securing better prices for their products is one thing that farmers do not really get. But, now with the benefit of digital technologies, farmers can now choose who to sell their products to, picking the price that suits them best. Simon Brayn-Smith, head of cocoa sustainability at Olam explained that Money can be paid directly into the farmer’s mobile money wallets. The company is also setting up Olam Direct in Indonesia which will allow farmers to sell cocoa directly to the company at a much better daily price. Since accessing the internet is still a problem for most farmers, the firm designed their apps in such a way that most of them can run using text messaging. The future of farming is being built on the blockchain and very soon we anticipate a world of change.

 

 

What do you think about applying blockchain in Agriculture? 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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Blockchain Accelerator Funds Kenyan Startups

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Sofia-based æternity Starfleet Incubator for blockchain startups has enabled two Kenyan based startups secure the needed funding for their projects. The startups, UTU Technologies and RideSafe took the top position in the final event of æternity Starfleet. UTU Technologies had developed a machine learning algorithm optimised for trust while RideSafe was a startup which provided health services to motorcycle taxi drivers.

The two startups were not the only ones to benefit from the event as
æternity and æternity Ventures, overseers of the global incubator programmes and partnerships, announced that a total nine projects made it to the finals and they will receive a combined sum of US$1.3 million in investment. US$150,000 went to a Croatian startup while RideSafe and the remaining teams had the remaining funds distributed amongst them. The platform was a great one for these startups as a number of investment funds and angel investors followed the event online.

Earlier in April, UTU had raised funding from Hong Kong-based accelerator Zeroth receiving US$200,000. The team also got an additional US$50,000 from æternity Ventures’ partner network. Jason Eisen, chief executive officer (CEO) of UTU Technologies was excited about the out come and said, “Even being invited to take part in the final event of æternity Starfleet was a huge privilege for our team, and winning the top prize is vindication for our tireless efforts to date. This is a strong vote of confidence from one of the leading authorities within the blockchain sphere, and æternity’s support has been incredibly beneficial during the Starfleet programme.”

On the other hand, Nikola Stojanow, CEO of æternity Ventures explained, “We are beyond excited to continue working with the æternity Ventures team, and look forward to taking our project to the next level with their guidance and vision.” Nikola was impressed by the dedication, potentials and passion of the teams. He also added, “The finalists have demonstrated an innate ability to take our feedback and fine-tune their business model and roadmap accordingly. I’m very excited to see the project progress to the next phase of development.”

 

 

What do you think about these startups? 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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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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