Crypto currency craze is on the rise, investors around the world are pouring their money into crypto currencies, making crypto market one of the hottest markets in the world.
One of the biggest fears that crypto market posses is money from black market, like drugs and illegal funds. Governments around the world are trying to make sure crypto market is free from all that but risk is still there as there is no record or tracking in most of the cases, so there are possibilities that illegal funds are major part of the crypto market.
US Treasury Secretary Steven Mnuchin called on the world’s 20 biggest economies to work together to make sure cryptocurrencies don’t “become the next Swiss bank account.” Well that’s a big statement on the issue because some of the leaders around the world already expressed their concerns about the emergence of crypto currencies as heaven for Tax evasion, Indian prime minister Modi and UK prime minister May are the most prominent names came out with these views.
Swiss Bank accounts served as heaven for all the black money in the world for about 2 decades but with the emergence of terrorist financing in the world, Swiss government changed laws and made them more transparent and strict in order to stop any possibility of money from drug trafficking or terrorist financing.
Cryptocurrencies are pretty much similar in nature
Cryptocurrencies are pretty much similar in this case as digital currencies are getting a piece of $10 trillion of hidden assets around the world, so according to that there is still enough space within crypto market to attract large part of that hidden market assets, but that all depends upon the regulation structure of all these currencies, it will be interesting to see how government reacts to all these developments within the crypto market.
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