DATA reveals plans to get US government, states and banks on board with virtual currency
Two founders of the committee to form a self-regulatory organization called DATA (Digital Asset Transfer Authority) gave out some more detail about their plans to CoinDesk this week. DATA was announced on Tuesday, and hopes to stave off the potentially aggressive regulation of virtual currency companies by federal and state agencies in the US. It will have a board, which will be advised by two other sub-boards. One of these will be a technology advisory board, while another will be a community board, containing DATA members from the virtual currency industry and supporting community. "We....
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India’s ministry of finance has clarified in parliament how the government plans to tax cryptocurrency transactions. A proposed new section to the Income Tax Act states that gains from crypto transactions will be taxed at 30% while losses cannot be deducted.
Indian Government Reveals Taxation Plan
The Indian ministry of finance answered some questions Monday in Lok Sabha, the lower house of parliament, regarding how cryptocurrency transactions will be taxed going forward.
Minister Pankaj Chaudhary, the minister of state in the ministry of finance, explained....
American non-profit global policy think tank RAND Corporation has published an extensive research paper entitled "National Security Implications of Virtual Currency," to examine the feasibility for non-state actors to increase their political power by deploying a virtual currency like bitcoin. The research addressed three main points: Why would a non-state actor (an organization with significant political influence) deploy a virtual currency? What challenges will it have to overcome? How might a government technologically disrupt a VC deployment? The purposes of deployment and development....
The North Carolina Commissioner of Banks has released a document specifying in plain English what the virtual currency exemptions are according to its Money Transmitters Act (NC MTA): virtual currency miners. Blockchain 2.0 technologies; multi-signature software; and non-hosted, non-custodial wallets are generally not subject to the NC MTA. The clarification of its position on virtual currency comes at a time when most states have withdrawn from comment nearly altogether, in a wait-and-see-what-everyone-else-is-doing kind of approach. Or, in the case of New York, BitLicense has addressed....
While there seems to be a lot of doubt regarding the future of cash right now, the governor of China’s central bank feels virtual currency will eventually replace this archaic method of transferring value. At the same time, PBOC governor Zhou Xiaochuan was quick to add how the Chinese government will regulate all virtual currencies used as legal tender, indicating there are no plans to embrace Bitcoin by any means. People’s Bank of China Believes In Virtual Currency. To many people, it doesn’t come as a surprise to hear the People’s Bank of China reinforced their earlier statement....
In July 2014, the National Assembly of Ecuador banned Bitcoin and decentralized digital currencies while establishing guidelines for the creation of a new, state-run currency, not a lot of people had thought the country would move so fast on the initiative. However, now Ecuador’s e-money initiative is about to see wider institutional involvement following a government directive. In a mandate in Resolution 064-2015-M, released on May 25 in the official register, the central bank of Ecuador gives the banks 360 days to get on board. With this, President Rafael Correa’s government is pushing....