According to the news from Local Turkish media, Turkish Finance Minister Berat Albayrak is exploring option of ICO’s for financing in his new economic development plan.
Turkish economy is struggling with devaluation of currency, Turkish Lira dropped almost 50% of its value in the last few months after some issues with United States, Turkish President Recep Tayyip Erdogan and US president Donald Trump got involved in a war of words over some religious issues recently, that resulted in economic restrictions for Turkey and in response Turkey banned US dollar and US products, it wasn’t a worst thing for US as US economy is too big to be affected by these issues but Turkish economy felt the heat with Lira devaluation and other restrictions.
New Economic Plan
Turkish Finance Minister Berat Albayrak recently introduced new economic plan for Turkey and mentioned some key steps that country need to take in order to achieve economic success, one of those steps is ICO’s. In his economic report he mentioned that “Modern and new generation financing methods such as ICO (Initial Coin Offering) and IPCO alternative will be expanded by promoting digital transformation and financing innovative projects.” Although further explanation of the initiative was not available but still it’s the step in the right direction.
Turkish economy is suffering with many economic issues and under these circumstances if there is anything which can help them in financing is crypto market. ICO business is still booming even after the recent market crash, until now ICO market has raised more than $10 billion within 2018, shows the emergence of ICO’s as one of the leading financing methods around the world.
This could be a big opportunity for the ICO market as well, Turkey is a big country and if they could regulate crypto market and ICO structure then it can help overall sentiment of the market because with the support of Turkey, many other countries can explore this option so that they don’t rely on US dollars, till date Venezuela is the only country to introduce state backed crypto currency called petro, it would be interesting to see how Turkey works on this concept to introduce their own state-backed crypto currency.
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