South Korean Government Will Begin to Tax Cryptocurrency Related Gains

The South Korean Government has officially announced that they will be implementing a taxation framework for all capital gains related to cryptocurrencies. The new laws should take effect in 2019. An official from the Korean Ministry of Finance reported: “We do not have a specific time frame, but we are thinking about announcing a virtual money tax in the first half of the year.” An exact timeline remains to be seen. South Korea came out with this announcement of a tax plan following the G20 Summit which recently took place, where Finance Ministers from across the globe gathered. Read More

Government of Antigua and Barbuda to Release Native Cryptocurrency Exchange

The government of Antigua and Barbuda has announced that they will be releasing a native cryptocurrency exchange. The sovereign state consists of two primary Islands, along with several smaller islands, all in the Eastern Caribbean Ocean. Government Officials aim to adapt new blockchain related technologies within the country at an early stage, in order to push the small country forward. The country’s Minister of Information Technology, Melford Nicholas, clarified that the government is pursuing an exchange which will facilitate the process of buying and selling of digital currencies for individuals. The exchange will then charge a fee for each transaction. Officials hope that this new exchange will trigger non-tax revenue for the state. A statement from the government declares..

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Argentina Celebrates “Bitcoin Day”!

Not too long ago, it was National Siblings Day in the United States, and seemingly everyday, something or someone is commemorated by a nation or religion. Argentina is no different. Argentinians created “Bitcoin Day”. Five hundred participants held an event in a neighborhood called Almargo, with the purpose of increasing demand for Bitcoin and its technologies. Argentina is aiming to become the South American leader in Cryptocurrency and Blockchain innovation. One of the primary organizers of the event, Adriel Araujo mentioned.. Read More

In-Person Bitcoin Transaction in Singapore Ends with Two Men Having Over $300,000 Stolen

Singapore has seen the latest in-person Bitcoin robbery. Earlier this year, two men had over $300,000 in cash stolen following an assault. The two men had planned to hand over the cash in exchange for cryptocurrencies. Nevertheless, the “Sellers” of the cryptocurrencies assaulted the two men, took their cash, and ran away. The Singapore Police Force released a statementdeclaring that the incident happened on April 8th. Shortly after the police released their statement, a potential suspect for the robbery was charged and detained by authorities. If the prospect ends up being convicted he may end up being sentenced for up to twenty years behind bars. Singapore is known to have very strict laws and regulations, accompanied by harsh repercussions for criminals.  Reports have not emerged detailing whether the huge sum of cash has been returned to the rightful owner. The Police further stated.. Read More

The World’s First “Crypto-City” May Come to Fruition

All of us have heard the saying “If only I had invested in cryptocurrencies X years ago I would have Y amount of money in my bank account and I wouldn’t have to work a day.” Unfortunately, not many of us were able to get on the bandwagon early enough. Nevertheless, there are individuals who have been able to and have made massive fortunes by involving themselves in cryptocurrencies and blockchain technologies at very early stages. Ever wonder what these folks are up to? Many of them, are trying to build what they called “Puertopia” (Later renamed Sol), in the Caribbean Island of Puerto Rico.

What exactly are they trying to build? Led by blockchain mastermind Brock Pierce, founder of EOS (Which had the largest ICO at its time of launch of $700,000,000), this group of crypto-entrepreneurs is attempting to build a city which is cashless and founded on the basis of cryptocurrency and blockchain technologies. Smart Contracts would be implemented all throughout the city’s businesses, and they would even have a world-first cryptocurrency bank. Their city would have an airport, and all the main functions a normal city would have. Their goal is to create a “Crypto-Utopia” which would be a shining example to the world, and the beginning of the future of urban civilization.

One might wonder why they chose Puerto Rico out of all possible locations. There are several factors which make Puerto Rico an ideal place for their crypto based territory. The primary reason, is that Puerto Rico gives these extremely wealthy pioneers the opportunity to avoid a whopping amount of taxes, as Puerto Rico boasts unmatched tax incentives for US Citizens. Additionally, due to Hurricane Maria, Puerto Rico is currently at a rebuilding stage. Therefore to these individuals who are all about rebuilding and have the necessary funds to pursue their goals in a desperate country, there may be no better place than Puerto Rico. Halsey Minor, who is the founder of CNET voiced his opinion on the matter by stating,

“While it was really bad for the people of Puerto Rico, in the long term it’s a godsend if people look past that.”

Granted, Maria was a catastrophe for the Caribbean Island. Nevertheless, if these entrepreneurs who have already proven successfully to be some of the most innovative creators on the planet, deliver on their proposed “Crypto-Utopia”, Puerto Rico might just end up giving us a glimpse of what’s to come to the rest of the world in the future.

By Jaime Gutt.