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France to welcome Crypto currencies

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France to welcome Crypto currencies

The France’s central bank’s ex-deputy governor is to lead a task force to examine how to regulate crypto currency in the country.

‘We Want a Stable Economy’

As local media reports, Jean-Pierre Landau will look into “directions for regulatory development” regarding crypto currency.

Minister for the Economy Bruno Le Maire announced this action, who in a press conference Monday morning restated previous commitments to raising the topic of Bitcoin at the upcoming G20 Summit in Argentina.

“We want a stable economy,” Minister for the Economy Bruno Le Maire.

We will not allow hypothetical risks and possible financial deceit linked to Bitcoin.

Other than examining paths to directive, Landau’s task force will thus also aim to “better control the evolution and block the use of crypto currencies for tax evasion, money laundering and financing criminal or terrorist activities.”

To the bitcoin popularity France has conventionally adopted a comparatively inactive approach, in plain contrast to the benevolent landscape in nearby Holland and the equally difficult one in neighboring Germany.

Le Maire first made calls for Bitcoin to become a topic of debate at March’s summit in Buenos Aires last month, suggesting an international regulatory effort was required.

For his part, Landau, is meanwhile an obvious choice for task force chief, having written about his suspicion towards Bitcoin in early months of 2016.

Bitcoin is “the tulip of the 21st century,” adding that “a good currency should retain its value over long periods.” he said.

 

However, France has recently gestured its interest in accepting a hands-on position with Block-chain, even in more non-traditional settings.

Commenting on a decision in December to allow Block-chain-based trading of unlisted securities, Le Maire said it would increase the country’s “attractiveness as a financial center.”

Moreover he added that “The use of this new technology will allow fintech firms and other financial actors to develop new ways of trading securities that are faster, cheaper, more transparent and safer,”.

What  are  your reviews about the France’s new task force? Let us know in the comments below!

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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