Crypto World News #3 Importance of digital currency in the modern economy.
Bitcoin is now going through a period of high volatility regarding value. At one point in December 2017, it reached $ 20000. The price per unit of this most famous virtual currency fell by 15% in Asian business in December itself.
After coming to the news of the South Korea exchange being hacked, such a significant fall in the price of Bitcoin in the Asian market. Besides, the US authorities stopped trading in Bitcoin-related stocks because they told the tampering during trading in the market. The price of the crypto company's stock increases to 1700% by the end of September 2017, due to the ban by the market regulator Sebi on 4 January 2018. There is speculation in India that Government can give Bitcoin as a legal status. According to a report, the government wants to impose the tax by bringing it into law.
The Reserve Bank can prepare detailed guidelines on investment and transactions in this virtual currency. It can be brought under the purview of the Reserve Bank Act 1934. According to sources, the income from the investment in virtual currency can be levied on income tax. Rules for "foreign exchange management "Act can be applied abroad through bitcoin. Apart from this, the idea of imposing capital gains tax on the transfer of virtual currency is also under consideration.
After investing in Bitcoin, know your Customer (KYC) terms will be prepared. These proposals will be considered at the meeting of the committee formed on the issue of virtual currency. Regarding the cryptocurrency, The governor of Japan Bank believes that bitcoin is not acting as a common currency. There are clouds of apprehensions on this. Let's say that the price of this cryptocurrency, which was trading at less than the US $ 1,000 in 2017, increased significantly and it reached the level of $ 20,000 in the last month of the year. Although declined by more than 20% in the last week of December 2017, which reached the level of $ 12560. It is currently trading between $ 14,000 and $ 15,000.
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The founder and chief executive of the Cryptocompare website say that most investors want to take their profits at the end of the year. This is the reason that before the Christmas and New Year, there is a sharp decline in the bitcoin. It is estimated that investing money in bitcoin during the bounce may have suffered heavy losses, as in India with the celebrity like Amitabh Bachchan. The possibility of the bounce in investment money remains intact at the time of decline in bitcoin so that the government says that it is like a PONSI scheme, neither is a coin nor a currency.
So far, the Government of India or the Reserve Bank believes that investing in the cryptocurrency can be used for terrorist funding, smuggling, Hacking and money laundering. Last month, the Finance Ministry stated in this regard, saying that virtual currency is not valid. The government or any regulator in the country has not licensed any agency for virtual currency. Those who are dealing with it should be aware of their own risk themselves.
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A.D.S.A.C.T.L.Y = Autonomous Decentralized Society Acting Cooperatively to Leverage You!
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wow, it is an informative post about bitcoin. Thanks for sharing such kind of stuffs, will wait for another post like this. THANKS
Bitcoin has a great chance to go up, because it isn't investment like tulip buble (buy-hold-sell) - Bitcoin is money and it may be used for massive scale in e-commerce!
In due time all the countries rejecting bitcoin will come to the conclusion that bitcoin is not the currency responsible for money laundering and terrorism as these have existed before the advent of bitcoin. Let's keep trading and changing lives.
I suggest observe precious metals because this market may be very great opportunity for investors!
Very good crypto news.
Interesting insight about bitcoin in the World of Cryptocurrency. What make this post interesting that you have done such a tremendous task compiling all the information about Bitcoin. Good job on this @mann ... I'll be following you for sure. :) :)