For decades Switzerland was known far and wide for its custom of managing banking secrecy, however now another financial industry is flourishing in the country. Local leaders have endeavored to set up a digital currency center point, and their most recent catch is Chinese bitcoin mining monster Bitmain, which extended to another area in the pleasant Swiss canton of Zug.
Bitmain Technologies Ltd., the Beijing-headquartered bitcoin mining machines (ASIC chips) maker, has set up another branch in Zug, Switzerland. The Chinese organization clarified it picked the Zug area since Switzerland was “one of the most progressive countries”, “with great legitimate steadiness” and a talented workforce. Bitmain says it will utilize more representatives in Zug later on and will “effectively speak with self-regulatory associations (SROs) and the Financial Market Authority (Finma).”
“Bitmain Switzerland will assume a key part in our worldwide development,” said a representative of the organization to the newspaper. This is the principal toehold in Europe for Bitmain which as of now has branches in the US, Singapore and Israel. ““Now is a good time to build a hub in Europe to provide better services,” he declared.
Chinese Global Diversification
Urged by the government to extend globally, numerous Chinese companies in recent years have built up new businesses in different markets all around the world. The Chinese bitcoin mining industry, in any case, may likewise be motivated to develop other than their country by dread of a conceivable clampdown.
There are contradictory reports about the position of the Chinese government with respect to such a move against bitcoin mining, and it’s constantly savvy not to keep all your investments tied up on one place, in the event of some unforeseen issue. Switzerland, among different nations, looks ready to profit by offering an inviting situation for anybody hoping to extend to a more secure area.
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