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South Korean Prime minister is worried about Bitcoin

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South Korean Prime Minister Lee Nak-Yeon is worried about Bitcoin and its impact on youth of the country

In a recent statement released by Prime Minister of South Korea, he mentioned that “If we let things continue (referring to craze of Bitcoin and other crypto currencies in the country) I feel some serious pathological phenomenons could occur”

One of the main concerns that Korean Prime minister has about Bitcoin and other major currencies is that it can lead teenagers to get involved in pyramid scheme and drug crimes. Country’s cabinet meeting was held on Tuesday to discuss political scenarios and trade issues with emerging economies, one of the main topics for the discussion was embrace of crypto currencies by the youth of country and its future implications, Prime Minister said that students are jumping into the crypto market to make quick money leading them to get involved in fraudulent activities.

Recently, Bitcoin crossed the mark of $10000 on one of the most heavily traded Bitcoin Exchanges in the world Bithumb,

Bitcoin crushed $10000 mark in South Korea

Bithumb is based in South Korea is traders are trading worlds biggest crypto currency in heavy volume.

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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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