Vietnam Approaches To Its Plan  On Stopping The Import Of Cryptocurrency Miners

According to the local news reported on Tuesday Vietnam has moved a step closer to halting cryptocurrency miner imports.

As per Viet Nam News, the State Bank of Vietnam (SBV), has now consented to a proposed plan to end imports of the particular mining machines due to the fact that the  country has effectively restricted the utilization of digital money as a form of payment.

Such kind of decision is a reply to a suggestion from the Ministry of Industry and Trade (MoIT) a month ago.

During the discussions the Ministry of Industry and Trade (MoIT) mentioned that as cryptocurrency miners are at the present moment not in the list of forbidden imports, it has turned hard for regional authority bodies to execute the current bans regarding the cryptocurrencies.

The MoIT offer also followed a request of the Ministry of Finance in May which argued for a temporary suspension, given a recent suppression by local authorities’ of the alleged fraud with cryptocurrencies in the amount of 660 million USD.

As per the reports from Xinhua a month ago, Vietnam delivered more than 6,300 application-specific integrated circuit (ASIC) machines which are used for crypto mining. According to the statistics of 2017 about 9,300 crypto miners have been brought to the country.

According to the data from the General Department of Vietnam Customsbig a big part of the imports have been delivered to Ho Chi Minh City and the national capital Hanoi.

 

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Liverpool City Will Become Climate Positive Via Blockchain Technology By 2020

The city of Liverpool has intention to become the first climate positive city around the world by 2020.

The council  has concluded a new partner relations with Poseidon to test its blockchain platform for the period of the next 12 months in order to neutralize the carbon influence of its products and services in the city by maintaining forest preservtion programs.

The platform monitors, controls and connects clients and retail sellers with forest preservation programs worldwide. During the program the open source register will promote online operations for the credits.

More than 110% of the council’s releases are to be restored and rebalanced utilizing the advanced technology.

Liverpool Mayor Joe Anderson mentioned: “I’m delighted we have signed this partnership agreement with Poseidon to connect Liverpool directly with climate positive projects across the globe.

“Poseidon’s technology is the first of its kind to truly deliver a solution to governments, businesses and individuals around the world to help reverse the causes of climate change and I am thrilled this agreement will bring this cutting-edge technology to our city.”

Poseidon will operate with regional schools, universities and businesses to improve educational curriculums around climate impact to help the council’s responsibility to lower its carbon releases by 40% by 2030.

 

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Crypto Miners And Coin Owners In Russian Must Follow Tax Rules

Anatoly Aksakov who is chairman of the Russian State Duma Committee on Financial Markets announced in his interview to Russian daily broadsheet newspaper Izvestia that  Russian cryptocurrency miners and coin holders must follow the existing rules of the taxation code.

This indicates that individuals involved in the turnover of virtual digital currencies should pay individual income tax (IIT) in the  sum of 13%, whereas the taxing of legal organizations, entities and individual entrepreneurs will rely upon their kind of activity and business and an appropriate tax profile.

Pursuant to Aksakov, the Duma is going to accept  the draft law on digital assets over the period of its autumn conference. At present stage, the written document should not involve independent taxation system for digital asset holders, which assumes that cryptocurrency mining and turnover are actual and valid provisions of the Russian tax code.

Yet, the chairman of the committee did not excluded that the implementation of independent schemes the government should see it suitable to tax cryptocurrency-related revenues separately.

In March of the current year finance ministry of the Russian Federation granted the draft law regarding the digital assets to the State Duma. The law describing the standards for the digital economy was intended to be adopted by June. Nevertheless, the legislators delayed the process to gain more time for more detailed research.

 

 

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Mastercard Emerges Into Cryptocurrency Space

MasterCard which is today one of the leading global payments & technology organization has recently been issued a patent by the United States Patent and Trademark Office. This circumstance may sign the payment processor giant’s entrance into the digital currency space.

The patent specifies a new and modern accounting and registration system in which payments are accomplished from a credit card that is itself connected with a crypto-currency account. This crypto account is in its turn guaranteed by a second, fiat-expressed guarantor account to operate as an insurance mechanism in the face of sudden, volatile movements in crypto-currency prices.

The decisions that have so far been examined by usual institutions include so-named stable coins that are binded to the US dollar in order to prevent the deliberately unexpected price dynamic of virtual currencies.

Be that as it may, stable-coin decisions which look to peg themselves against conventional fiat monetary standards for the most part require a tremendous infusion of assets. From the perspective of any crypto-based payment system, this infers a conceivably costly deterrent for any pegging approach which tries to scale as a worldwide payment solution.

There has as yet been no comment by Mastercard on the patent grant, nor any confirmation with respect to its long-terms plans for the patent itself.

