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Singapore’s Skyline club now accepting ethereum

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Skyline club

One of the most famous clubs of Singapore, Skyline is now accepting ethereum for payment of bills.

Singapore has always been a very friendly country as far as tech environment is concerned, it has been a startup hub for major startups of Asia and hub for IT companies like Google as Facebook. Singapore is now taking technological adaptation to another level, one of the most famous clubs in the country Skyline club is now accepting ethereum as payment method for the bills.

Initiative was recently taken in Blockshow Asia 2017, a large-scale blockchain gathering, was held in Singapore on Tuesday and Wednesday, drawing a lot of fintech talents from the region and beyond.

The Skyline, in partnership with cryptocurrency platform COSS, hosted a two-day after-party for the event. Customers can pay their bills with ethereum via a point-of-sale system

Although there is no clear statement by Singapore authorities about the recognition of crypto currencies and its legal status but people from Singapore have already started to trade Bitcoins and other crypto currencies through local exchanges like Coinhako

Collaboration of Ethereum and SkyLine club started on a trial basis, if things go well in the future, it can open new horizons fro other crypto currencies as well to enter into one of the most well developed economies in the world, tech friendly nature of Singapore can attract a lot of investment from Crypto world into this country. Now that hospitality industry is getting into the Crypto world, it is essential for government to take initiatives to regulate bitcoin and other crypto currencies.

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Crypto Roundup

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Is Toronto Next to Accept Bitcoin for Property Taxes?

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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”

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Morning Crypto Roundup

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  1. Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
  2. Bitcoin stays above $10,000
  3. Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
  4. After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
  5. According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share

 

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