Austria is one of the fastest growing markets for blockchain technology and crypto currencies, flexible policies and political support helping implications of this technology in the country.
Recently, city of Vienna hosted 500 blockchain experts, ranging from science, economy and civil society, in a summit that kicked-off Austria’s ambition to acquire a world leadership role in the implementation of blockchain technology.
Harald Mahrer, Austria’s Conservative Federal Minister of Research, Science and Economy said that “In Europe, Austria already has a leading role in the field of blockchain, having implemented an ambitious roadmap. Now we need to ensure that the next steps are taken and create sandboxes to promote real business applications. Otherwise the competitiveness of our business sector is impeded.”
The ministry says that the main target of the summit is to implement blockchain technology in concrete use cases and make it applicable for various sectors, including tourism, trade, energy, public administration, finance and law.
“The main problems for the practical use of blockchain are not merely technical. The existing regulatory framework in most European countries is not flexible enough for the needs of blockchain applications,” the ministry says.
“Blockchain is more than cryptocurrencies. It offers enormous possibilities for new business ideas. Now it is essential to explore these possibilities without taboos in regulatory sandboxes,” Mahrer says
There is no doubt about the fact that Europe is leader in Crypto currency market funding, according to the latest reports, Europe invested around $1.76 billion in ICO’s in the year 2017, making it the biggest contributor in ICO funding
currently Switzerland is leading the way in ICO funding within Europe, but it seems like Austria is doing every bit they can to get the blockchain leader title in Europe
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share