18/07/2018: Biggest Stories in the Cryptosphere

blockex (37)in #blockchain • 6 years ago

1. South Korea Plans Tax Reductions For Blockchain Startups

We previously covered South Korea’s potential plan to offer tax reductions to increase its tech market competitiveness. It has now been reported that the country will amend its tax system to lure companies which develop emerging technologies, blockchain included. Ministers from eight government agencies met to discuss the best economic policy to implement. A list of 157 qualifying technologies and 11 areas was created. The threshold to receive tax reduction benefits has also been lowered. Currently, 5% of the previous year’s gross sales has to be allocated to R&D and of this 5%, 10% should be for new growth technologies like blockchain, for example. However, it has been proposed to invest 5% of the current year’s gross sales, instead. More information regarding the proposal will be disclosed next week.

2. MasterCard Files Patent To Allow Bitcoin Transactions On Credit Cards

The U.S. Patent and Trademark Office has published a patent filed by MasterCard for a method which allows consumers ‘to charge their purchases on their credit cards using bitcoin as a currency’. At the moment it is only possible to charge on credit cards products which are being sold in currencies which the government has approved. But the requirement would change. Cryptocurrencies transactions usually take 10 minutes, against the nanoseconds of traditional payments. This patent could change that. In the document, it was also mentioned how the number of consumers using “blockchain currencies” is growing.

3. New Goldman Sachs CEO More Enthusiastic About Crypto Than Predecessor

David Solomon has been appointed as the new Chief Executive of Goldman Sachs. Solomon, who is currently the company’s Chief Operating Officer (COO), previously stated that Goldman Sachs is planning on adding more Bitcoin and cryptocurrency services to its portfolio. Furthermore, while discussing with Bloomberg, Solomon mentioned that securities companies need to evolve and adapt in order to remain in business. The new CEO is more enthusiastic about the crypto industry, compared to his predecessor. He even discussed how they are getting feedback from their clients in terms of possible crypto services as well as learning with them about these new technologies.

4. Bank Of America Files Blockchain Patent For External Data Validation

Bank of America has filed a patent with the United States Patent and Trademark Office (USPTO) for a blockchain-backed system to externally validate data. The idea is to adopt blockchain to track resource information and confirming resource transfers. It was also noted that there is a demand for a more accurate way to provide a user’s financial system. The information would be recorded on the blockchain-backed system thanks to “aggregated information associated with past transfer of resources executed by an entity,” and then updated with each new transaction.