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Japanese Tech Association GMO Will Use Blockchain For Payments

For faster and cheaper payments and financial services Japanese tech association GMO has started a new internet banking business using blockchain technology.

According to the record on Tuesday the GMO Group affirmed the dispatch of the GMO Aozora Net Bank in association with Aozora Bank Group which is a commercial bank that offers service in 19 branches in Japan, a joint-activity that has been in readiness since July 2016 that will use the utilization of blockchain, artificial intelligence (AI) and Internet of Things (IoT) to give new money related services through financial technologies.

The occurrence of a without cash transfer community between a dissemination of smartphones and fast progress of financial technologies in community has caused new financial services to come to the force.

Explicitly the new bank acknowledged it would be utilizing decentralized blockchain technology to regulate payments away from conventional banking protocols that involve a supervisor or a commission agent.

GMO Internet’s recent financial raid with its new web bank meets the start of its cryptocurrency exchange. Beginning from that period, GMO has also made an investment in its own bitcoin mining operation in Europe, made the payments to his employees in bitcoin and lately promulgated its cloud mining service for bitcoin and bitcoin cash to be started in August.

A year ago, GMO opened its own bitcoin mining equipment that will be delivered in October as the world’s first cryptocurrency miner to use 7nm semiconductor device chips.

 

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Didier Drogba as Cryptocurrency Startup Ambassador

Didier Drogbaa legendary football player is one of the celebrities to enter into the list of sportsmen who have accepted cryptocurrencies this year.

As per the latest news Drogba is the official ambassador for the cryptocurrency-based public network platform All.me. Drogba clarified that he has a lot of hopes concerning the project. He was noticed  wearing a shirt with All.me’s logo to show his persistent support. Drogba he has also started using All.me to share his pictures.

All.me undertakes to share 50% of advertising income with its customers related to factors such as popularity, operation and information content.  ArtakTovmasyan Armenia’s Honorary Consul turned out with the concept in 2015 and mentioned that hitherto, the startup company has increased $30 million. The electronic platform has a hard capitalization of $100 million and its ICO will begin in the fourth quarter of 2018.

So the Ivorian forward, who twice defeated the name of the “African Footballer of the Year”, also installed the Didier Drogba Foundation and granted £3 million to construct a hospital in his city. All his attempts towards helping those who are in need made him an hero in the eyes of the Ivorian nation. Drogba really proves that he truly supports the work All.me designs to do and will receive full support from people in return.

 

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Does Cryptocurrencies Gender Divide Mean Anything

 

Cryptocurrencies have been making the news for some time now, especially with the huge increases in the value of bitcoin and the overall volatility of the market. Recently, a case has been put forward which gives the reason for this volatility in the market as one being attributed to the industry being male dominated. Several surveys do confirm the cryptocurrency community is dominated by men, and according to Google Analytics, CoinDance Bitcoin Community only has 8.78% female participation. So is it right to assume that cryptocurrency market behaviour is all down to men?

 

Well, for a start, these types of industries tend to be male dominated, especially in the early stages. The Cryptocurrency industry has often been compared to the growth of the internet. Early users of the internet had to have some technical know-how and in general were pretty geeky; however, as time progressed, going online became extremely easy and user friendly. This is exactly the same for cryptocurrency and blockchain pioneers, who were really only comfortable in tech forums and/or playing video games; but there is no doubt that more and more of the general public and business will find it increasingly easier to utilise cryptocurrencies as time goes on.

 

Furthermore, it is acknowledged that cryptocurrencies are a bit of a gamble and high risk, which is made even more so by being not regulated nor accepted with open arms by the main stream financial world. So, with studies showing that women, in general, tend to be more risk averse than men; it is logical that cryptocurrencies will not be an attractive proposition for them.

 

Therefore, it can be argued that men being happier to take on a higher level of risk is the main reason why the market has been so crazy at times. However, this is very difficult to quantify. For example, how much more trading (buying and selling) of cryptocurrencies is actually taking place as a result of risky investors. Furthermore, there is valid argument for the fluctuations in the market being down to increased regulations across the globe and lack of institutional capital.

 

What is most likely to be the case, is that, cryptocurrencies are a relatively new phenomenon; and as such needs to go through the growing pains that every new technology has to endure. In fact, even though there is still some way to go, we can already see a growing number of industries and markets embracing the cryptocurrency and blockchain opportunities together with incorporating it into new as well as existing business models. For example, there is a growing presence of this new payment option in the online casino world, as well new entities actually launching new casinos based on blockchain technology.

 

With regards to gender, it is only a matter of time for more of the fairer sex to get involved with cryptocurrencies. This is guaranteed with more than 80% of consumer spending being influenced by women, as well as women being seen more in all areas of the tech and financial industries, plus being active in both corporate and start-up businesses.

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