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,”.
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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